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    #1

    Question about surrendering a vehicle

    I have 3 vehicles, all of them financed. 2 of them are with my credit union and 1 is with Capital One. (You may have read a post or 2 about my dilemma). I had my 341 on Monday and the Trustee didn't object to anything , but called for me to pay $3400 due to my not using the right exemptions. (Also explained in another post). Anyway my question now is how do I surrender my Capital One vehicle since I already iformed them that I would continue to pay? I didn't reaffirm, however. Is there a formal process or do I just call them up? Also when is it OK to sell a financed vehicle?

    Thanks for any insight.
    "If the truth ceases to exist, then so shall we all."
    DEEJ
    Tags: None
    #2
    If you decide to surrender, you can do so at any point. Personally, I called my lenders and informed them. One had me take it to a dealership, the other picked it up at my house. (They had to ask my permission to call me back to arrange the pickup.)

    Not sure about selling a financed vehicle!
    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

    Comment

      #3
      During BK you cannot buy or sell anything....... so best just surrender it...........

      Minny
      Minny

      "It's amazing the paths that our feet sometimes follow in life".

      My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

      Comment

        #4
        its best not to but where is that stated? anyone know?

        buying things with the cash you exempted is probably ok and selling things exempted is prob ok too i would think? unless of course the trustee doesnt agree with your exemptions lol.
        Im not an attorney or a trustee. You cant trust me either though!

        [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
        [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
        [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
        [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

        Comment

          #5
          You let the Trustee catch you buying or selling a car or property in the middle of a bankruptcy and YOUR DEAD MEAT..............

          You are under a Court Order - you have to go thru the Trustee to buy or sell anything.....

          Minny
          Minny

          "It's amazing the paths that our feet sometimes follow in life".

          My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

          Comment

            #6
            Most attorneys will tell you upfront -
            During bankruptcy:
            Don't buy big ticket items
            Don't sell property or vehicle
            Do not transfer property
            And do not go hunting a job that changes your income

            Minny
            Minny

            "It's amazing the paths that our feet sometimes follow in life".

            My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

            Comment

              #7
              ditto on the job for sure and most of that is good advice.

              (also, dont sell your desk until after the 341 meeting too - you migh tbe able to use it as a small token or offering to the gods in hopes of... never mind)
              Im not an attorney or a trustee. You cant trust me either though!

              [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
              [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
              [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
              [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

              Comment

                #8
                I will ask the trustee's permission before doing anything. I filed pro se. So no attorney help. But I thank you guys for your help.
                "If the truth ceases to exist, then so shall we all."
                DEEJ

                Comment

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