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    #16
    so we got approved for a vehicle, but the only lender that would take us was a bank that we have a credit card with... and the payment is past due. I couldn't believe it and almost had a heart attack. we didn't know what to do and ended up signing the papers. is this going to come back and hurt us in the end. we are planning on chapter 7.

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      #17
      Originally posted by enginerd View Post
      so we got approved for a vehicle, but the only lender that would take us was a bank that we have a credit card with... and the payment is past due. I couldn't believe it and almost had a heart attack. we didn't know what to do and ended up signing the papers. is this going to come back and hurt us in the end. we are planning on chapter 7.
      Why do you think it's going to come back and hurt you? Are you planning to pay the loan?
      Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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        #18
        Originally posted by OhioFiler View Post
        Why do you think it's going to come back and hurt you? Are you planning to pay the loan?
        Yeah, we're gonna make the car payments... I don't know. I guess it makes me nervous that we are going to include in the bankruptcy the bank's credit card. But, at the same time we took out a new car loan with the same bank. We're probably months away from filing since we're only one week late on our credit card payments. Can't the bank make an arguement that, "hey, these guys quit paying the credit card and instead bought a car"... blah. blah. blah. and screw up my filing.

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          #19
          anbody have additional comments on...

          1. we are 1 week past due on bank A's credit card bill.
          2. we were able to get a loan from bank A for a new car.

          will this create any problems since we're going to include the credit card in chapter 7?

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            #20
            You have 2 options.

            1) Keep the car and not worry.

            2) Return the car and apologize.
            Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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              #21
              No it won't. We surrendered a car to Toyota after we bought our new car from Toyota.
              Filed Chapter 7: 7/3/09
              341 Hearing: 8/6/09 - Went Smoothly!
              Discharged: 11/30/2009
              Closed: 12/16/2009

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                #22
                Is there a cross collateralization clause in the credit card or car paperwork? If not, I can't see how there would be an issue as long as you can afford the car payment and it's not excessive.

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                  #23
                  Originally posted by hereforinfo View Post
                  Is there a cross collateralization clause in the credit card or car paperwork? If not, I can't see how there would be an issue as long as you can afford the car payment and it's not excessive.
                  I'm not sure if there is a cross collateralization clause or not. Does anyone know if 5/3 does this? And what would be considered excessive?

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