Surrendering my car

[mikebnbpt]

Originaly, when I first filed, I wanted to keep my car. The more I look at what an upside down loan it will end up being, plus what I've read, I think it is better to give up the car. My problem is my meeting is set for Nov. 21. Can I still do this? I really just want a fresh start.

[mikebnbpt]

Also, should I keep making payments ? Thanks !!

[StaciMM]

If you're certain that you are not going to keep it, then don't pay anymore for it. It is not too late. Actually, you could decide at any point to surrender - up until discharge - even later if you are discharged but did not sign to reaffirm.

[mikebnbpt]

Thanks. Can they reposses the car or are they prohibited from taking any action ? If so, how long would they have to wait to take action if I don't make a payment ?

[AAAArt]

Legally, a stay is put against eny attempts at collecting a debt once you file. They would have to file a motion to lift the stay to repossess.
In practice, they sometimes do repossess cars illegally. They figure that you don't have the resources or backbone to fight them and the most that they can be fined is $1000 and atty's costs.
Shoulda, coulda, woulda...there's what should be and there's what is. Art

[StaciMM]

If it is thru a major lender, they will probably not repossess illegally. That is more likely though with local, buy here pay here types.

Until discharge, you have an automatic stay. They would need to file a motion w/ the BK court to lift the stay in order to repossess-and you would get notice of that. (It would go to your attorney if you filed with one.) More than likely the hearing would be scheduled for 1-3 weeks after they file the motion.

[Mysocalledlyf]

If your behind, they will try to take it, if not then they will most likely wait until you default on the loan. ie, if you stop making payments now, they probably wont take it until youve actually defaulted on the loan. Another thing that you might be ablt to try is the 722 redemption, it helps with being upside down on it. I would call them and see what they could do for you, 1-888-744-3345. I was 7k upside down on my car, that's why I never wanted to trade it in or sell it to get another car. So now I hopefully get to keep my car, and for less money. In a year, I can get rid of it.

[mikebnbpt]

It is a Kia that I financed thru Americredit. Payments are $433. As of yesterday, I owe two payments. I also live in Mass. I was so excited that someone offered me a new car with no money down, taxes and all fees rolled in, that I got in over my head.

[Mysocalledlyf]

That's a pretty high payment for a Kia..but yeah, I actually default on my loan after going on the 3rd missed payment. Which is what happend 2 weeks after I filed. Nevertheless, 1 week later, I got a motion to lift the automatic stay from the lender. But they had to set a court date, which was set for 3 weeks later. So I some time to figure out if I was going to surrender my car or whatever, you know? Choices are limited, I just knew I didnt want the high payment anymore, especially after discharge, I didnt want to put myself in a situation AGAIN, where im living beyond my means. So this redemption seems like it's working for me so far.

[CRRAVOSA]

Have you considered redemption? This is when your case is worth 5k and your loan is 12 k you take a new loan with the redemption company for the 5k, however it is a higher APR but the 7k(the difference between the loan and the value) is then dischagred, the attorney's fees are usually rolled into the new loan, bottom line you probably need a car and like your. Just check the numbers, your payments would probably be much lower. It all depends on the value and the balance on the loan.