Surrender RV after discharge?

[krielly]

What happens if we surrender our RV AFTER we receive our Chapt 13 discharge? We did not re-affirm. I would prefer to sell it after discharge, but I think we owe more than we could get.

Also, does anyone know how this would be reported on my credit report? Can they restart the clock, or do they need to report it as IIB from back in 2005 (when we filed)?

Currently they have NOT been reporting IIB, and are reporting the account as pays as agreed, and reporting each monthly payment.

Thanks!
Karen

[lrprn]

What happens if we surrender our RV AFTER we receive our Chapt 13 discharge? We did not re-affirm.

You can surrender it and walk away owing nothing. However, if stopping the payment increases your disposable income, the extra you gain could end up being added on to your monthly Ch 13 payment. It depends on how your trustee handles gaining additional income after filing.

Anyway, you would need your trustee's prior permission to sell the RV and if you could sell it for more than you owe, anything you couldn't protect with what's left of your state's bk cash exemptions would go to your trustee anyway.

Talk to your lawyer about what to expect if you do surrender the RV before making a decision one way or the other. (

Also, does anyone know how this would be reported on my credit report? Can they restart the clock, or do they need to report it as IIB from back in 2005 (when we filed)?

If you surrender the RV during your bankruptcy, that credit line should be reported as IIB with a zero balance owed.

[krielly]

I am actually talking about the possibility of surrending it AFTER we receive our discharge.......

K

[lrprn]

I am actually talking about the possibility of surrending it AFTER we receive our discharge.......

Ah.....sorry, KR (blush).

Once your bankruptcy is discharged, as long as you didn't sign to reaffirm the RV loan, you should be able to surrender it back to the lender and walk away owing nothing at any time. Check with your lawyer to be certain.