2 Cars?

[vrspartak]

Okay, first post here. I have read older posts and I have a general understanding of what happens to automobiles when a person files Ch. 7 BK. I just wanted to clarify some things......

I currently have two cars (2 Kia Rios-2004 and 2006) They are both financed with Citifinancial auto. My question is, can I keep the 2006 and let the 2004 go? I'm upside down on the 04, and it has over 100,000 miles. I have about 16 months left and at this point it doesn't make a whole lot of sense to keep it.

I also have a regular bank account a Citibank...can they come after any $ in my bank account...seeing as how they are Citifinancial Auto? I've read other posts where credit unions do that, and I'm unsure. Thanks in advance.

[kenshirley]

Talk to your attorney to make sure but I see no reason why you could not let one go and keep the other.
Generally, when you keep something you reaffirm the loan, but that's not always required.
In many states you can just do a "ride through" and keep current on the payments of the item. If you have problems later just stop paying and they will pick the car up.
Our daughter and her husband were just told by our attorney that in fact the judge that handles most of the cases here prefers that method.
For many that file a chapter 13, if something happens later they have to file a chapter 7 to get rid of other debts.
Keeping the car on a rid through may allow you to get rid of it at a later date if you had to saving you some money.
You never know.