Yet another car repo question......

[demus]

I have a 1998 Dodge Durango worth $7,500 that I owe $8,900. I am coming up on 3 months behind (on full payments, have been sending in small payments to try and show good faith?) A member of the asset recovery department (repo man) shows up telling me that there is no more negotiations and I have to surrender the vehicle.
This is our only vehicle and I want to do whatever I can to keep it as long as I can. My question is this: If I file for Chapter 7 does the automatic stay hold off the current repo efforts until the company files for a relief of stay or after the 341? I know it is only temporary but if it stops the repo attempts until further notice I will file pro se asap instead of waiting to afford an attorney.

Ha Ha, can't file bankruptcy because I can't afford it!

I have had several attorneys review the files we have compiled - a tip I picked up from here- and have had the same feedback as far as a hopefull outlook on a simple case.

I have read the past posts on this topic and think I understand, but can anyone confirm?

Thank you!

[BK'd-Betty]

The simple answer is yes - filing will hold off the repo man until the creditor files a motion and is granted relief from the stay. (if you are behind in your payments, that motion will be granted)

I have a 1998 Dodge Durango worth $7,500 that I owe $8,900. I am coming up on 3 months behind (on full payments, have been sending in small payments to try and show good faith?) A member of the asset recovery department (repo man) shows up telling me that there is no more negotiations and I have to surrender the vehicle.
This is our only vehicle and I want to do whatever I can to keep it as long as I can. My question is this: If I file for Chapter 7 does the automatic stay hold off the current repo efforts until the company files for a relief of stay or after the 341? I know it is only temporary but if it stops the repo attempts until further notice I will file pro se asap instead of waiting to afford an attorney.

Ha Ha, can't file bankruptcy because I can't afford it!

I have had several attorneys review the files we have compiled - a tip I picked up from here- and have had the same feedback as far as a hopefull outlook on a simple case.

I have read the past posts on this topic and think I understand, but can anyone confirm?

Thank you!

[SinkingFast]

You may get about 30 days, or until shortly after your 341 before the Lender files a Motion to Lift Stay to repo the truck. If you're delinquent on payments, filing Ch 7 will only be a stop gap measure to buy a bit of time.

Meanwhile, you'll be in an open and active BK, and no regular Lender will touch you.

You need to ask your attny about a 722 Redemption Loan. Although, if you've been struggling with the current payments, that might not even be feasible.

The 722 Redemption Lender will negotiate a $$$ settlement amount with your current Lender if you want to keep the car. This allows you to Redeem the car in BK.

If you choose to surrender your current vehicle, for whatever reason, the 722 Redemption Lender can assist you in securing a replacement vehicle.

Going with a 722 Redemption Loan will require the cooperation of your attny and the permission of the Court. Your attny will have to assert that the car payments do not place an undue financial hardship on you. Then the Court will have to agree to allow you to get the 722 Redemption Loan.