Vehicle advice needed ASAP

[Backlyn]

Filed chapter 7, had 341 meeting on 12-4-09. All set to go and trustee filed objection to exempted assets on 1-27-10. I have title to my SUV and we have a motorcycle. Plan to surrender the motorcycle and see if he will accept $1K for my SUV. Went to court this morning to see if he would take the offer but the trustee filed a continuance due to bad weather! GRRR Anyway husband's construction work pick up is currently financed through GMAC (he's self employed). They offered us $4500 off the balance of the truck if we buy it out now and it would help immensely to get rid of his truck payment. His vehicle with the loan makes it 100% exempted on our schedule. We are post petition and at this stage waiting for trustee to tell us how he wants us to proceed in asset overage. Should we go ahead and pay off the truck or wait until the trustee abandons the truck in his final report? That would suck waiting that long because then the deal isn't as sweet from GMAC.

Thanks!

[justbroke]

I guess the GMAC deal is really what is called a "Redemption". Many of these creditor would rather you buy it, or redeem it, than surrender it. This is because they would lose even more money. Since your 341 was 12/4, your last date for discharge complaints and the last time to redeem is... 3/6 or so. This makes it very interesting.

Perhaps GMAC will allow you to buy the title from them for the new amount, after the discharge? I think you're in a tough place.

[Backlyn]

After the trustees report I guess listing assets abandoned, showing no interest in the truck, then we can purchase the title? Since we are on the last leg of payments, perhaps GMAC will just be glad to dump it. I am making monthly payments as scheduled until I get the go ahead to do something. My attorney said he is double checking asset schedule but should we attain title prior to discharge, while the trustee is still looking at settling out on assets, it is my thought it would just give us even more of an overage in assets. Perhaps not since its post petition and his truck was 100% exempted anyway but the way MY luck has been running, we would likely end up totally screwed!

10-09 Filed chapter 7
12-4-09 341 meeting
1-27-10 trustee filed objection to exemption of assets
2-25-10 trustee no-showed at hearing today due to weather after I took a day off without pay from work and drove an hour in a snow storm one way!