Well hello again everyone,
In a nutshell: back in Oct. 08, DH & I decided to file ch 7. But to time it out right and all, we had to wait several months. Now all the paperwork is signed and our attorney should be filing our case this week. We are very anxious to get on with this so we can get it all over with and on with our lives!!!
OK, now for the "you'll never believe what just happened" part. I'll try not to write a novel here...but some background: we have two cars. Car A, we are reaffirming. Car B, we're surrendering. It was once paid off, but then we put it up as collateral for a Citi Fi personal loan (stupid, stupid, stupid - but we were desperate). We owe like $10K and it's worth about $4K.
Well, Car B had been sitting in our mechanic's lot this past week, waiting to be looked at for some problems it's been having. We get a call from the police Saturday (yesterday) morning saying they found it in the projects, completely trashed. Windows smashed out, license plate mangled, engine block broken (???), the inside trashed...they even ripped up our insurance/registration info and all the stuff in the glove box...wth??? (Thank GOODNESS they didn't think to come to our house and use the garage door opener to get in!!!)
Well it turns out one of the employees at the garage left the key in the car. Not smart. We called our attorney and left a message (these things just have to happen on weekends, right?) and also talked to our insurance guy...I am very VERY anxious to hear what's going to happen. Especially with the BK factor - I mean, in a matter of days, we're going to be filed. I wonder if this will change what we state that we're deciding to do with the car? I have no idea. I cannot wait to find out what the attorney has to say.
My gut tells me that we may be kind of screwed. I mean, we were intending to surrender the car, but not YESTERDAY, you know? We were counting on having it at least until the 341 meeting. I really don't know how these things work. Obviously ours or the mechanic's insurance will cover the "cash value" of the car (no way is it a repair job)...but I'm thinking any money will have to go to Citi Fi? That leaves us with no car AND no money to get another one.
But then my OTHER gut
tells me that we may NOT be screwed...maybe this could actually work out well for us? Can we still surrender the car, let Citi Fi take it back (if they even want it back at this point) and...if we're not liable for the remainder of the loan because of our BK, then does that mean that WE could get the insurance money and buy another car?
Does the fact that we have not paid on this "car-collateral" loan in 7 months, and they have not even threatened to repo it...could that possibly mean that their name is not even on the title? If THAT is the case, that would be great. I can't imagine that it is, but who knows.
Bizarre. My brain hurts just thinking about it. I'm still trying to get over the fact that this happened to us.
In a nutshell: back in Oct. 08, DH & I decided to file ch 7. But to time it out right and all, we had to wait several months. Now all the paperwork is signed and our attorney should be filing our case this week. We are very anxious to get on with this so we can get it all over with and on with our lives!!!
OK, now for the "you'll never believe what just happened" part. I'll try not to write a novel here...but some background: we have two cars. Car A, we are reaffirming. Car B, we're surrendering. It was once paid off, but then we put it up as collateral for a Citi Fi personal loan (stupid, stupid, stupid - but we were desperate). We owe like $10K and it's worth about $4K.
Well, Car B had been sitting in our mechanic's lot this past week, waiting to be looked at for some problems it's been having. We get a call from the police Saturday (yesterday) morning saying they found it in the projects, completely trashed. Windows smashed out, license plate mangled, engine block broken (???), the inside trashed...they even ripped up our insurance/registration info and all the stuff in the glove box...wth??? (Thank GOODNESS they didn't think to come to our house and use the garage door opener to get in!!!)
Well it turns out one of the employees at the garage left the key in the car. Not smart. We called our attorney and left a message (these things just have to happen on weekends, right?) and also talked to our insurance guy...I am very VERY anxious to hear what's going to happen. Especially with the BK factor - I mean, in a matter of days, we're going to be filed. I wonder if this will change what we state that we're deciding to do with the car? I have no idea. I cannot wait to find out what the attorney has to say.
My gut tells me that we may be kind of screwed. I mean, we were intending to surrender the car, but not YESTERDAY, you know? We were counting on having it at least until the 341 meeting. I really don't know how these things work. Obviously ours or the mechanic's insurance will cover the "cash value" of the car (no way is it a repair job)...but I'm thinking any money will have to go to Citi Fi? That leaves us with no car AND no money to get another one.
But then my OTHER gut
tells me that we may NOT be screwed...maybe this could actually work out well for us? Can we still surrender the car, let Citi Fi take it back (if they even want it back at this point) and...if we're not liable for the remainder of the loan because of our BK, then does that mean that WE could get the insurance money and buy another car? Does the fact that we have not paid on this "car-collateral" loan in 7 months, and they have not even threatened to repo it...could that possibly mean that their name is not even on the title? If THAT is the case, that would be great. I can't imagine that it is, but who knows.
Bizarre. My brain hurts just thinking about it. I'm still trying to get over the fact that this happened to us.
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