Retain and pay, has anyone ever been repoed?

[pikaroth]

Reading this thread has now scared me... yet again. While I know every single person's situation is different, and I will be asking my attorney about this tomorrow or Monday at the latest (extremely early meeting in the morning then a full day of work, so tomorrow may be out of the question), but posting here always gets quick responses.

Having just decided to go through with BK a few days ago, the one thing I do wish to keep paying on is my car. I have a fixed rate loan through USAA, and I have a total of 14 payments left. I have a 2004 Accord that I originally got as a lease, turned it into a used car with the loan from USAA in 2007 and have paid every single month. It is my only mode of transportation, and I want to continue to pay and have no desire for any kind of repo. If it matters, I'm below the state's (Florida) median income and am advised I am a "no asset" case. I rent an apartment so no house, and, again, I don't wish for my car to vanish on me or anything like that.

Right when I think I get even a slight 'grasp' on all of this, another item of confusion comes up.

[tobee43]

Reading this thread has now scared me... yet again. While I know every single person's situation is different, and I will be asking my attorney about this tomorrow or Monday at the latest (extremely early meeting in the morning then a full day of work, so tomorrow may be out of the question), but posting here always gets quick responses.

Having just decided to go through with BK a few days ago, the one thing I do wish to keep paying on is my car. I have a fixed rate loan through USAA, and I have a total of 14 payments left. I have a 2004 Accord that I originally got as a lease, turned it into a used car with the loan from USAA in 2007 and have paid every single month. It is my only mode of transportation, and I want to continue to pay and have no desire for any kind of repo. If it matters, I'm below the state's (Florida) median income and am advised I am a "no asset" case. I rent an apartment so no house, and, again, I don't wish for my car to vanish on me or anything like that.

Right when I think I get even a slight 'grasp' on all of this, another item of confusion comes up.

pika, i know it is scary.....how it works in florida, or more specifically in lake county, if the equity in the car is over the allotted exempted amount even in a "no asset" chapter 7; you are allowed to "buy" it back. so either way you will not lose your car. we submitted a copy of kelly's blue book value on our car to the trustee...we were over the limit, but under in other places so it just went through with no problem. we had no payments on the car, we own it outright, but thought the trustee may want to sell it, they did not, they knew it was our ONLY means of transportation....shoot...we had already surrendered our house, one other car, not much left..i had even sold most of my clothes and furniture...we slept on a blow up bed.

you are using lake county's exemptions and means test... you should look them up to assure yourself that your atty is using them to the max. i'm certain they are, however, remember your best advocate is YOU. http://www.legalconsumer.com/bankrup...=FL&FIPS=12069

the trustee at worse would have you buy it back, even in a "no" asset 7. the trustee's intent is not to leave you unable to get to work or put food on your table. common sense tells us we need to drive to where we have to go to make a living. the concept, of having to go bk...; and actually many lose sight amongst all the emotions we go through what doing this process, is, in fact, to get a fresh start. (not screw banks or get out of paying for that flat screen tv from best buy blah blah blah).

you will do fine, i'm certain.

[pikaroth]

tobee43 - thank you for the response and the links. I'll be looking over it in detail a little later. When I met with the attorney for the first itme, the car was brought up, and she said it shouldn't be an issue. I was surprised to find out how much it was worth, though. I owe USAA a little over $5,200 still, and the value came up at $7,000. I immediately got scared, but she said it just won't be an issue, but still having all of this be new to me makes it, well... scary.

I cannot imagine having to go through what you did in regards to home, clothes, etc. Makes me sick to just think about it yet a little thankful that I don't think I'll be there.

I truly am hoping for a fresh start, and from what everyone here has said, what I have read, and what the attorney said, it really shouldn't be an issue with my case, but, again, that doesn't make it any easier. I just hope as time marches on it does get easier, and I am certain when the day comes and it is over, it'll be an entire new world.

[wnguyen]

Toyota said the same for us. So if we wanted to keep the cars, we had to reaffirm.

I financed thru Toyota Financial. They sent my lawyer the reaffirm paperwork but she told me to disregard it. She said they won't take the car as long as I'm current. I even called and asked them myself and they told me the same thing. I didn't sign anything. Now I'm waiting for my bk to close.