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Repo when you owe less than worth?

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  • #1

    Repo when you owe less than worth?

    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!
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  • #2
    You do not need to worry about this, as you are planning to file Chapter 13 bankruptcy. Only in Chapter 7 is a lender permitted to default the loan if you don't explicitly reaffirm, and repossess the vehicle--even if the loan payments are/were current. Few lenders do this, and I don't believe Ally is one of them. Ford Credit is one which does require a reaffirmation or they will repossess. It should be noted that attempting to reaffirm, even if the judge does not approve the reaffirmation, has the same effect of preventing the lender from repossessing due to the bankruptcy.

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    • #3
      As long as you keep payments current or the plan provides that payments are to be paid by the trustee, they cannot repo the vehicle. You will be protected by the automatic stay.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      • #4
        Thank you both so much for your responses. Gosh this is stressful. Or I am making it more stressful by reading. Just want to be as prepared as possible!

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        • #5
          Originally posted by Time2Change View Post
          Thank you both so much for your responses. Gosh this is stressful. Or I am making it more stressful by reading. Just want to be as prepared as possible!
          Reading can cause more stress, but it can also relieve some stress. It partly depends on what sources you are reading and whether you are correctly applying what you read to your specific factual situation. One thing to keep in mind is that a lot of what you read about bankruptcy will focus on Chap 7 and not apply to Chap 13. There are also a lot of blanket generalizations that aren't always true. Also, you will find more stories about what went wrong than about what went right. When things go right, people don't tend to turn to the internet to vent or get help. If something you read scares you, try not to panic. Ask your attorney about the issue or post here.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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