got a letter from a lawyer about my car

[bkmaggster]

I had my 341 in July. I'm giving car back. I got a letter in the mail about the car. It has a court date on it. It says a motion for relief for the automatic stay. Local rule 401...what is that and what does it mean???In one part the letter says trustee has failed to cure debters default in the performance and conditions of the agreement. What does this mean??? Do I have to go to court? Should I call these people Monday??? Please help me with this......I'm scared.

Denise, just to reiterate what others have said: this is no big deal. I know you and I filed at around the same time and had our 341 on the same day. I just went through this and I did not have to go to the court date. In fact, because I was surrendering the car, there was no hearing and the judge just signed the order for the relief of stay. Now I am just waiting for them to pick up the car.

The part about the trustee just means the trustee didn't find any money of yours to pay them with.

You do not need to do anything at all, and you do not need to be scared.

[debtmonster]

They can probably, successfully, push them 1 month at a time. However, a smart lender might get smart after 1 or 2, and ask for no more continuances.

I don't know anything about how he does it. I just know that he had one client who kept his car for over 2 years from whatever method he's using. I don't need to keep the cars that long. I just want them long enough until I have at least $10,000 to $15,000 in my pocket.

The first car I get will be a credit rebuilder. Then I will need a 2nd car for my wife down the road. That's why I don't want to finance more tha $7500 since the payments and interest will be high for 36 months.

[justbroke]

The first car I get will be a credit rebuilder. Then I will need a 2nd car for my wife down the road. That's why I don't want to finance more tha $7500 since the payments and interest will be high for 36 months.

Sounds like a plan!

[debtmonster]

I just found a car dealer that said I could finance as low as $5,000 instead of $7,500. This will be great!! So now we can put even more money down and finance less! That means much lower payments. I am stoked!!

A dealer I just got off the phone with says he's seen rates as low as 10% and up to 22% for post-bankruptcy loans. He said every case is different and not predict what my rate would be.

I found a $12,000 dollar car that I want. If I can put $6,000 down, I'd finance less than $7,000 with the taxes and all over 36 months. This would be perfect!!!

I just don't know if I could buy the car right now being that I just filed or so I have to wait until the bankruptcy is discharged first so that way the banks can see that I won't be responsible for the 2 cars I currently have in my possession at this very moment. If I can get this car now, that means I can give back the cars I have right away and not drag this out.

[music12]

you are not supposed to get a loan before discharge.

[debtmonster]

you are not supposed to get a loan before discharge.

Thanks!

I will hold off then. Didn't know that.

[denisejohn65]

So, I won't be held accountable for this car loan if I get a BK discharge. They are going to take the car before I'm discharged.

[music12]

denise, you won't be held accountable for anything that gets discharged, that includes the car loan.

[debtmonster]

Just sucks that I found a really good deal on a car that took me 3 solid months of searching to find it. They won't hold the car until after my discharge. This is a top of the line model for $11,995. Lots of other people and dealers are selling the stripped, base model of the same car for $14,000 to $16,000. The version I found is the convertible version with leather, heated seats and all of the goodies for thousands cheaper than the base model that others are selling. The car brand new is almost $20,000 out the door. $11,995 IS A DEAL and now I am going to miss out on it by waiting 90 days until discharge. I wish I could put a deposit on it and have them hold the car for 90 days, but they are not going to do that. I've been searching Auto Trader almost every single day to find this deal for months. I am so pissed off right now like you have no idea.

[music12]

if you found a good deal now, you will find a similar deal in 90 days. don't be pissed, seriously.

[debtmonster]

if you found a good deal now, you will find a similar deal in 90 days. don't be pissed, seriously.

Thanks. I hope you are right.

If we can keep the cars for much longer than 90 days, I will worry less because that will be 3 more paychecks I can save towards a new car. I am hoping that we will gross $12,000 between now and 90 days from now. 20% of that or so needs to go to taxes. So that leaves me about $9,000 to mess around with. If we could manage to put $6,000 towards the car and live on $1,000/mo., that would be cool. There's no way we could live on $1,000/mo. though. This is a buzz kill. I need to make $15,000 in 3 months instead of $12,000 then.

[denisejohn65]

I pray everyday that I will get a discharge!!!!

[sassiebaz]

I pray everyday that I will get a discharge!!!!

Why wouldn't you ? Typically it's 2-3 months in a Ch7. That was our experience atleast. I think everything will work out just fine for you.....

[music12]

well, denise, this is one prayer that will come true!

[debtmonster]

I think everything will work out just fine for you.....

I have found that for almost everything in life, every time I have ever thought positive about it, it always jynxed it.

From all of the stuff I've read on here, I am betting that the UST is going to rag on me now or want credit card statements for which I have NONE.

What gets me, if the UST is so worried about it, why must they bug me for them? Why don't they simply go to the original creditors and ask them instead of the person filing bankruptcy? They should know most people are awful when it comes to keeping records while the banks don't have to worry about it. They have it all in their computers and can easily re-print anything at any given notice. I don't keep all of my transactions in some computer that I can just go and click PRINT on something as easy as a bank, so why do UST's bug people for and make things harder than it needs to be?