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

Help with car - redemption, reaffirmation, etc...

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

  • Help with car - redemption, reaffirmation, etc...

    Hi guys. I will try to be brief. 341 meeting July. Our car is a Subaru bought new and it serves us well. We have a very low interest rate and only 2 more years of payments. The creditor is Capital one who has turned us over to some other company called Ascension. They suck and of course they want a reaffirmation. Any questions I ask them, they answer with "we can't give legal advice" and when I ask my attorney's paralegal, he says, "they can answer that."

    I should insert here that I used a company legal benefit (Hyatt) to fund my chapter 7 and I believe this is why my attorney is non-responsive. I only talk to a paralegal and a different attorney entirely showed up for our 341. I'm not complaining (ok, so I am, a little) but I have only spoke with these people on the phone or via email. Never been to the office. You get the idea, it's a mill. But, a free mill for me so I come to you...

    What are my options for this Subaru with $6000 equity and a 3% interest rate - I owe $2000 in back payments (4months including Aug) They have sent the reaffirmation agreement. I can't scrape up 2 grand but I can get close. I tried to negotiate with them for a lower cure amount over a longer term but they kept saying "we can't give legal advice" The (sucky) lawyer will do the affirmation for $400 extra. I'm over a month past my 341 meeting so a decision must be made soon. My papers say I am going to reaffirm. No, I don't know people with 2 grand lying around....

    Can I fill out and sign this agreement and THEN negotiate a lower catch-up payment or do I need to settle up the unpaid balance before I sign? Will this affect my bankruptcy if I do anything BUT reaffirm? Are there companies who will buy this loan? The 722 redemption company that the paralegal set me up with says they only help people who are underwater. Can they still
    REPO even if I pay the whole overdue amount AND sign the agreement? Any and all help is appreciated as I feel like a pro se over here. I can absolutely afford the payments now that I don't owe every one else under the sun. but this catch up amount will put us right back in the red!

  • #2
    How much do you owe in total? You say you have 6000 in equity? Meaning the car is worth 6000 more than what you owe?

    The handling of the overdue amount should be spelled out in the reaffirmation agreement. It could be due immediately, it could be spread out over the remainder of the loan, it could be due at the end. Whatever. But make sure you KNOW. The reaffirmation agreement is, essentially, a new loan contract. Once you sign it there will be no more negotiation, you will be required to abide by it. It might as well be written in stone. So the time for negotiation is now.

    One thing that's often suggested here is to have your lawyer not sign off on the reaffirmation. Then it goes before a judge, who will probably refuse to sign off on it as well. This then leads to a retain-and-pay, sometimes called a "drive-through" or a "ride-through", in which you continue to pay the monthly note as if you reaffirmed but the creditor doesn't have the kind of legal power that a reaffirmation would give them. It's the best of both worlds. However, I think you have to be current or close to current for that to be an option. Others can clarify.

    I'm not sure how surrendering would work when you have that much equity: if you gave the car back would the 6k go to you or to the estate...someone else would need to answer that one for you. But if you COULD surrender it and get the 6k, that's what I'd do. Dump the car and the loan and buy yourself a 6k "beater" and enjoy not having a car payment for a while.
    This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
    Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

    Comment


    • #3
      Originally posted by rjmwx81 View Post
      I'm not sure how surrendering would work when you have that much equity: if you gave the car back would the 6k go to you or to the estate...someone else would need to answer that one for you. But if you COULD surrender it and get the 6k, that's what I'd do. Dump the car and the loan and buy yourself a 6k "beater" and enjoy not having a car payment for a while.
      This leads me to a question. Why couldn't he sell the car for what he owes, plus the $6k in equity, and just pay the loan off?
      I know it's not what he wants, but with the $6k he could purchase another car outright, and I'd say that the value would come within what he would be allowed to keep in the Ch-7 rules.
      Just a question that was floating around in my head... 🙄🙃

      Comment


      • #4
        I thought about that too. The main problem is that selling a car with a lien on the title is tricky. The buyer really has no guarantee that the seller is actually going to pay off the note as promised and get the lien release/clean title. So you have to find a buyer who's very trusting, or go through a dealership.
        This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
        Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

        Comment


        • #5
          There are escrow services for private party car sales. But, since you already filed Chap 7, you can't sell it until the trustee releases interest in the asset or you get your discharge. Not reaffirming should not affect your discharge. It's risky, but you could keep the car in a garage and wait until after discharge and either refinance the loan or quickly sell the car.
          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