Repo solutions?

[hhwwe2]

As much as this board helped me i was relieved to think i left it far behind me.
Little did i know, after a successful chapter 7 about 18 months ago, I would be returning with my head down.I carefully planned my chapter 7 and recovered AMAZINGLY fast.Of course it was a trap I should have known was set from the beginning.
I had good intentions and VERY poor decision making twice leading me back to the board.
I acquired ALOT of credit and a car(after being car-less for 3 years).I was set to go with a fresh start and a new respect for credit9or so i thought) with everything i learned, although acquiring the credit for utilization % purposes turned out to be a huge mistake.
My girlfriend finally got a job, needed transportation....3 clunkers later and some medical issues (no insurance for her of course) and I'm completely buried again and devastated.

All of my credit is maxed about $20,000

My new car with a CU loan of 15,000 and a value close to it was just REPO'd after 45 days.While I know they are allowed to, I had no idea they were that close to doing it. I was actually shopping around and waiting for a refinance and thats why i wasnt rushed to pay.

So they have basically told me they want the $15000 to get car back.They MIGHT consider giving it back if i pay the 2 past due payments and repo fees (@1500).However they would need reassurance i can make my next payment due in 15 days as well.So I have to come up with $15000 or close to $2000 to maybe get car back.With my utilization maxed and now this I have no way to get either amount or a new car.Im still awaiting word on refinance but this will not look good obviously.I may very well have to come up with the same $2000 to even refinance now.

It will be very difficult to juggle everything but really have to keep car.If Im able to scrape up 2000 and they return it, everything else will default and ill get slammed with late fees/overlimit fees.
Im ESPECIALLY UPSET about most likely blowing my relationship with NFCU who gave me a 7000 visa and 6000 overdraft line.

Is chapter 13 my only real hope here?
Will all of my cards/all navy accounts be closed if so?
I have about 13 days before they redemption period so need to decide quick.
If i filed just to get car back and caught up and then had case dismissed would they be able to take it for any reason even if i make payments on time?

It pisses me off because they have made hundreds more in interest than went on car but still took it in 45 days where they stand to LOSE alot instead.
Paying for the filing will be cheaper than paying 2000 to get car back through them because i have a prepaid legal service and will only pay filing fees.Although im sure ill have to pay repo fees as well.

Any ideas/suggestions other than don't be a moron next time are welcome.
Im humbly coming back and asking for assistance again and acknowledging my recurring faults.Unfortunately, I'm doing well in this economy job/$ wise but have fallen prey to nice guy syndrome and its difficult to see others suffer especially with medical issues I'm partially responsible for.Had i been more selfish I wouldn't be needing help.


p.s. the CU at first was like you're 78 days behind.I'm like no...... actually if you look I made 2 payments in the same month.The second payment was a few days early so it looked like i didnt pay an entire extra month.She conceded they were wrong about the 78 and it was 45 like i admitted to, but said it doesnt matter we could have taken it on day 31. I'm like I do realize that but still thats kinda harsh considering how much interest you have already collected and are going to lose much more this way if it goes to auction and have to come after me for balance.

[AngelinaCatHub]

As much as this board helped me i was relieved to think i left it far behind me.
Little did i know, after a successful chapter 7 about 18 months ago, I would be returning with my head down.I carefully planned my chapter 7 and recovered AMAZINGLY fast.Of course it was a trap I should have known was set from the beginning.
I had good intentions and VERY poor decision making twice leading me back to the board. It was not a trap. I am pleased you recognized that you have a small lack of discipline. Many of us do, but you have to control it.
I acquired ALOT of credit and a car(after being car-less for 3 years).I was set to go with a fresh start and a new respect for credit9or so i thought) with everything i learned, although acquiring the credit for utilization % purposes turned out to be a huge mistake. Yes.
My girlfriend finally got a job, needed transportation....3 clunkers later and some medical issues (no insurance for her of course) and I'm completely buried again and devastated. Do not help her with her medical expenses. You can't handle both. She has to learn the same lesson now.

All of my credit is maxed about $20,000

My new car with a CU loan of 15,000 and a value close to it was just REPO'd after 45 days.While I know they are allowed to, I had no idea they were that close to doing it. I was actually shopping around and waiting for a refinance and thats why i wasnt rushed to pay. You have to had some sort of warning. The previous BK and your missing payments probably enhanced fear. A CU is a co-op and they are real careful for their members investment.

