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    #1

    Keep vehicle?

    With over $18K in two CC's debt and an auto loan at the credit union with a balance of about $10K of which the truck is worth about $8 - $9K, and being self employed...if I file either a 7 or a 13, will I still be able to keep my truck. I use it for part of my work.

    Andy
    Filed CH13 November 2008
    341 with confirmation recommendation Jan 7/09 100% payback to secured and 10% to unsecured.Plan completed and discharge 02/20/13
    Tags: None
    #2
    Most CC have cross collateralization clauses in such cases, meaning you could not keep the truck without also paying the CC. It might be better to see if you could get a beat up truck to meet your needs and be under the exemptions of your state and let this one go back.
    May 31st, 2007: Petition Filed by my lawyer
    July 2nd, 2007: 341 Meeting Held
    September 4th, 2007: Discharged and Closed.

    Comment

      #3
      Originally posted by JRScott View Post
      Most CC have cross collateralization clauses in such cases, meaning you could not keep the truck without also paying the CC. It might be better to see if you could get a beat up truck to meet your needs and be under the exemptions of your state and let this one go back.
      Really? So no way to keep the truck even if I can afford the payments? It's the CC payments that are killing me. I need a reliable vehicle (a truck) for my job. What's reaffirm mean? If I need my truck for my job won't the court look at that? I filed a 13 many years ago and was able to keep a van I had and I had been making payments on that. I'm not behind in my truck payments.
      Filed CH13 November 2008
      341 with confirmation recommendation Jan 7/09 100% payback to secured and 10% to unsecured.Plan completed and discharge 02/20/13

      Comment

        #4
        There should not be a problem if there is only a difference of around $1000, There is no benefit for the trustee to try to sell it. Just make sure you keep making your payments on it. We have around $4000 equity on one of my vehicles and after our exemption my laywer said we might have to pay around $1000 to keep it if the trustee is a pain in the ass. Check your exemption allowance for where you live.

        Comment

          #5
          Credit Unions cross collateralized. What we did since I want my car as well as check OD account is I reaffirmed both. Now I do not know if you can reaffirm one and not the other. I doubt it. You may ask the CU if you can pay through. That means continue payment upon the truck. I hope I helped. 'Hub
          If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

          Comment

            #6
            You shouldn't have any problem keeping your truck as long as you keep up on payments.

            Comment

              #7
              I am not too worried about losing the truck I have. I just finished the 341, and haven't heard anything yet. I owe about a grand on it, and owe about 10 grand of CC to the same CU. I haven't paid a cent on the truck since July, because I know I will never see the title. But I have a funny feeling that I will end up keeping my truck.

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