Surrendering Truck and CH7

[Dannmcg357]

I quit making payments on my Yukon and I'm currently 3 mo arears. I intend to file 2/11. I just got a letter stating they intend to take the truck if I don't make arrangements to pay by 2/10. What can I expect after I file? Will they still try to take the truck? The Trustee will have an interest in it because I have about 4K equity, so does he get the keys?

[LimpDisc]

Once you file they shouldn't take the truck unless they get a relief from the automatic stay. So if the truck isn't repo'd by the time you file BK, you can continue to drive the truck until discharge or if a relief from stay is granted.

[Chowder]

I quit making payments on my Yukon and I'm currently 3 mo arears. I intend to file 2/11. I just got a letter stating they intend to take the truck if I don't make arrangements to pay by 2/10. What can I expect after I file? Will they still try to take the truck? The Trustee will have an interest in it because I have about 4K equity, so does he get the keys?

If that's your only means of transportation, you might want to either make other arrangements, or make sure you keep the vehicle under wraps for the duration. Lenders and their, ahem, "representatives", don't always play by the rules.

[Dannmcg357]

Thanks guys. Yeah Chowder, that is what I figure too. I have the truck secure for now, and I am driving another truck I intend to keep that is current. I really couldn't keep the payments up and after I got 6-7 weeks behind I realized that it didn't make sense to make payments when I have to surrender it anyway. I can't tie up my exemption with the equity in this truck, need it for my wifes truck and cash. I hate it because I was close to paying it off and I do like the truck. Maybe the trustee wont want it and GMAC will offer to reaffirm it? Anyway Thanks.

[Chowder]

I hate it because I was close to paying it off and I do like the truck. Maybe the trustee wont want it and GMAC will offer to reaffirm it? Anyway Thanks.

If you have all that much equity, you might consider just selling it. At least that way you get the proceeds.

Your Attorney should be able to make a fairly certain judgment on whether your Trustee will want that truck or not.

[Dannmcg357]

My attorny indicated that the trustee would want it seeing that we had 4 vehicles between my wife and I. (were surrendering two). As for selling it, if only time permitted, I stayed on the fence too long about filing/not filing, keep it/don't keep it. I just don't want the hassle and expense of a repo.
If a reposession professional (sarcastic laugh) shows up after I file, what do I tell him ?

[jlmaca]

My attorny indicated that the trustee would want it seeing that we had 4 vehicles between my wife and I. (were surrendering two). As for selling it, if only time permitted, I stayed on the fence too long about filing/not filing, keep it/don't keep it. I just don't want the hassle and expense of a repo.
If a reposession professional (sarcastic laugh) shows up after I file, what do I tell him ?

There is no expense for you if they repo when you're filing for BK. If time does not permit selling it and you can't afford to keep it your only option is to give it back. Just call them and arrange a time and place and be done with it.

[Chowder]

My attorny indicated that the trustee would want it seeing that we had 4 vehicles between my wife and I. (were surrendering two). As for selling it, if only time permitted, I stayed on the fence too long about filing/not filing, keep it/don't keep it. I just don't want the hassle and expense of a repo.
If a reposession professional (sarcastic laugh) shows up after I file, what do I tell him ?

Well, he should know. I'm sure you're aware they are supposed to file a stay before repo. But if you are ready to give it back just call them and tell them when and where. Make sure it's after filing so you don't get the double hit on the credit report.

Good luck.

[Dannmcg357]

Well, he should know. I'm sure you're aware they are supposed to file a stay before repo. But if you are ready to give it back just call them and tell them when and where. Make sure it's after filing so you don't get the double hit on the credit report.

Good luck.

No I dont want a repo on my credit report, that is what I want to avoid. I am confused about the process by which I give it back tho, especially when I have equity in it. I thought the trustee would want it. I mean I figured the trustee would sell it, take his cut, and then split it up the sale proceeds to the creditors. But I havent a clue.

[jlmaca]

No I dont want a repo on my credit report, that is what I want to avoid. I am confused about the process by which I give it back tho, especially when I have equity in it. I thought the trustee would want it. I mean I figured the trustee would sell it, take his cut, and then split it up the sale proceeds to the creditors. But I havent a clue.

The trustee only has so much time.... Is it worth her/his effort? I had land worth 10k I listed as an asset but they never had time or inclination to do anything with it. So over time I actually still owned it and sold it years later. You just never know what they will do but you do not violate the law at all by giving the vehicle back if they want to repo it.

[Chowder]

I thought the trustee would want it. I mean I figured the trustee would sell it, take his cut, and then split it up the sale proceeds to the creditors. But I havent a clue.

Good point.
Thing is, if it got repo'd the trustee is SOL anyway.

You're close to filing. Wait to hear.

Good luck.

[Dannmcg357]

Signed petition yesterday, should be filed today. It broke down pretty much like was suggested on here. After all exemptions, I could only partially exempt my wifes truck so I will have to buy it back from the trustee. The SUV I surrenderedand I understand now it is up to the trustee weather or not he wants it to sell and diviy up the equity, not my concern anymore and Im ok with that. So, soon I will be in the 60 day club. I have a question, if I have to buy my wife's truck back, my attorny said it would be fine if a family member fronted me the cash or I could take out a 401k loan. Anybody have any experience or opinion with this situation?

[Dannmcg357]

Didn't mean for it to sound like borrowing money from family or 401k was the attorny's idea.