Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

I must be the exception to stay and pay for car

  • Filter
  • Time
  • Show
Clear All
new posts

  • I must be the exception to stay and pay for car

    I filed for bankruptcy in August 2010 and was discharged October 2010. I have been current on my car payments and have not missed a single payment, $484 on my 06 Mazda 6. I did not reaffirm my car during bankruptcy because Wells Fargo would only knock off $20 for the reaffirmation. Since my schedule J was already $175 negative with the current payment, my attorney counseled against reaffirming.

    Fast forward to Monday...when I got a letter from Wells Fargo asking when I could surrender the car since I did not reaffirm. As I said before, I have not missed any payments or made any late payments--insurance is also current on the car. I called Wells Fargo on Tuesday and spoke with the Bankruptcy Case Handler who stated that in order for me to keep my car, I had to pay the remaining balance of $9000. She was very nice and apologetic but insisted that despite my good standing with payments, there was nothing they could do.

    I was shocked. I definitely need a car, but I don't have 9k just lying around and there's no one that I can borrow it from. I took half the day to think over my options...applying for a loan, refinancing, buying a new car? I honestly did not know how I would be able to do any of those things considering that my recent bk filing and discharge.

    Finally, after doing lots of number crunching and weighing my options, I decided to apply for a loan to buy a car. I really did want to keep my car, but the mounting maintenance (insanely expensive tires, brakes, and everything else in it), gas guzzling, and not so great winter maneuvering were stacking up against keeping the car.

    I was too chicken to go to a dealership, so I applied for a car loan on on Wednesday night. A rep from my local Toyota dealership called and confirmed the loan on Thursday morning and pre-approved me for an $18k loan. I totally forgot to ask for the interest rate, but was just so confused and shocked over even qualifying for anything. I made an appointment for Friday to test drive some cars.

    Before I went though, I looked at some cars on their website and did some more budgeting. Although I was pre-approved for the $18k, I knew I would more comfortable in the $13-$14k range. I made a list of wants vs needs in a car and narrowed my selection down to two cars.

    When I got to the dealership, the rep had all the paperwork ready and brought the two cars I wanted to test drive around. I ended up buying the first car that I test drove, an 09 Toyota Corolla, 30k miles. My loan total, 60 months @ 15.5% , including tax, title and $750 down payment was $13,140. My new car payment will be $330! I intend to pay the $484 that I was paying for my Mazda so I can payoff the loan quicker, but I figured it wouldn’t hurt to have the smaller amount over a longer loan period incase of any emergencies that I could use the extra $154 for.

    I was absolutely blown away that I qualified for anything, let alone the fact that the interest was 15.5%! It’s definitely high, but not in the 20’s (which I had assumed I would get and had also budgeted for).

    As for my Mazda, I left it at the Toyota dealership. The sales rep said that it would be fine to leave it and call to Wells Fargo on Monday to have them pick it up there.

    Whew! What a week this has been!

  • #2
    So, what you are saying is you just told Wells Fargo to go stick it. Now, instead of making money on a performing loan, the bank will take a hit when it auctions off the collateral. Good for you!

    On the other hand, the new lender is going to make a mint at 15% interest. Love how this world works.



    • #3
      I think that's great Yang! Good for you! We are currently trying to redeem a Ford, but don't quite know yet if the numbers will add up. If not, I know we will be able to get something else. I think it's great that you have a newer car for a lower payment. No THAT'S a good week! Congrats!
      Filed Ch. 7 11/8/10: Survived 341 Meeting 12/13/10 Report of No Distribution!! 12/14/10Received UST Presumption of Abuse!! 12/15/10 UST states Dismissal is Inappropriate! DISHARGED!! 2/22/11


      • #4
        Typical short-sighted bank. They'll be lucky to clear half the $9K.

        I do think it may be worth trying captive lenders - especially Ford if you haven't BKed them - they want to sell cars. I went through the "you didn't reaffirm" nonsense with Toyota - they didn't try to force a repo but claimed they never got notice of the BK or would have tried to force reaffirmation. I let them have the car and got an 09 Fusion, certified used at 10.49%.
        Chapter 7 Filed 8/11/2009, Discharged 11/23/2009


        • #5
          Yang, don't forget to put your approval in the buying a car approval thread! Congrats! How long ago were you discharged?
          341 Meeting:1/5/2011


          • #6
            I was discharged at the end of October in 2010. It's only been about 2 and a half months.

            Thanks guys! 15.5% is double the rate I was paying before, but I made a smarter choice about the purchase price and am looking forward to pay it off before the 60 months.

            I forgot to mention that my credit score was in the 590 range post bk, 570 Experian, 623 Transunion, 599 Equifax.
            Last edited by yang0837; 01-15-2011, 02:33 PM.


            • #7
              Cool! I checked out that site where you went. Did you apply for financing right on that site?
              341 Meeting:1/5/2011


              • #8
                Yes. I put in the necessary financial info that any dealer or bank would need, and then submitted. When the dealership called me, they had already lined up three banks for possible loans.


                • #9
                  Thanks for the info! I will be looking for a loan after my discharge b/c I'm not reaffirming a vehicle!
                  341 Meeting:1/5/2011


                  • #10
                    Thanks so much for posting about your experience with the car situation. Very helpful! And I think it was very smart of you to get a newer car for the lower payment.
                    Filed Ch 7 Pro Se 11-18-2010 341 Meeting 12-16-2010 Discharged 2-15-2011
                    New Job 7-2011


                    • #11
                      I have a car loan with Wells Fargo. I have not been discharged yet, but should be any day now. I did not reaffirm, but did call and ask the bk dept if they required me to reaffirm. The rep said "no, we do not want your car." I am also current so we will just see how this plays out. The way I see it, signing a reaff is not in my best interest and I will take a chance on a ride thru or not. I'm rolling with the punches. It's just a car and there's another one out there if they want to be that stupid.

                      Good for you that you didn't let them bully you. Congratulations on your new car purchase.
                      Filed Ch. 7 on 9/30/10---341 11/12/10---Report of No Distribution 11/16/10

                      Discharged 1/21/11 Closed 1/26/11


                      • #12
                        I finally got a hold of Wellsfargo today!!! OMG, for wanting their car back and sending two threatening letters now, they are sure hard to get in touch with! I called the bk number on the letters and was on hold for nearly an hour and a half yesterday, three times! So I tried their regular number, and was given the run around before being transferred to bk department, and was on hold again for an hour. Ugh, someone finally picks up today after 25 min on hold. It literally took 30 seconds to get the info to them about where the car was and then that's it, home free.


                        • #13
                          Just a quick update...Wells Fargo hasn't picked up the car yet, but they sent a "right to cure" letter today. I was sore from laughing because they offered to let me keep the car if I refinanced the remaining $9000 balance at 27%, with....haha...$1400 down!!! Terms were for 60 months (about $200 a month) or 36 months ($300 a month) I'll get right on that.

                          Ooooh, and they also thanked me for being a loyal paying customer.


                          Unconfigured Ad Widget