Repo Question-

[SubPrimeME]

OK I started a thread here:

http://www.bkforum.com/showthread.php?t=32565

But, it seems more people are on this side of the discharge.

Basically I am just wondering if I have to turn the car in during the 60 day window(time alloted to decide if I want to keep the car) or if I can hang on to it - save for down payment on new car. My atty was less then helpful.

Thanks!

(sorry about the multi-thread)

[HHM]

You don't have to do anything unless the BK court specifically ordered a turn over date and time (Which is rare). The finance company will repo the car in time.

[dgaffler]

I was behind on payments and they came and got it the 61st day after my 341.

[SubPrimeME]

I was behind on payments and they came and got it the 61st day after my 341.

Like a month behind, 2 or 3? Did you arrange the repo?

[dgaffler]

About 4 months and did not reaffirm. Did not arrange the repo but knew it was coming.

[SubPrimeME]

So I spoke to the atty and this is the scoop as I understand it now.

1- don't sign the reaffirm

2- stop making payments(save for new vehicle- or purchase one with cash)

3- typically 3-4 months after first payment is missed the creditor will begin process of collecting the vehicle.

4- live a happy life.


I still don't get how this doesn't constitute a red flag with the schedules.... whatever.

***Also you can buy a new vehicle during the 60 day window- post the 341, however most lenders will not deal with you until they have the discharge papers***