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

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Is Repo Possible during an open Ch 7?

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  • Is Repo Possible during an open Ch 7?

    Hi All,

    I filed a Ch7 last month and had my 341 meeting this past week just before Thanksgiving. After I filed the CH7, but before my 341 meeting, I signed a reaffirmation agreement at my attorney's office so that I can keep my car. Just a few days after signing the reaffirmation, I received a letter from the attorney who represents the bank my car loan is with. The letter basically said (sorry I don't have it in front of me at the moment) that the bank had agreed to the reaffirmation, and it went on to state that the amount of the loan payments, interest rate, payoff amount, term, etc. would remain exactly the same as in the original loan, so this is great! Then, yesterday I get ANOTHER letter from the SAME attorney and this NEW letter states there is a "Withdrawal of reaffirmation agreement and motion to approve reaffirmation agreement" and that they have sent a copy to the trustee and my attorney. GREAT!!!!!!!!!

    This is very confusing to me. Why would the bank agree to and then change their minds about my reaffirmation?

    This is WHY I'm confused:
    1). I have never missed a payment on this loan.
    2). I have never been as much as one day late with a single payment on this loan
    3). I have always kept the car fully insured and have never had a lapse in coverage

    So, I called my attorney's office late yesterday and spoke with the receptionist. My attorney is out of the office until this Monday. She did offer me this advise: Completely clean the car out and remove ALL personal property. She told me that LEGALLY, the bank could NOT repo my car without a court order, BUT that some "car companies" (to use her exact words, which I assume are refering to the repo man) are not so scrupulous, and COULD repo my car regardless.....court order or no court order.

    So now I'm REALLY confused and my stress levels are now into the stratosphere!!!!

    It was my understanding that once I filed CH7, the Automatic Stay would legally prevent ANY creditor from taking ANY ACTION in trying to collect on any of my debts, secured (my car) AND unsecured (my credit cards), but now I'm being told that my car actually COULD be repo'ed during my OPEN and ONGOING CH7 case.

    At the time I reaffirmed the car loan, I confirmed with my attorney that all I had to do is simply keep making the payments on-time as I have ALWAYS done, and I should have no worries.

    Filing the CH7 was stressful, the 341 meeting even more stressful, and now the car situation has pushed my stress levels beyond anything I could ever have imagined!!!!!!
    I don't know how much more my body and mind can take......

    I'm posting here so that hopefully someone here can give me information that might give me a little least until Monday.

    Thanks in advance everyone!

  • #2
    You are on good terms with the bank holding your car loan. It never hurts to declutter a vehicle, and the receptionist probably was trying to be helpful in case you had some kind of worst case scenario going on. Sounds like you don't, and it would make no sense for the bank to repo for a car loan that is current. And in any case, it's a bank, not some underhanded finance company you're dealing with.


    • #3
      Yeah, I think the receptionist was being very conservative. Legally, the bank can't repossess while the bankruptcy stay is in effect. But, sometimes people do things that aren't legal. Not likely to happen here if you are current on the payments. The bank would rather have the payments than the car.
      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!


      • #4
        Thank You Kawh and Lady in Red for your responses.

        I feel a little better about the situation right now, and will provide an update for you on Monday as soon as I can talk to my attorney t see what the deal is with this.

        I agree that it does not make sense for the bank to repo my car given the fact I am (and always have been) current on this loan. The bank is in business to make money, and they'd be better off just letting me finish paying for the loan instead of repo. I have less than 2 years to go until it's paid in full.

        Thanks everyone!


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