Help!! Behind on Car and Mortgage

[Dealer36]

I am behind on my car and mortgage and this morning I got up with a really bad feeling that they are going to try to repossess my car. I decided to wait to file bankruptcy until early December because this is a really slow month for us in the casino business and I wanted this month figured into the 6 month income but not one time have I been afraid of waiting until this morning. It just hit me that my vehicle creditor might come get my car. They have offered that if I pay $35 I could get 2 payments pushed to the back of the loan but I'm having a hard time deciding whether to put it into my bankruptcy plan or paying it monthly.

Also, I am getting afraid of foreclosure proceedings on my house. I will be a few months behind on the 1st and I'm going to see a lawyer on the 3rd (Monday).

Any advice would be greatly appreciated. Maybe I need to just say heck with waiting until December 3rd and do it NOW but then my income would show an additional $130 a month.

[Flamingo]

I am behind on my car and mortgage and this morning I got up with a really bad feeling that they are going to try to repossess my car. I decided to wait to file bankruptcy until early December because this is a really slow month for us in the casino business and I wanted this month figured into the 6 month income but not one time have I been afraid of waiting until this morning. It just hit me that my vehicle creditor might come get my car. They have offered that if I pay $35 I could get 2 payments pushed to the back of the loan but I'm having a hard time deciding whether to put it into my bankruptcy plan or paying it monthly.
Also, I am getting afraid of foreclosure proceedings on my house. I will be a few months behind on the 1st and I'm going to see a lawyer on the 3rd (Monday).
Any advice would be greatly appreciated. Maybe I need to just say heck with waiting until December 3rd and do it NOW but then my income would show an additional $130 a month.

Once you are 30 days late on a car payment, they can come repossess your vehicle. It appears you have not spoken yet with an attorney and have an appointment scheduled. We kept our vehicle payments current until our attorney advised us to stop paying when we retained him to file Chapter 13. The two months from that appointment to actual filing was anxiety filled with thinking the bank would come reposses the vehicle once we were 30 days late. We parked the vehicle in our driveway with a car behind it and a car next to it when it was not being used so it could not be driven out or towed out. We also called the bank and said we have retained an attorney to file Chapter 13 and the vehicle would be included in the Plan and that we were concerned about the vehicle being repossessed (our vehicles were crammed down into our Plan). Call your bank and work with them as to your situation. They do not want to repossess the vehicle and your mortgage company or bank does not want you to foreclose. Both will work with you. It is very expensive for them to repossess or foreclose. If they do file foreclosure proceedings prior to 12/3, they will not kick you out of your house in a few days - you have a while and will be able to resolve all that via your attorney when you file.

Anxiety is terrible when getting ready to file or the months/weeks prior. It will all work out. Best of luck to you.

[rrockinggramma]

I always thought that 60 days late on a vehicle put it up for reposession. I have had a total of 6 vehicles repo'd during the past seven years and in every case I was more than 60 days late on the loan.

[Flamingo]

I always thought that 60 days late on a vehicle put it up for reposession. I have had a total of 6 vehicles repo'd during the past seven years and in every case I was more than 60 days late on the loan.

Depends on your bank/financing company. Read the contract you signed when purchasing the vehicle. Our attorney advised us that once you miss one payment, they have the right to come get the vehicle since you breached the contract.

[rrockinggramma]

ok. I reread my post. It sounds awful having all those cars on my credit report. It is awful. LOLOL That is what I get for letting my own kids have new cars when they turned 16!!! What a lifestyle change all of this has been.

[Dealer36]

Thanks for your responses to my post. I did go to one lawyer but he said he was going out of town and was absolutely no help to me at all. I went to another and the paralegal was great in answering all of the questions I had for her. Very personable and easy to talk to. I will be retaining that law firm for my bankruptcy and was supposed to see her again yesterday but called her back and told her I wanted to use November in my 6 month income. My appt. is for December 3rd.I just got off the phone with my creditor for my vehicle and they told me that if I make a $40 payment to push the 2 payments to the back and make a payment out of my paycheck on the 1st I could save my car from being repossessed. I can do that, I just don't know whether I should do THIS or put my car in my bankruptcy...I am wondering what kind of difference it would make in my payment plan..thanks again.

[rrockinggramma]

have your attorney figure the plan both ways and then you can make an informed decision.