So The Lawyer Says I Need The $500 Car Payment To Avoid 13

[hippyguy]

How does this work? My wife and I are above the means but only by a bit, we are upside down 10K on a TRAR ( truck/car ) I don't even like. The note has another six years left. Can I flake on this sucker later or what? I really don't mind driving sh*tbombs for a couple years just to avoid this mess again. if there are any other posts someone please point me in the right direction. Thanks a ton in advance

[mintz]

what do you mean "Flake" I surely do not understand what you are asking to do

[kikijo]

It is my understanding that as long as you DO NOT reaffirm the debt then you can stop paying anytime that you want. Yes, they will come and take the car back, but they can't come after you for any money. We had two car loans and a credit card through the same bank and we had planned on keeping one car for $350/month with a reaffirmation. We told the trustee that this is what we were doing, but shortly after our 341 meeting our bank sent our atty a letter saying that in order to reaffirm the vehicle, we would have to reaffirm all of our debts to them. So, we said, fine, just take it all! I thought that with us having that much extra cash each month that they would throw us into a chapter 13, but they didn't.

[TEW]

How does this work? My wife and I are above the means but only by a bit, we are upside down 10K on a TRAR ( truck/car ) I don't even like. The note has another six years left. Can I flake on this sucker later or what? I really don't mind driving sh*tbombs for a couple years just to avoid this mess again. if there are any other posts someone please point me in the right direction. Thanks a ton in advance

keep up the payments until 10 days after your 341 DO NOT reaff then call them and tell them to come get it.

[hippyguy]

what do you mean "Flake" I surely do not understand what you are asking to do

I mean not reaffirm when the letter comes, sorry.....

[hippyguy]

keep up the payments until 10 days after your 341 DO NOT reaff then call them and tell them to come get it.

So the trustee won't come back at us? Thats kind of what I have been gathering little by little around here. The payments are current and I intend to keep them that way until after eveything. Then look out baby, I see a 1993 deawoo in my future and I'm fine with that. The wife maybe not so much, but I'm sure she will someday realize that we are poor and bankrupt and this is what living on cash is all about.

[OhioFiler]

keep up the payments until 10 days after your 341 DO NOT reaff then call them and tell them to come get it.

I'd just keep driving it as long as possible. Just have a contingency plan for when it's repossessed and don't keep any personal effects or much gas in it. Who knows, you may end up driving it for free for several months.

[OhioFiler]

So the trustee won't come back at us? Thats kind of what I have been gathering little by little around here. The payments are current and I intend to keep them that way until after eveything. Then look out baby, I see a 1993 deawoo in my future and I'm fine with that. The wife maybe not so much, but I'm sure she will someday realize that we are poor and bankrupt and this is what living on cash is all about.

I thought hippies drove 1972 VW buses!

[hippyguy]

I thought hippies drove 1972 VW buses!

Have you seen the market on buses these days, craigslist has em selling around 10-12K for anything complete. I always wanted one, I did own a 1975 bug for about a year in high school. It was a plastic bumper bug with floor pans that were so rotted you could almost stick your foot through the floor on the passanger side. Needless to say my folks helped me come up with the $400 bucks to buy a 1985 Civic with no A/C and 185K miles that I managed to put on another 200K over the next five years. My friends called it the Honda Oven. A/C never did work, but I loved that car, we used to load up and maroon the car on the beach to surf the sugar sand road spots up the coast, knowing that the five of us could push that sucker out when it got stuck. Memories..........

[hippyguy]

I'd just keep driving it as long as possible. Just have a contingency plan for when it's repossessed and don't keep any personal effects or much gas in it. Who knows, you may end up driving it for free for several months.

Good point about keeping the personal effects light. I don't even drive it my wife does, and that car is packed with crap non stop. I may never understand women.

[Bell30656]

Prior to getting ready to file for bankruptcy the attorneys that I consulted advised me that without a $400 car payment I would be in Chapter 13. I bought a vehicle with appropriate payment and about three months later filed Chapter 7. I bought this vehicle from a local dealer and did tell him up front that I was going to be filing at a later date. I'm still paying and he's still cashing the checks. I've signed no reaffirmation agreement and no one has even brought one up.

[mintz]

make sure you do not have any other loans at that same bank or they will do cross collateralization

[TEW]

So the trustee won't come back at us? Thats kind of what I have been gathering little by little around here. The payments are current and I intend to keep them that way until after eveything. Then look out baby, I see a 1993 deawoo in my future and I'm fine with that. The wife maybe not so much, but I'm sure she will someday realize that we are poor and bankrupt and this is what living on cash is all about.

No you'll be fine this is the same thing I did my lawyer wanted me to keep up the payment in case the UST took an interest. it would be hard to explain that you are keeping it when the bank just filed relief of stay and you say you are keeping it? just stay under the radar.