I am in a Chapter 13. My truck was filed in the BK. GMAC did not accept. Attorney filed to surrender the truck. Question is, can I still trade in the truck to get a new loan on another vehicle? I still need trustee approval. Just wondering if I am stuck in the surrender motion. If I trade it and the note is paid. Is this OK? Appreciate any advice.
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I would like to know the answer to this as well. I have 2 car loans and can only have 1 since I am single. My attorney filed to surrender my second one. I know that I can get more than what I owe on it by selling it to Carmax. Not a lot more, but enough to pay off the loan and not have a deficiancy. I'm thinking about talking to Suntrust directly to work something out, since the order says to "surrender to Suntrust, or as Suntrust directs". I'm thinking this would be best for all creditors and me too. I get $500 or so, Suntrust gets their full amount I owe instead of taking a loss by selling it at auction, and the other unsecured creditors benefit by not having Suntrust file a deficiancy as unsecured debt and taking some of the money they would be getting otherwise. I hope somebody can answer. -
I'm not really sure about the answer to your question, but when I first filed, my car at that time was included in my filing. The lienholder didn't oobject, but later on down the road, I started having problems with that car. I asked my attorney what I should do, so he asked the BK court for permission for me to surrender that car, and approval to incur the debt of financing a newer vehicle. The BK judge signed off on it, and I had like 10 days to surrender that car to the lienholder, but before I had my attorney seek the permission to incur the new debt of a newer vehicle, I made sure I was able to get financing before I let it go. So in my opinion, I would think you couldn't trade it in, and it would have to go back to the lienholder(GMAC).Originally posted by Casey View PostFiled: 5/22/07; 341 Hearing: 6/27/07;
Confirmed: 8/13/07; DISCHARGED 4/17/2012
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I just wanted to add, that is really a question your attorney would have to answer.Filed: 5/22/07; 341 Hearing: 6/27/07;
Confirmed: 8/13/07; DISCHARGED 4/17/2012Comment
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