car question

[Redfox]

hey guys this is my first question regarding bankruptcy.

my parents had a business which has pretty much gone upside down.
2 years prior to this i purchased a vehicle but the loan was done in my mothers name.

my mother and father are filing for chapter 7.

the note was paid by me on time every month i had 0 issues with it.
problem is i think they will take the vehicle not sure how much equity it may have.
i tried to access the online statements and they have taken it down.
so i dont know how much i owed.
chase seemed to send statements when they wanted too, because i paid online. my mother and i addressed this with chase but they never sent the statements to the house monthly.
i dont know how much is owed, but the kbb value is around 15-16k.

now my vehicle has 15-30k in modifications in this time period.
these are all paid by from me.
about 75 percent of the vehicle it self is been overhauled.
i take it to car shows etc

now im not sure what to do at this point.
there is no way i can just give my vehicle up to the bank or trustee knowing i have that much into it not to mention countless hours of work and planning.

would any of the trustees care that i pay for it ?

what legalities would i run into if the car went back as a shell?
im assuming my mother would be held accountable.

any advice help welcomed

[jlmaca]

hey guys this is my first question regarding bankruptcy.

my parents had a business which has pretty much gone upside down.
2 years prior to this i purchased a vehicle but the loan was done in my mothers name.

my mother and father are filing for chapter 7.

the note was paid by me on time every month i had 0 issues with it.
problem is i think they will take the vehicle not sure how much equity it may have.
i tried to access the online statements and they have taken it down.
so i dont know how much i owed.
chase seemed to send statements when they wanted too, because i paid online. my mother and i addressed this with chase but they never sent the statements to the house monthly.
i dont know how much is owed, but the kbb value is around 15-16k.

now my vehicle has 15-30k in modifications in this time period.
these are all paid by from me.
about 75 percent of the vehicle it self is been overhauled.
i take it to car shows etc

now im not sure what to do at this point.
there is no way i can just give my vehicle up to the bank or trustee knowing i have that much into it not to mention countless hours of work and planning.

would any of the trustees care that i pay for it ?

what legalities would i run into if the car went back as a shell?
im assuming my mother would be held accountable.

any advice help welcomed

Have your mother reafirm the loan in bankruptcy and keep paying for the vehicle. If you don't want it just let it go.

[Redfox]

how does the reaffirming process work?

they are going to court on the 23rd?
they have requested a kbb value of the vehicle.

[jlmaca]

how does the reaffirming process work?

they are going to court on the 23rd?
they have requested a kbb value of the vehicle.

Since they are filing for chapter 7, I'm assuming they have an attorney. Just have your mother mention to the attorney that she wants to keep the vehicle. It's a matter of some paperwork and she might have to sign a new agreement with the bank. It's important that the payments be kept up to date and that going forward all payments are kept current for the remaining life of the loan. Now is the time to get out of under the loan if she so desires not in the future.

[keepinitreal]

The only fly in the ointment would be if your parents already are re-affirming 2 cars for themselves, not including yours.

[SMinGA]

There are 2 issues. First of all, this is your mother's debt and not your own. You won't be able to get any info from the lender since your name is not on the account. Your mother should be able to contact them for a mailing address for payment, confirm the payment amount, etc.

The bigger problem for you? Sounds like with the work you have done, the vehicle is worth more than the KBB. Your mother owns this asset, and may not be able to exempt it. The court may take it to pay her creditors. Your mother needs to discuss w/ her attorney ASAP and find out about her exemptions.

[BCA2009]

SMin GA is correct. It is not a matter of just re-affirming. The more important issue is if there is any equity in the vehicle. If so you mother will have to pay the trustee the value of the equity before they will let her re-affirm. If she has no exemptions to cover the equity, you will have to buy the car back from the trustee.

We had to pay the trustee 5K to keep one of our vehicles. So basically we paid for the car (part of it) twice.

[tcreegan]

add ons can add off

Remember that the add-ons put on with your money can be removed, as long as the car is left in reasonable, or close to original condition.

Value the car with the accessories off. The base car.

Check w/ folks attorney about what it will cost to buy it back from the banktrustee.

Good luck, hope the car survives in one piece....

Tom in Colo

[NewDawn]

What state did they file in?