So they have basically told me they want the $15000 to get car back.They MIGHT consider giving it back if i pay the 2 past due payments and repo fees (@1500).However they would need reassurance i can make my next payment due in 15 days as well.So I have to come up with $15000 or close to $2000 to maybe get car back.With my utilization maxed and now this I have no way to get either amount or a new car.Im still awaiting word on refinance but this will not look good obviously.I may very well have to come up with the same $2000 to even refinance now. This probably will not happen if you can't guarantee payments. You can't.

It will be very difficult to juggle everything but really have to keep car.If Im able to scrape up 2000 and they return it, everything else will default and ill get slammed with late fees/overlimit fees.
Im ESPECIALLY UPSET about most likely blowing my relationship with NFCU who gave me a 7000 visa and 6000 overdraft line. Too late on that one.

Is chapter 13 my only real hope here? It' the only hope to avoid suits. It may not get your car back either, but bite the bullet, suck it in, and pay it under 13 rules.
Will all of my cards/all navy accounts be closed if so? Probably and a good thing for you.
I have about 13 days before they redemption period so need to decide quick.
If i filed just to get car back and caught up and then had case dismissed would they be able to take it for any reason even if i make payments on time? Why would you even think about getting dismissed. Follow through and relearn the lesson. If you dismiss, they can come back on you for any deficiency.

It pisses me off because they have made hundreds more in interest than went on car but still took it in 45 days where they stand to LOSE alot instead. That is not an issue. They were in their rights.
Paying for the filing will be cheaper than paying 2000 to get car back through them because i have a prepaid legal service and will only pay filing fees.Although im sure ill have to pay repo fees as well. Most likely IF you get it back. It would probably be figured into your payment plan.

Any ideas/suggestions other than don't be a moron next time are welcome.
Im humbly coming back and asking for assistance again and acknowledging my recurring faults.Unfortunately, I'm doing well in this economy job/$ wise but have fallen prey to nice guy syndrome and its difficult to see others suffer especially with medical issues I'm partially responsible for.Had i been more selfish I wouldn't be needing help. Haven't you hear, "nice guys finish last"? To THINE own self be true.


p.s. the CU at first was like you're 78 days behind.I'm like no...... actually if you look I made 2 payments in the same month.The second payment was a few days early so it looked like i didnt pay an entire extra month.She conceded they were wrong about the 78 and it was 45 like i admitted to, but said it doesnt matter we could have taken it on day 31. I'm like I do realize that but still thats kinda harsh considering how much interest you have already collected and are going to lose much more this way if it goes to auction and have to come after me for balance. Non sequitor.

Don't beat yourself up further. You are among friends here to help you. Your intentions are good, and your will is weak. I too am weak, that is why I went cash only. I also do not drink hard liquor, because I LIKE IT. Therefore I stay away from it. Same with credit cards. Do your C13 and follow to it's finish. 'Hub

[ValleYum]

The OP could file a Chapter 13 to reorganize his debt and get 'caught up' - however he won't receive a discharge once he completes his 3 or 5 year plan. I am fairly certain that there needs to be 4 years between the filing dates of a discharged Chapter 7 and filing a Chapter 13 with the goal of receiving a discharge. Essentially, hhwwe2 will be filing a Chapter 20.

You need a really good Chapter 13 attorney, hhwwe2. Did you like your last attorney? Perhaps give him a call after the holiday weekend. If he can't help you - ask him for a referral.

Maybe to keep you busy until you can call him, you could work on gathering the paperwork (2 years of tax returns, 6 months of pay stubs, etc.) for your lawyer appointment(s). Also, it would be smart to go ahead and take the pre-filing credit counseling - it has to be taken within 6 months of your filing date. Hopefully if you take it over the weekend, they can get the certificate to you right after the holiday. You will probably be able to pay your attorney in the plan with the exception of the filing fee. You may have to work on getting that money together by next week.

Now, there is such a thing as filing an emergency or skeleton petition in order to quickly stop the bank from auctioning the car after your redemption period ends. Make sure to ask your attorney about that but BE WARNED: You MUST follow through with paperwork in a very timely fashion since you only have 14 days to file the rest of your Chapter 13 bankruptcy your petition, plan and other forms and your attorney's office will need time to fill them out!

Let us know if you need anything.

Advice: Navy Federal will lock you out of online access once you file, make sure you save any statements or forms you will need ASAP to a thumbdrive, etc.

