Car question

[rjmwx81]

If this is the wrong section, please feel free to move it wherever. Haven't been on the boards in a while...I was looking at filing back in 2011 then didn't go through with it, and now I really AM filing.

Anyway, on to my question:
I'm looking at options for my car in Chapter 7. It's rapidly getting up in miles and starting to fall apart a little bit. I have no interest in reaffirming because I am approximately $3k upside down. I've checked into doing either 722 Redemption or their replacement program, but I'm not enthused about taking out a brand new loan during the BK either.

My attorney has informed me that a ride-and-pay is an option, and so my idea is to do that, and, say, 6 months down the road, buy a replacement vehicle, either with cash or by taking out a new loan that will hopefully be less severe than a replacement loan from the 722 folks. My concern is, when I stop paying my current lender and they repo the vehicle, is that going to show up on my credit reports as a fresh repo, or is it still just going to be considered IIB? I'd hate to put such a big derogatory mark on my credit so soon after discharge. Thoughts?

[justbroke]

Your credit report should not reflect a repossession. In fact, it should remain as IIB (included in bankruptcy) and/or discharged in a Chapter bankruptcy with a $0 regardless of what happens after discharge. Anything else you dispute the entry and threaten the creditor with going back into the bankruptcy court for sanctions. I'm sure your attorney will concur with what I wrote.

[rjmwx81]

Ok good. When I asked my attorney he said he'd have to look into it, but, in his defense, that was one of about twenty issues I dropped in his lap at once.