Should I make a payment on auto??? More info--

[awnmwn]

We just recently filed a Chp 7 & are planning on surrendering our auto due to being upside down in it. We are at 60 days past due on our note today & BOA is telling us if a payment is NOT made today, they will procede with repoing it? I 'told' them we would like to keep it, blah, blah, blah hoping to 'buy some time'.......really hoping we could keep it until after discharge, but I realize that is asking for a lot of time! We're thinking we need to make a payment today & possibly continue making payments until we are very close to discharge....
We cannot completely catch up, but can try to keep it less than the 60 day mark. After discharge we are hoping to find a lender for a cheaper auto that we can finance no longer than a year or two.

Your thoughts please?!?!
NOTE: We do NOT want them repoing from our home, as we'd like to surrender it to the bank itself (parking lot).

[NoMoreCards]

Because you have already filed BK, you are protected under the automatic stay and they can not repo until they get a relief from stay from the courts.

The courts however will likely grant their request and it is highly unlikely that you'd get to keep the car until after discharge, so be ready for that.

[awnmwn]

Because you have already filed BK, you are protected under the automatic stay and they can not repo until they get a relief from stay from the courts.

The courts however will likely grant their request and it is highly unlikely that you'd get to keep the car until after discharge, so be ready for that.

Any idea what our chances are of them NOT requesting a relief of stay if we make a payment (still 30 days past due, but not 60)? (Bank of America) Thanks for the reply!

[NoMoreCards]

There is no way to guess.

Because you are filing BK, they will know you do not intend to reaffirm based on your intentions filed with the BK. In that case, I don't see where paying a extra months payment will make a difference one way or another.

If I were in your shoes, I would not make that extra payment and save it for a car purchase.

[BrokeToo]

I would not pay this for two reasons:

1.) If they are threatening to repo it AFTER you've filed, then they've violated the automatic stay (and you likely have grounds to proceed with a case against them)

2.) Also, it is my experience that even if you are surrendering it, they will not make good on taking it back until after the discharge. It costs them time and money to have the stay lifted. (I had both a Ford and Honda during my filing, and neither tried to lift the automatic stay)

Either way, if you plan to surrender it, DO NOT make any payments on it...especially if they truly intend on having the stay lifted.

[makarena]

Is a bankrupt required to make car payments while in bankruptcy process?

[albacore44]

Ok, heres what i'm doing. I filed 1/23, stated intention 'other" which means "Ride through". I have since decided to return the car, it's upside down, I offered GMAC a lump sum of actual cash value which they declined, and I really dont want the payment after discharge. so they can have it back, it will fetch a lot less at Auction, they had their chance.

i needed the payment to ensure I qualified for Ch-7

So my last payment was due 4/10. I did not pay it, so it's 17 days late. last day to object is 5/7, so i dont think GMAC will move to lift the stay since i'm not even 30 days late. After discharge, i will call them and arrange to meet their Repo person at a neutral location, and turn over the vehicle.

[awnmwn]

We just recently filed a Chp 7 & are planning on surrendering our auto due to being upside down in it. We are at 60 days past due on our note today & BOA is telling us if a payment is NOT made today, they will procede with repoing it? I 'told' them we would like to keep it, blah, blah, blah hoping to 'buy some time'.......really hoping we could keep it until after discharge, but I realize that is asking for a lot of time! We're thinking we need to make a payment today & possibly continue making payments until we are very close to discharge....
We cannot completely catch up, but can try to keep it less than the 60 day mark. After discharge we are hoping to find a lender for a cheaper auto that we can finance no longer than a year or two.

Your thoughts please?!?!
NOTE: We do NOT want them repoing from our home, as we'd like to surrender it to the bank itself (parking lot).

No word from anyone yet, so I'm still hoping they are just waiting......
Question---- Would I be notified if they filed for a 'relief from stay from the courts', as I don't want a surprise tow truck pulling in my driveway???

[SMinGA]

Yes, your attorney would be notified and you'd probably get a copy of the motion as well. It would indicate a date for the motion to be decided.

[blessed]

Is a bankrupt required to make car payments while in bankruptcy process?

Only if you want to keep the car. If you're surrendering it then no.