How does this work? My wife and I are above the means but only by a bit, we are upside down 10K on a TRAR ( truck/car ) I don't even like. The note has another six years left. Can I flake on this sucker later or what? I really don't mind driving sh*tbombs for a couple years just to avoid this mess again. if there are any other posts someone please point me in the right direction. Thanks a ton in advance
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So The Lawyer Says I Need The $500 Car Payment To Avoid 13
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It is my understanding that as long as you DO NOT reaffirm the debt then you can stop paying anytime that you want. Yes, they will come and take the car back, but they can't come after you for any money. We had two car loans and a credit card through the same bank and we had planned on keeping one car for $350/month with a reaffirmation. We told the trustee that this is what we were doing, but shortly after our 341 meeting our bank sent our atty a letter saying that in order to reaffirm the vehicle, we would have to reaffirm all of our debts to them. So, we said, fine, just take it all! I thought that with us having that much extra cash each month that they would throw us into a chapter 13, but they didn't.
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Originally posted by hippyguy View PostHow does this work? My wife and I are above the means but only by a bit, we are upside down 10K on a TRAR ( truck/car ) I don't even like. The note has another six years left. Can I flake on this sucker later or what? I really don't mind driving sh*tbombs for a couple years just to avoid this mess again. if there are any other posts someone please point me in the right direction. Thanks a ton in advanceChapter 7 07/30/2008
341 09/17/2008
Discharge 11/21/2008
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Originally posted by TEW View Postkeep up the payments until 10 days after your 341 DO NOT reaff then call them and tell them to come get it.
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Originally posted by TEW View Postkeep up the payments until 10 days after your 341 DO NOT reaff then call them and tell them to come get it.
I'd just keep driving it as long as possible. Just have a contingency plan for when it's repossessed and don't keep any personal effects or much gas in it. Who knows, you may end up driving it for free for several months.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick
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Originally posted by hippyguy View PostSo the trustee won't come back at us? Thats kind of what I have been gathering little by little around here. The payments are current and I intend to keep them that way until after eveything. Then look out baby, I see a 1993 deawoo in my future and I'm fine with that. The wife maybe not so much, but I'm sure she will someday realize that we are poor and bankrupt and this is what living on cash is all about.
I thought hippies drove 1972 VW buses!Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick
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Originally posted by OhioFiler View PostI thought hippies drove 1972 VW buses!
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Originally posted by OhioFiler View PostI'd just keep driving it as long as possible. Just have a contingency plan for when it's repossessed and don't keep any personal effects or much gas in it. Who knows, you may end up driving it for free for several months.
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Prior to getting ready to file for bankruptcy the attorneys that I consulted advised me that without a $400 car payment I would be in Chapter 13. I bought a vehicle with appropriate payment and about three months later filed Chapter 7. I bought this vehicle from a local dealer and did tell him up front that I was going to be filing at a later date. I'm still paying and he's still cashing the checks. I've signed no reaffirmation agreement and no one has even brought one up.
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Originally posted by hippyguy View PostSo the trustee won't come back at us? Thats kind of what I have been gathering little by little around here. The payments are current and I intend to keep them that way until after eveything. Then look out baby, I see a 1993 deawoo in my future and I'm fine with that. The wife maybe not so much, but I'm sure she will someday realize that we are poor and bankrupt and this is what living on cash is all about.Chapter 7 07/30/2008
341 09/17/2008
Discharge 11/21/2008
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