What schedule should I put repossessed car debt

[chastal]

On what schedule should I list the amount I owe for my repossessed car debt? It sold at auction and now I have a bill for roughly $6200 (What I owed - What they sold it for = $6200).

Is that still considered a secured debt or is it unsecured now that I no longer own the car and it has been sold by CapOne Auto Finance?

Thanks in advance!

[MSbklawyer]

http://www.law.cornell.edu/uscode/html/uscode11/usc_sec_11_00000506----000-.html

[chastal]

Thanks MSbklawyer. I read that a few times over and believe my situation (remaining balance) lies within schedule F. I assume if I'm wrong, Capital One Auto would object and the trustee would advise me.

[justbroke]

Do you have the NoLo Book for Chapter 7? If you don't have some sort of book on filing a case, then the learning curve may be too much to teach you here on-line.

The "deficiency" balance caused by the lender auctioning your car... is unsecured... because they have the collateral.

Also, don't understand that you owe what they sold it for. Confusing.

[chastal]

Sorry "What I Owed" = $18,200 for the car.
Car was repossessed in May.
Auctioned off ("What they sold it for") = $12,400 in June.
Remaining balance that I am liable for = $6,200 (includes repo fees)

I just wasn't specific with that in the original post. I did not purchase the Nolo book although I have heard great things about it. I have been researching bankruptcy since April using various resources like this website, multiple internet sites, my dad's consumer bankruptcy book (out of date- 1994 ), and have spoken to 3 different lawyers. I read the instructions that were available for each BK form on the us.gov website and am going to take my packet down to the Richmond Bankruptcy court tomorrow! I am very excited.

I have my exact cash fee of $299 and did not sign and date any forms as I have heard that needs to be done in the presence of someone at the BK court, presumably the BK clerk. My only concerns were how to list the repo debt and will be curious to see if the $180 in my checking account that I listed under the homestead exemption code will work. I'm not a homeowner, or renter, I live with my parents

I have not filed a homestead deed with my county, thus it will not be submitted with my paperwork so my guess is the trustee may snatch my $180 but we'll see. The legal definition of homestead mentions NOTHING of having to own or rent a home, rather being domiciled in one at a certain location. I don't know I guess we'll see.

[justbroke]

You need to get the NoLo Book or some book -- borrow from Library! -- that has been updated with the BAPCPA amendments from 2005.

[chastal]

I drove to richmond VA and filed today. went off without a hitch! the clerk was very nice and mentioned how impressed she was with the organization/preparedness of my paperwork

Hopefully after the trustee reviews everything, there will be no errors with my filing and things will go smoothly. I couldn't reason buying the Nolo book because my case is rather simple, no car no home, no assets at all. The forms were pretty straightforward and since my dad filed years back, if i ever felt unsure about something I would look back at his old filing to see how his attorney did it.

Thank you to everyone for posting on this site and especially to those that replied to my questions!

[justbroke]

Let us know how it goes.