Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Auto Lease Assumption in Chapter 13

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Auto Lease Assumption in Chapter 13

    When my Chapter 13 100% plan was filed, it was setup to handle my Auto Lease outside of bankruptcy and to assume the lease. Mortgage also handled outside Bankruptcy.

    I didn't file any paperwork to assume the lease, I don't know if my lawyer did. Is there anything that would have had to be done?

    When I go to the lease website, all looks normal, payments being made with a normal balance as expected. The say they are reporting to credit bureau as normal.

    Now on my credit reports a different story.

    After discharge, Experian zeroed out the balance on the lease, closed the account and said it was included in bankruptcy. When I disputed it, they didn't change anything and didn't give explain why.

    Transunion showed the same, zero balance and closed. When I disputed it with them, they deleted the lease all together off my report.

    I haven't disputed Equifax yet.

    Same think is happening with my Mortgage which was handled outside of bankruptcy, account closed and zeroed out. Experian did nothing on dispute and Transunion deleted my mortgage.

    I've never missed a payment on lease or mortgage and they would help my credit. Did me or my lawyer do something wrong.

  • #2
    Your mortgage and lease were part of your bankruptcy even if you made the payments directly.

    Check your confirmed plan and other documents filed in your case to see if you assumed the lease. Here's a good explanation of how leases are handled in a Chap 13: http://www.thebankruptcysite.org/res...hapter-13-ba-0

    If you rejected the lease, then your obligations were discharged, even if the lessor has allowed you to keep the car and continue to make payments.

    Experian and Transunion did not zero out the lease balance. The creditor did. This is an indication that you did not assume the lease. Since your obligation under the lease is discharged, it is correct for your credit report to show a zero balance. I suspect the creditor did not respond to your Transunion dispute, which is why it was removed. It may appear again. If you were told that they were reporting the lease on your reports and enough time has passed for that to show up, you might want to follow up and see if you can get them to start reporting it. But, they have no obligation to do so.

    The mortgage is different. If you did not surrender the property, then a home mortgage is not discharged in BK, unless it is a second mortgage that was stripped. However, this seems to be commonly misunderstood. I have heard that many mortgage companies will show a mortgage as discharged with a zero balance after a Chap 13. I was never late on my mortgage and I made the payments directly during my Chap 13. During my Chap 13, it showed on my credit report as included in BK. Bank of America changed that after my discharge and is now reporting on my credit reports as if the BK never happened. If your lender does not update their reporting, getting them to correct may or may not be to your advantage. If they think the debt is discharged, that could be a good thing if you have to default later and you are in a recourse state. If you are in a no-recourse state and they can't sue you for deficiency, disputing the entry is probably a good idea if you aren't worried about them reporting any future default on your credit report.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


    • #3
      Thanks for responding. Below is from the confirmed plan. Does anything need to be done outside of this? I'll call Honda on Monday and see how they are reporting. Their website looks completely normal showing my payments and showing a balance. I can understand a credit mixup on the mortgage because my mortgage filed a claim against arrears in the escrow account. I was just paying the larger payment like mortgage companies let you do. When that claim was paid off, the balance on that arrears was zero, but I think it probably go sent to the credit agencies as the mortgage being zero. Just speculation, but at least that one makes sense to me. I'm not worried about ever, ever having credit issues again, so it would be great if I could get my mortgage and lease to show normally.

      ================================================== =====

      The debtor assumes all unexpired leases and executory contracts listed in Section G of this
      plan; all other unexpired leases and executory contracts are rejected. Both assumption and
      rejection are effective as of the date of plan confirmation.
      .
      .
      .
      Section G. Notwithstanding anything to the contrary set forth above, this Plan shall include the provisions
      Special set forth in the box following the signatures. The provisions will not be effective unless there
      terms is a check in the notice box preceding Section A.
      .
      .
      .
      Special Terms [as provided in Paragraph G]
      All claims filed after the bar date will not be paid by Trustee.
      Wells Fargo Home Mortgage: Debtor will make monthly mortgage payments for xxxxxxxxxxxxx outside of the plan.
      American Honda Finance: Debtor will assume the lease on the 2014 Honda Accord.

      ================================================

      Comment


      • #4
        Yes, call Honda and see if you can get them to change their reporting. I had a Honda loan that was paid through my plan. After I filed, Honda reported my account as closed with a zero balance. It is a positive entry on my reports. They have not reported again since I filed. Check the date the account was last reported.

        No creditor is required to report anything on your credit reports at all. They may prefer not to report loans that existed before BK to avoid risk of being sued for violation of the bankruptcy court's injunction for collection. It's easier for them to just not report any debt that existed pre-BK than it is to look at each case and determine whether the debt was discharged.

        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

        Comment

        Unconfigured Ad Widget

        Collapse
        Working...
        X