Vehicle in Ch 7 :: negative equity :: REPO / Surrender / Timetable ??

[quest42]

My next payment is due tomorrow, the day of my 341 meeting.

Owe $4k, book value $3k, but needs at least $1k transmission work...
still driveable, but it doesn't make sense to redeem or reaffirm...

I'm prepared to surrender the vehicle, but I'd like to keep it until I get another vehicle...
3-4 weeks???

They have to file a motion for relief from stay, and if granted, that gives me 20 days notice before they can repo, right????? So, I have a few weeks... or, am I playing with fire? I do not want to make another payment unless I have to. Do I get a free ride for a few weeks?????

I'm anxious to read some input or advice on the timetable for repo/surrender.

Secured Claim:
That portion of a claim in bankruptcy that is protected by a lien in property worth as least as much as the amount of the claim. Secured claims are not discharged and must be adequately protected by the debtor, or the debtor may lose the benefit of protection of the automatic stay.

Automatic Stay:

In practical terms, what can happen, on what timetable?

[nervousinohio]

Here's how it happened for us. . .we had a vehicle that we surrendered and we received a letter in the mail from Huntington for relief from Stay and Abandonment. We received this letter on or around August 26th, 2005. The letter stated that there was going to be a hearing set for 9/22/05. After the haering, it was another week or 2 before they called to come and get the vehicle. So it seems like you have a "little while". Hope this helps.