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

Repossession with payments kept up

  • Filter
  • Time
  • Show
Clear All
new posts

  • Repossession with payments kept up

    My husband and I have recently filed chapter 7. Ally auto, our lender, has implied but not said outright that they will repo the car as soon as the stay ends. We owe 23000 on a car worth under 13000. I would love to let the car go but we have no funds to get another and it is the only car for a family of four. My attorney is very against the reaffirmation agreement. He believes that they will not take the car as long as payments are made. I want to try to negotiate new terms for a reaffirmation. I am terrified that we will keep paying on a car for nothing and they will take it anyway. I need a car for work.

    If they take the car, will I be able to get another with little to no down payment quickly?

    What are the odds that they will really take it?

    Can I get another, cheaper, car financed while the stay is in place?

  • #2
    I have not heard this, GMAC is not threatening us;

    Hubby is also in chpt 7 with Ally for our truck, they have not sent us any letters , we are still makeing our pmts. We are about even with what we owe. Have you received a letter saying they will take. I do not see any advantage of them taking it, they will lose money. I think you will be fine.
    Last edited by Floridagail; 04-11-2013, 06:19 AM. Reason: add
    chpt 7 ,5-2009


    • #3
      Yes, they sent us a letter that said we were in default. We called and they said that per their policies bankruptcy is a default. They admitted that they cannot take it now but implied that they will when the bankruptcy is over. I read online that they can, in fact. do this.


      • #4
        Our letter states . from Ally , Roseville MN.
        If our case discharges without reaffirmation agreement , at this point the client may be eligible to receive informational statements to assist them with voluntary payments should they desire to retain possession of the vehicle.

        They could legally , if you state law allowed it to. But they would lose money.
        I think if this were to happen you could get a new loan if you have employment to afford one.
        chpt 7 ,5-2009


        • #5
          Ally has a policy that as long as your payments are current and you have valid insurance they will not take your vehicle. I had a CHIMM order but my monthly "Informational" statement says at the bottom "Your account has been discharged in Bankruptcy. If you continue to make voluntary payments you may retain your vehicle but if you fail to make a payment your vehicle may be repossessed". I would call and talk to someone.


          • #6
            We have our Jeep financed through Ally. We did not reaffirm and was discharged in Jan. I asked and they told me as long as I paid, they would not repo. They put a note in our file that we intended to keep the car. We've been fine since...


            • #7
              We received another letter today from Ally, basically stating the reaffirmation must be signed or they could take possession of the car within 45 days of the 341 meeting. I thought we were protected until discharge May 15. The paperwork is also wrong since we have made payments since the reaffirmation original letter. We are even on value of the Truck, so we want to keep it, but not sure if He will reaffirm or not.
              chpt 7 ,5-2009


              • #8
                Did you try calling them? I think the are just trying to bluff. Maybe you could ask your attorney? We are now going to surrender our vehicle to them (discharged end of jan. last payment made was the one due feb.15.) I called them the other day and expressed our desire to do a voluntary surrender and they took their sweet time sending the letter instructing us of what to do.. We are 30 days late as of yesterday.


                • #9
                  I would not make it easy for them. Make them come and get it. They will have to pay a repo fee, storage fee, recondition fee, transportation fee, new title fee, and auction fees. If they do not want to cooperate with you do not make things easier for them. Take the tags off, clean out your vehicle, cancel the insurance and tell them where it is.


                  • #10
                    I filed chap 7. I am with Toyota and current on all payments and did not re-affirm. They are still sending me statements and I have not recieved anything regarding repos so it may just be an GMAC thing?


                    • #11
                      It's really simple: if you are ahead on the car (i.e. you owe less than what it's worth) or are near even on the loan balance to current value, then it may be worth reaffirming if you are otherwise happy with the car, and it's in good condition. If you are underwater on the car, then don't be stupid. Quit paying, drive the car payment-free through the bankruptcy, and try to keep it as long as you can before they eventually repo it. The only thing their threats should make you do is stop paying, and keep the car in a garage whenever possible. Don't be bullied into reaffirming when it's not in your interest to do so.

                      You most certainly can get a new or late-model used car from a legitimate dealer, even after bankruptcy. Heck, scarcely 6 days after I filed for Chapter 7, I got not one but two letters from different car dealerships--a Nissan dealer, and a Kia dealer--offering to finance me for a new or used vehicle to "help rebuild my credit after bankruptcy".


                      Unconfigured Ad Widget