Car advice needed

[single mom 4]

I have been reading for sometime but I feel like I need to join in because I have questions that I cannot find answers for. I have already filed and 341 meeting is coming very soon, I need to be able to keep my car. Unfortunately lately have had many financial obstacles that have caused me to become late on payments on the car. If my payments are not current when I go to the meeting will this cause me to possibly lose my chances of keeping the car? Or will the trustee allow me to catch up the payments? I also owe more on the car than it is worth, how will this affect my chances on keeping the car. I need the car to be able to get back and forth to my work. I am so afraid of losing it. Help, please any advice would be wonderful.

[SinkingFast]

Ch 7 is Liquidation and you HAVE to be current on payments to keep property. Whether you're upside down or not.

If you can, get your arrears caught up before you go to the 341.

Beg or borrow the money from friends or family and get caught up on the car if you can. Don't take the money personally. Have them buy Money Orders made payable to your auto loan lender which you sign in your name. You don't want any excess cash flowing thru your bank acct right now that you'd have to explain.

If you cannot get caught up by the 341, be sure to let your attny know.

Maybe even prepare a plan of action that you can present showing how you can be caught up before the 60 days period for Creditor Objections ends.

I don't know if the Trustee will allow it, but it's worth a shot.

[single mom 4]

Thank you SinkingFast, I think you confirmed what I was terribly afraid of. I will call lawyer today. I know I cannot catch up by 341 meeting. And I really do not have anyone to borrow from. I thought about this all weekend. I have another question that I am unsure of. The car was bought just short of 2 years ago. I thought I read something about creditors being able to collect balance if bought in less than certain time frame. I hope you know what I am talking about. Does this mean that if they take the car I will still have to pay the balance of the loan. Please help. I am so dreading all of this. I am extremely nervous.

[single mom 4]

I called the office of my Lawyer and explained that I was behind. They recieved a paper from the lender that sounded like a reaffirmation. I was told not to worry, they are sending me a copy of this and from what I was told I will be okay at my meeting. The terms sound very good. Not that I am not still concerned and very nervous.

[SinkingFast]

Sounds like the Lender has voluntarily renegotiated the terms of the original note with your attny.

If that's the case, you must have great attny working on your behalf. He/she seems to be taking very good care of your interests.

Good Luck!!

[Minnymouth]

Sounds like your lender is willing to work with you regarding the late payments.... and helping you keep your auto.

Be sure you discuss all this with your attorney and be sure all reaffirm papers are signed, sealed and delivered before your discharge date......

Since you probably owe more than the auto is worth resale..... the creditor is more than willing to work with you......