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Curious

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    Curious

    I have auto and home insurance with USAA. They are exercising their right to not renew my policy. I need new insurance by Feb 8, 2008. Well, I certainly don't care about the auto, becaue I'm leaving the state two days after my 341. I'm giving the car back, not sure how to do that either, USAA is the leinholder.

    I plan to cancel the auto policy as soon as I can. But, what do I do about the home ins? I'm giving the condo back too, but how long do I have to carry ins on it? The trustee is March 4, 2008 (I think). Or, once I notify the mortgage co, and am I done insuring it? It would be nice to cancel the policies myself so I can get auto ins when I do get another car.
    Filed November 2 2007
    341 Meeting January 4 2008
    DISCHARGED March 11 2008

    #2
    You should keep the insurance current on the auto and home until they are back in the possession of the lender/bank.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

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      #3
      You should give the car back to the lender THEN the same day and no earler, fill out a change of ownership notice or release of liability with your DMV. Call and ask. Some require you to keep the plates and turn them in. If you do not tell the DMV the car went back then they will receive notice form your insurance company that you cancelled your insurance and still have a car registred. This could result in a loss of your licesnse...a suspension.

      Remember, there is a redemptions period and sometimes a month or two will go by before the car goes to auction and unless you notify the DMV they will think its still registered to you all that time.

      As far as the condo. If you do not pay your insurance, the lender will purchase a policy for your and add it onto the principle owed, which really doesn't matter is a 7. Just know that policy does not cover liability...it only covers structure for Hazards. So if you are ok with that then you can cancel it anytime after your stuff is out.
      Chapter 7 Pro Se....Discharged Feb. 2006

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