Hang in there, hhwwe2. No judgment here because there but for the grace of God go I.

[bcohen]

Assuming that you are currently employed, and have sufficient disposable income to fund a Plan, filing for Chapter 13 could be the solution to this problem. However, the real question is whether or not you can even afford this car in the first place. If you have already maxed out approximately $20,000 in credit cards and personal lines of credit in less than 2 years after BK, then the answer is that you probably CANNOT afford the car, and are living above your means in other ways too (perhaps need to downsize to a cheaper apartment, stop eating out in restaurants, stop helping your GF financially, etc).

In fact, that last point is so important that is bears repeating. Until and unless you are married, NO ONE should purchase a car or other major expense for their boyfriend/girlfriend, support them financially, or "help out" with their bills. It is ONLY when you are married that you should pool your assets in this manner.

Good luck, and hopefully you can get a consultation with a good attorney ASAP and get the petition filed before the car is sold, if the attorney believes that BK 13 will in fact help you. Of course, it is possible that BK 13 is not the solution, for example if your rent and other necessary living expenses exceed your monthly income, or if there simply isn't any disposable income available to pay creditors.

[LadyInTheRed]

Can you afford a plan payment of at least $400 plus whatever your regular car payment is? That's a rough estimate of what you would need to pay your credit card debt, car arrears, attorney fees and trustee fees in a 60 month plan. Yes, you could just let the case dismiss after you get the car paid off. But, if you are going to go to the expense of filing, you might as well get the credit card debt taken care of too. If you don't, you'll be hit with penalties and very high interest rates when the 13 is dismissed.

[hhwwe2]

I can afford the car if i use my money wisely.Unfortunately, i assumed the added income of my girlfriend working would be worth the investment of a cheap used car. Unfortunately, that didnt work out so well.My error in judgement. Without getting into details I was partially responsible for the medical expenses and would have been liable for MUCH longer had i not helped. I had little choice in the matter.

[hhwwe2]

The $400 estimate plus car seems reasonable compared to what im juggling now.
Assuming everything gets paid is navy still done with me permanently? Is there anyway to salvage that?

[df04527]

I have no experience with navy but i will say a local credit union that had a reaffirmed debt and who suffered no loss gladly removed the bk "flag" that was attached to the members name. They may work with you if you ask.

[AngelinaCatHub]

I have no experience with navy but i will say a local credit union that had a reaffirmed debt and who suffered no loss gladly removed the bk "flag" that was attached to the members name. They may work with you if you ask.

Our wonderful CU worked very well with us once we talked with them. Of course I have been a member for 45 years. None the less my account was locked until I talked.

[AngelinaCatHub]

I can afford the car if i use my money wisely.Unfortunately, i assumed the added income of my girlfriend working would be worth the investment of a cheap used car. Unfortunately, that didnt work out so well.My error in judgement. Without getting into details I was partially responsible for the medical expenses and would have been liable for MUCH longer had i not helped. I had little choice in the matter.

Unless you beat her up (not seriously stated) why could you be responsible? Not to pry, but you are NOT legally joined in law. If your BIG HEART is assuming another obligation, see my first post above. "To thine own self be true".

You truly are a good guy, but you cannot help another if you cannot help yourself. Learn that from one who knows, ME! 'Hub

[df04527]

Our wonderful CU worked very well with us once we talked with them. Of course I have been a member for 45 years. None the less my account was locked until I talked.

Yup that's my experience too. It was locked as a matter of policy and gladly removed it when i asked. Felt like they unlocked that ball and chain that had a grip!

[hhwwe2]

not to be a smart ass but if you read and think about my statement it is not hard to determine my predicament.
i WOULD have been legally liable for many years and it did not involve violence.

Unless you beat her up (not seriously stated) why could you be responsible? Not to pry, but you are NOT legally joined in law. If your BIG HEART is assuming another obligation, see my first post above. "To thine own self be true".

You truly are a good guy, but you cannot help another if you cannot help yourself. Learn that from one who knows, ME! 'Hub[/QUOTE]

[LadyInTheRed]

hhwwe2, I guessed the predicament and understand why you want to be vague about it. A little advice for future posts: you can mention that your debt is medical debt without having to say it was your girlfriend's debt. In fact, you really don't have to go into detail about how you got back into debt. You could just say that you made some errors in judgment, which about covers it on more than one level.

[hhwwe2]

good advice...