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    #1

    BK on credit card but not car loan

    I know there is a term for this but forget it to do a search for posts on the subject so please forgive me.

    If I have a CC with Cap One and a truck loan and I want to discharge the credit card but keep paying on the truck, can they attach the CC balance to the truck loan or place a lien on the vehicle?
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    #2
    The truck loan will be reaffirm or ride through and the CC will be discharged.
    Stopped Payings CC's: 8/14/2009 | Retained Attorney: 9/23/2009 | Filed CH 7: 12/7/2009 | 341 Meeting: 1/21/2010 - Complete | Discharged: 4/9/2010
    "One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."

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      #3
      There's been some posts about CapOne doing that, and some other fee add-ons.
      No Asset 7 closed 11/09

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        #4
        Isn't this an issue of "cross collateralization"? I have the same situation, but with 5/3 bank. I'm still unsure if there is a CC clause hidden somewhere in the paperwork.

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          #5
          Originally posted by Chowder View Post
          There's been some posts about CapOne doing that, and some other fee add-ons.
          I have the same worries but with chase. I only have like 8 payments left. Im worried because when you think about a car loan that is close to the end you are only paying principle and not interest. The bank wants interest. They don't care about the principle. So they could take your car to be a jerk.

          Is there someone way to pay it off in full before you are discharged if you have the money. Can you contact the lender?

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            #6
            Originally posted by TBLTZ View Post
            I have the same worries but with chase. I only have like 8 payments left. Im worried because when you think about a car loan that is close to the end you are only paying principle and not interest. The bank wants interest. They don't care about the principle. So they could take your car to be a jerk.

            Is there someone way to pay it off in full before you are discharged if you have the money. Can you contact the lender?
            How much is the car worth?

            Can you pass the means test without having that car payment? In our situtation we need that $489 deduction for the means test.
            Stopped Payings CC's: 8/14/2009 | Retained Attorney: 9/23/2009 | Filed CH 7: 12/7/2009 | 341 Meeting: 1/21/2010 - Complete | Discharged: 4/9/2010
            "One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."

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              #7
              Originally posted by LimpDisc View Post
              How much is the car worth?

              Can you pass the means test without having that car payment? In our situtation we need that $489 deduction for the means test.
              car is probably only worth 3k and I owe about 3k. I probably do need it for the means test.

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