Filing Chapter 13 next week with every intent on keeping and paying for my car loan at Ally. We are very rural - if you don't have a car, you don't go anywhere, work included.
Trying to wrap my head around how the possibility of repossession works. Even if you've never missed a payment and you are never behind, they can take your car just because you filed bankruptcy?! Is that true?!
And if they did take the car...are you just "out" what the equity is? For example (just went and reworked the math) - after the payment I just made, I will owe $3100 and the car is worth $6075-7025 depending what condition level you use on NADA. (Nada is the book my atty used, but I don't remember what he said aloud for the value). If they took my car, they just get to take it and keep all of the equity too?
Sorry, my worry radar is WAY up - not sure if I should be worried or not.
Tip: caffeine and impending BK filing may not be a good combination!
Trying to wrap my head around how the possibility of repossession works. Even if you've never missed a payment and you are never behind, they can take your car just because you filed bankruptcy?! Is that true?!
And if they did take the car...are you just "out" what the equity is? For example (just went and reworked the math) - after the payment I just made, I will owe $3100 and the car is worth $6075-7025 depending what condition level you use on NADA. (Nada is the book my atty used, but I don't remember what he said aloud for the value). If they took my car, they just get to take it and keep all of the equity too?
Sorry, my worry radar is WAY up - not sure if I should be worried or not.
Tip: caffeine and impending BK filing may not be a good combination!
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