341 and americredit

[jack]

hello everyone
I had my 341 last week and no creditors or americredit was there,also Ive not had any corresspondence from them or my attorny,will they just come and take my vehicle now after the 341?,If i wanted to keep the vehicle do i have the right to defer the past due payments? or do i havt to reaffirm?,i did a chapter 7 and the vehicle loan is 13,300.00 left and the value at 8000.00, or can i get financing elswhere on my vehicle

[Minnymouth]

Did you file pro se??
Did you notify the auto company that you wanted to reaffirm??
You might try redemption 722!!

The auto people will think you are surrendering your vehicle and will be after it now that the 341 meeting is over...

You must make arrangements of some kind to keep it before discharge.

Did your attorney not tell you to keep your payments current on your vehicle in order to redeem it???

He needs to get back to work and finish his job....

[jack]

would it be too late to convert to a chapter13, even tho i had my 341?

[Minnymouth]

If your in a Chapter 7 why would you want to convert to a 13? Would cost you another $1500 or $2000 to convert to a 13....

Check with your attorney, did you mark to reaffirm on your auto?

If so, have your attorney take care of it..... that's what you paid him for.

[StaciMM]

If you qualify for a ch. 7 then you have no disposable income and therefore can't do a 13. The creditor would have to wait until discharge or file a motion w/ the BK court to lift the stay to take the car. Generally, you need to be current on your payments to keep it-deferring past due payments is something you'd need to discuss w/ the creditor.

You can try 722redemption.com. They might be able to loan you what its worth, for you to pay off Americredit. Would be a high apr, but it wouldn't matter that you were past due and it should balance out ok since the loan is on a lesser amount than what you owe now.

[jack]

thanx everyone for replying,my attrny did not even suggest a reaffirm aggreement,I thought he was paid to help lol,Can i contact americredit and ask if i can defer the past due payments to the end of the loan?ill also contact 722redemption.com,also how long is the automatic stay in effect for me during bankruptcy?my 60 days is up in mid feb

[StaciMM]

The automatic stay continues thru discharge. (And you won't be discharged til your 60 days are up, likely a little later.) Try 722 redemption before you try reaffirming... If it works out for you, you'll finance a lower amount so even though its a high APR, it will likely result in paying less for the car in the end. It also would not require that you get caught up.

Your attorney probably should have discussed the car situation w/ you, though I see it as a good sign that he didn't suggest reaffirming. Reaffirming on something where you owe more than its worth can be the kiss of death after BK. If you fall behind after BK, and you reaffirmed, you're doomed...

[sobroke]

Jack--does Americredit report to all three CRAs? Just wondering. I just got an auto loan through them. The dealership said they do, but there is always that doubt when talking to a car salesman. No offense to anyone here who sells cars.

[jack]

yes, all three have my loan listed,also i have another question,i want to get something thru my job via the emplyee purchase program,one item listed as needed is a letter from the trustee,what would i do to ask for this letter?and what would it be for?

[Minnymouth]

During the BK process if you buy or sell anything you have to have permission from the Trustee as you are under Court orders.....as long as your not discharged....

If you need to buy a vehicle, just call the Trustee if your pro se or have your attorney if you have one.....

Be carefull about purchasing something that the Trustee might "think" you have money to put into a Chapter 13....