Car surrender questions, Please ?

[Squeezed2008]

[seanf12]

I think it varies from state to state. In MA I have been told that Chapter 7 or not, they cannot repo your car unless you fall behind in payments

[JRScott]

Contrary to what BigBoy says above most jurisdications require the NADA or Kelly Blue Book values.

1. Yes

2. You still owe money on the car so the Trustee won't take it, if your equity at the time of filing exceeds the allowable amount he can ask for the difference as a cash payment for distribution.

3. This is largely up to your car creditor. Some will let you keep it others want. It is very hard to get a reaffirmation as many lawyers and trustees down't want the legal burden.

4. Assuming the car creditor agrees to keep taking your payment I think so.

You would do well to take these questions to a local bankruptcy attorney and ask them to make sure of local laws and procedures. They'd also be familiar with whether your car creditor would allow you to keep making payments or not.

[PaKettle]

It MAY vary from state to state, but it is my understanding that if you keep up the payments they will not repo your car.

It is not in their best interest to repo the car if you owe more on it than they could sell it for at auction, minus their cost in paying a repo guy to go get it.

For the most part, if you just send in your payment they will accept it and not repo the car. My attorney said he has never yet heard of a car being repo'd by a major finance co. or bank when the payments are paid on time.

See a couple of the threads from a few weeks ago re reaffirming (r NOT reaffirming as the case may be).