Chpt 7 & behind on car pmnt...options?

[lalap123]

Hi,
I am about to file chapter 7 Feb. 1 (I'm waiting to hear confirmation of this from my attorney, who has my paperwork and is currently getting things ready). Meanwhile I had trouble keeping my car payment current over the holidays (it's currently 28 days past due). I am planning on keeping the car and will have the money to catch up by early February. My questions are:

-How late do you usually have to be before the car is repo'd?

-If I do file February 1 and have the money to catch up by February 15, is it going to be a problem to send them the money while I'm in the middle of BK? Is this considered a preferential payment?

-If I'm NOT current when I file will the lender be LESS likely to accept a reaffirmation?

[BassBoy]

You need to be caught up before you file. The lender can repo the vehicle once you fall so many days behind. It depends on the terms of the loan, but I would say that 60 days past due is probably the average. Check your loan agreement. It should tell you when the lender will take action.

[LimpDisc]

It's not a preferential payment to pay your secured debt. Have you contacted the lender to tell them you will be caught up in early February? Lenders would rather you make the payments on time throughout the life of the loan instead of doing a repo.

[BobMango]

I was behind by two payments on my vehicle when I filed. I called my CU and they agreed to advance the lone one month and drop the payment if I reaffirmed. This saved me $635 that it would have cost to get current. Talk to your lender and see what they might be willing to do for you.