Should I give the car back?

[newbeg]

I just filed BK (finally) now should I let them repos. the car or I should try to keep it till 341?

[kvangild]

Are you current on payments/insurance for the vehicle? Do you have any intentions in keeping/reaffirming the car? The most important factor would be do you owe more than the car is worth?

[newbeg]

I don't want the car, it worth much less then what I owe.
I also stated in the paperwork that I want to surrender the car, my question is should I keep it till 341mtg or I can just give it back to the bank and take it off my insurance?

[kvangild]

From what I've been told I believe you can just call up the bank that you have the car loan with and make arrangements to turn it in at anytime (pre 341/post 341). I believe you can take it someplace other than your house to avoid the neighbors knowing what is going on as well if you should like. I've heard of some people taking it back to the dealership they got it at but it's a case by case basis. I would not recommend taking off the insurance until the car is in their possession.

[newbeg]

Yeah, I will call them on Monday and get it done, I guess next is the motorcycle..

[LuciluS]

We haven't filed BK yet. Will do so on 9/09.

We had a Motorhome and the insurance was hurting the ole pocket book. I called the Loan Company several times before they sent 2 guys in a pickup to pick it up late Nov of last year. Called insurance company that day as the insurance was around $125 a month.

Was auctioned in Dec. & deficiency around $14,000. Received a letter stating such. No communications until last week when the Loan Company called. Gave her our Attorney's Name & phone #. One of the nicest phone calls concerning past due items I've received.

Luci

[LuciluS]

Hang on! Did you use the vehicle payment as an expense item on your Bankruptcy papers? 341 hasn't occurred.

Best to call your Attorney as you might need to wait until after 341 as you will be asked if any line item has changed since filing BK.

Just my thought.

Luci

[kvangild]

As Lucilius mentioned it's always best to consult with your lawyer. Whereas my advice is strictly off of what I've heard going through my Bankruptcy process.

[newbeg]

I was over the med. with around $5K but my J I was over $900 negative every month, so even if I give the car and the motorcycle I would still be in negative, also every month my med. income is getting less and less since I am unempl.

[LuciluS]

I was over the med. with around $5K but my J I was over $900 negative every month, so even if I give the car and the motorcycle I would still be in negative, also every month my med. income is getting less and less since I am unempl.

You want to rid yourself of monthly auto & motorcycle payment along with the monthly insurance for both. Motorcycle payment listed as an expense? Are you sure every expense item listed is going to be approved by the Trustee?

I read on this forum, usually the US Trustee may get involved if over the State Median Income. Will try to find the Thread.

I fully understand you are probably in a bind as, we were with paying the motorhome payment along with the insurance for it. I would be cautious of any item changes before 341. Again, urge you to contact your Attorney before making any decisions concerning your bankruptcy.

Luci

[newbeg]

Thank you luci,
non of those are listed as my expense, just the insurance for that car and bike. the rest is really reasonable, I had it much more, actually what I pay right now, but looks like the attn lowered and still negative.

[aces67]

I would ask your attorney just to be sure. I understand that you'd like to give up ASAP to save the insurance money but just double check with your lawyer on it first.


Good Luck!