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Totalled Car

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  • Totalled Car

    I'm in chapter 13 since Dec 2016. My car was totalled recently. I was not at fault. My finance company agreed to a substitution of collateral however the rules are so strict I'm overhwelmed. The insurance company paid out $13,400. The car must be between a 2011 and 2015...must value between $12400 and $14400 and no more than 75k miles. The problem is any car for this price does not meet the value criteria or companies won't hold it for 7 days while the finance company determines approval. The finance company uses black book which normal consumers have no access to.

    I'm a single mom of 2. Also a disabled veteran working full time 35 minutes from home. I have no income to put towards a new car. They will only let me miss 2 payments totalling $1460 but it's split coming to me in $365 every 2 weeks.

    Not sure what to do. I just started making $63k a year when I filed and my payment is based on this salary. I spend $1900 alone per month in daycare, electricity, and rent. I don't receive child support.

    Should I try chapter 7 or just let the finance company keep the check and ask to incur a debt? I'm going on 2 months with no car..using my brother in law truck which doesn't have heat and eats up gas triple what I was used to. On top of that I'm still going through physical therapy for the car accident. I'm stressed and am in tears every night with no answers. I'm trying to pay my debt honestly but this accident just killed my hope.

  • #2
    I am sorry you are having to deal with this. Don't lose hope. You will find a solution.
    What is the balance on the existing loan? Are payments made by the trustee or by you directly? Is the loan a pre or post petition debt? Have you talked to your attorney about this?
    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
      They garnish my wages so it goes directly to the trustee and they pay it. The balance is about $17k. The loan was pre bankruptcy so it's included.

      I don't know if I expressed my concern clearly while looking for a replacement vehicle. But I managed to send a very detailed email tonight ensuring my concerns are clear because I'm tired of the emotional roller coaster.

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      • #4
        Since you owe more than the insurance proceeds, it probably makes sense to modify your plan to surrender the vehicle and get authorization to incur new debt. You need to work with your attorney on how best to move forward. If you qualify for a Chap 7 discharge, that may be your best choice.
        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


        • #5
          I would do exactly as LadyInTheRed mentions.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

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