top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Paying on fees for Chapter 7 filing - issue with my car

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

    Paying on fees for Chapter 7 filing - issue with my car

    We have 2 cars - one is $200/month (high mileage, still runs ok) and my car which is $545/month (lower mileage, way too high payment). We'll be keeping the $200/month vehicle for awhile, though I do not plan to keep my high payment car because there's negative equity involved in it and the bank wasn't being flexible at all regarding the monthly payment amount. I'm doing everything possible to get the money together asap so we can file the Chapter 7. We still owe about $1100 but will bring it just under $1000 here hopefully by tomorrow, then I'm paid next week so another decent payment then.

    Ok - my higher payment car is past due and they are likely going to ask for payment by end of this month. I don't want to pay on it because 1) I know I'm going to surrender it during the bankruptcy if I still have it then and 2) I want to take everything possible to pay down / pay off the bankruptcy fees to get filed. Now it's a waiting game I believe, to see if the bank will repo the car before we file or shortly after. I know I can go through 722 Redemption after filing so that's another reason I want to get filed asap. That way I can get a much more affordable vehicle for work. This pulling money together to file Chapter 7 is very stressful.

    #2
    Welcome to bkforum!

    You didn't really ask a question, but I have some thoughts.

    If they don't repo before you file, they can't repo soon after you file unless they get a relief from automatic stay. They are more likely to wait until after your discharge then spend money filing a motion. Stick with your plan and don't let yourself be pressured into making a payment. Be prepared for your car to disappear at any moment before filing. Don't leave anything important in it.

    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
      So, I have missed one payment (late about 20 days) and next one is coming due. If I file soon, should I call the auto loan company with my case number? Will this stop any repossession actions until my meeting where I declare my intentions? Thanks.

      Comment

      bottom Ad Widget

      Collapse
      Working...
      X