I just bought a car in November of 2009. We filed bankruptcy in March 2010 and are awaiting our discharge. My question is can i still surrender my vehicle to the finance company? We could really use the $360 payment that I have to make on the vehicle for another 5 years. Also, will I have to pay the difference or does that get discharged in the bankruptcy. In our initial paperwork, we said we intended to reaffirm the debt, but never actually entered a formal reaffirmation agreement.
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If you have not been discharged yet, contact your attorney right away and change your statement of intentions to 'surrender'.
You can do this anytime before discharge, sooner rather than later is better. BTW, I did the same thing and surrendered one of my vehicles right before discharge. It was a great relief at the time and I have not regretted it for one minute since my discharge.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way.. -
As long as you have not reaffirmed the debt, then you can let the car go at any time and not owe the balance.Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)Comment
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