What if I miss a car payment during the 60 day period after the 341?

[tjs1970]

Just had my 341 hearing. I chose to "retain and pay" on both of my vehicles. One of them is upside down substantially, but I plan to pay my September payment and wish to miss my October payment and let the bank do it's thing and take it back. My 60 days is up on October 24th. What are the chances the credit union will ask for the automatic stay to be lifted before the October 24th anticipated discharge date?

We are including the vehicle in the BK but chose to retain and pay so the expenses worked out in our favor. We are over the median. However our plan is to purchase a cheap vehicle with cash but wish to not make this October payment but only if it will not hinder our discharge or the credit union would not take action until after October 24th. Our due date is October 2nd.

The 341 went well.

[justbroke]

For a credit union, it is highly likely that they want a reaffirmation. It is possible that they make start the process to repossess the car as soon as they realize that you didn't mark redeem, reaffirm or surrender. It really depends on how aggressive the credit union is, and how many other accounts (timed/demand deposit accounts) you have with them.

It would take just 21 days for them to get their relief from stay motion granted. They may or may not wait the 60 days... no one can tell you what they -- your CU -- are thinking.

[AngelinaCatHub]

Reading what JB said, perhaps can you go another month on a payment? That would clear your way and give you some relief. Also, nearer to Christmas in this economy, you might have better digs on used cars and people may sacrifice a car for a Christmas. There are MANY used cars by owners around here. 'Hub

[tjs1970]

i have spoken to the bankruptcy department at my credit union and they stated as long as they do not take a loss, they will accept payments, not close my checking account and not take the vehicle.............so that in itself should provide some more insight........

as to AngelinaCatHub's idea, yes, we have floated that idea around as well.......and are weighing our options.......we have agreed we will not buy a vehicle now unless we got such a good deal that we didnt think we could get one as good in a few months on.........so we have been looking around but havent pulled the trigger yet on anything......i guess we have the luxury of having cash and not having to buy at the moment.........