Just curious as to my situation. I do not plan on reaffirming/keeping my '04 kia rio. I'm also a little behind on payments (@4 months and I owe about 4300). I plan on filing Ch. 7 in april. However, as of right now, the car needs a lot of work. The transmission is shot and ready to give way. If I turn the car in, can they somehow charge me to fix it? The car basically sits in my garage because it doesn't run well. Because it would cost me over a grand to fix everything that is wrong with it, I do not want to keep it, but if I returned damaged goods I'm concerned they may be able to charge me to cost to fix it.....how does that work? Thanks in advance.
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ttt -
Once the car is repo'ed, it will be sold at auction and the remaining balance is what they will come after you for. Cars sell for dirt cheap at those auctions, and if yours is in bad shape it will sell for even less.
I don't suspect you'd have a problem with discharging the balance due in your BK filing as long as it does not appear to be intentional damage to the car. So basically a transmission that has gone bad is one thing. But if the car was returned as a corpse due to parting out, willfully damaged or what not...it could be a entirely different situation.
I have not had first hand experience with this, but this seems logical.8-07-09-filed Chapter 7
11-18-09-DISCHARGED!!
Life is not what challenges you face, but how you face those challenges.Comment
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When you file just notate that you plan to surrender it. Don't intentionally mess the thing up but you should be fine. You will not owe them anything as long as you do not reaffirm. It's a 2004 Kia Rio, I am sure they aren't expecting to get much for it anyway. Then get you a beater with cash and be done with the mess!New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!Comment
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