Chapter 7 Advice

[stevebkhowe]

Thanks in advance. I have a few questions.

I need to wait at least 4-6 months to pass the means test. Anybody had any issues waiting 4-6 months? I expect the leased car to be repoed. I expect plenty of nasty calls and letters. What else should I expect?

Car is leased. New. Worth about 25 maybe. First payment missed was due 8/15. No more payments can be made. When will they take it and how loud will the process be at 3am?

Products bought on cards with deferred payment date falling after date of filing. Will they come after them? $2500 worth of TV gear bought spring of 2008.

Camera gear worth about 4K, maybe. Will they come after it?

How accurate is the 90 days rule? Some folks seem to say that banks will come after materials of worth no matter when bought, some folk seem to say that if it was bought prior to 90 days from date of file they will not come after it. Anybody have some clarity?

[JRScott]

1. Do not leave any valuables in the car. Generally they'll start repo at between 45 and 60 days late. Though it might take the repo man another 2 weeks. If you know its going to be repoed you can take matters into your own hand. Take the vehicle back to them and turn it back in. Make sure you get a paper stating you turned it back in. You'll still need to list them as a creditor as you'll be responsible for any deficiency balance or default lease fees.

Generally the repo man if he finds the car will take possession of it first, then move up and knock on the door leaving some paperwork.

2. Yes a big screen 2500 dollar TV is likely to be objected to though waiting 4-6 months might help, if it was a store card they still might come get it.

3. Possibly as well.

90 days is a general rule. Keep in mind they have to prove for each charge that you never intended to pay and/or the debt is nondischargeable

Good Luck

PS: Buy an answering machine, make sure it clearly identifies you and let it pick up all calls.

[stevebkhowe]

1. Turn in at any dealership or must it be where I bought it? Do the repo men generally have the right keys to access without blasting off the factory installed security? Will turning it in so early look bad on the BK being 6 months later?

2. Store card through Chase bank. Would that change anything at all? What if I sent them a few small payments even though nothing is due until October next year?

3. Camera gear is used for some pro work. I have and can earn with it. Any difference?

4. Never intended to pay. Doesn't making some payments on every debt indicate willingness to pay?

5. I have voice mail through the phone company. We never answer anyhow. Critical I leave my name on the outgoing message?

Thanks!

[JRScott]

1. Generally any dealership say Ford for Ford, Chevy for Chevy etc.

It will be a hit on your credit report separate from the BK. However if you can't make the payments the next 6 months the hit is likely less to turn it in than to not make any payments.

2. Yes you need to send some payments to make sure of no objection, they still might come get the TV though. More than likely they'd offer a settlement amount.

3. Probably not. if you owned them it might but not if you owe 4k for them.

4. Yep making payments helps establish that you were trying to pay . It can help avoid many objections.

5. Yes if they don't hear your name they might start calling other places like work , family etc