Car payment

[hamburgervol]

During Ch.7 do you continue make your car payment if you are planning on doing a 722 redemption/replacement of that vehicle?

[babynurse31]

I'd like to know the answer to this also. Anybody know??

[chad9162]

Well I would assume so but not quite sure. I just applied to US Bank for a 722. It appears you can apply before filing since there's a box asking you when you are filing. My current loan is with NFCU and they are not very friendly if you BK them so I just wanna leave them entirely.

If you keep paying then technically your just reducing the principle balance. If you don't pay you take a chance they repo if the file something to lift the automatic stay.

[hamburgervol]

I was told by my attorney to keep paying on the car. Evidently they can repo the car after being only one day late.

[chad9162]

I was told by my attorney to keep paying on the car. Evidently they can repo the car after being only one day late.

Yes but doesn't the automatic stay protect you initially?