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    #1

    Question w/repo

    Hi all,
    first i would like to say what a wonderful site,makes me feel im not alone..thnk u. ***im sorry if this is long winded***
    my wife and i are on the edge of filing bk.i have a big question that maybe someone could help with.i was laid off of my job at the end of oct,i had a 2002 truck that has a loan with local cu.
    I put the truck up for sale for 6k,i had a payment book that showed i only had 13 payment left at 250 per month.
    I sold the truck for 6k,hade a friend sign the bank lien release part(done it many times)and thought i would have $ left to pay cash for. Here is where i messed up,went to the bank to pay off the loan with payment book in hand,they told me that i owed 7300.00. W.t.f i said the book only shows 13 more payment she told me that it was not the complete payment book???
    My q is what do i do now,if we file the bank will want there property back for resale,keep paying the payment till it paid for???
    Sorry for such a long post,and any help will be great
    Tags: None
    #2
    You will need to pay off the truck before you file.

    You commited criminal fraud when you forged the lien release, you don't want that comming out in court.
    Filed CH13 - 06/2009
    Confirmed - 01/2010

    Comment

      #3
      For future reference, a lot of times lenders only issue a partial payment book. When you use the last coupon (or close to it) they send another payment book.
      The only way to be sure of what you still owe is to call and ask for a payoff amount.
      Filed CH13 - 06/2009
      Confirmed - 01/2010

      Comment

        #4
        THAT WAS WHAT I WAS THINKING,I HAVE MADE ARRANGMENTS W THE BANK ALSO I STILL HAVE 3K LEFT AND AM SELLING ALOT OF MY AUTO BODY TOOLS
        TO GET THIS PAID OFF.(I WILL NEVER DO THAT AGAIN)
        ANY DOS&DONTS WHEN THINKIN OF FILING,BETWEEN MY WIFE AND I WE HAVE ABOUT 30K IN CREDIT CARDS,1 TRUCK PAYMENT NOT COUNTING MY ISSUE BUT THAT WILL BE PAID OFF.
        I AM ON UNEMPLOYMENT DUE TO A INJURY THAT MY EMPLOYER IS DENYING SO I AM WORKIN W A WORK COMP LAWYER BUT COULD TAKE UP TO 14 MONTHS TO GET RESOLVED,SHE IS A REAL ESTATE AGENT AND TIMES ARE VERY SCARCE IN THAT DEPARTMENT.WE HAVE HAD NOTHING BUT EXCELLENT PAY HISTORY FOR 13 YRS BUT IT IS CATCHIN US FAST.
        JUST READY TO START OVER FRESH WITH GOOD LESSONS LEARNED BUT UNSURE WHITCH WAY TO GO.HOUSEHOLD INCOME WENT FROM AROUND 100K
        YEAR FOR BOTH TO 45K THIS YEAR. AGAIN THANKS FOR ALL YOUR TIME WITH UR POST. JOE

        Comment

          #5
          You might want to make sure you have a MINIMUM of 12 months from the time you get the truck issue paid off before you file. JMO.
          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..

          Comment

            #6
            Originally posted by StartingOver08 View Post
            You might want to make sure you have a MINIMUM of 12 months from the time you get the truck issue paid off before you file. JMO.
            Just curious as to why he should wait 12 months due to selling the truck?

            Seems like if he sold something he could no longer afford at a fair market value, that it would not cause any red flags. I am a newbie, so I am not challenging the statment, just curious as to the reason to wait 12 months?

            Thanks
            Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
            Filed Chap 7 - 12/31/2009
            341 - 2/12/2010
            Discharged - 4/19/2010

            Comment

              #7
              The reason is to put a distance between his fraudulent transfer of title and the BK filing. Yes, he sold his truck which he could not afford, however he was only able to transfer the title by committing a crime. IF the trustee got wind of this, the trustee could file charges and discharge the case making all his debts non-dischargeable. It could get real, real ugly.

              During the BK, the trustee looks at the most recent transactions and may very well question this transaction. By putting the distance in time frame, the likelihood that this will be looked at closely is minimized greatly.
              Last edited by NoMoreCards; 01-07-2010, 10:33 AM. Reason: To make more readable.
              8-07-09-filed Chapter 7
              11-18-09-DISCHARGED!!

              Life is not what challenges you face, but how you face those challenges.

              Comment

                #8
                Originally posted by NoMoreCards View Post
                The reason is to put a distance between his fraudulent transfer of title and the BK filing. Yes, he sold his truck which he could not afford, however he was only able to transfer the title by committing a crime. IF the trustee got wind of this, the trustee could file charges and discharge the case making all his debts non-dischargeable. It could get real, real ugly.

                During the BK, the trustee looks at the most recent transactions and may very well question this transaction. By putting the distance in time frame, the likelihood that this will be looked at closely is minimized greatly.
                Exactly! Worded perfectly NMC!

                Most of the time, if you have a transaction that would fall in the fraudulent transfer catagory or presumption of abuse catagory, the solution is TIME. Wait for the transaction to fall outside the time period that the Trustee will review.
                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..

                Comment

                  #9
                  How much time would a person have to wait? 6 months to a year?

                  Comment

                    #10
                    Originally posted by DYLAN150 View Post
                    How much time would a person have to wait? 6 months to a year?
                    Depends on the risks the person is willing to take. The more time between the two, the less the chances of it being closely examined. However, the trustees do have the legal right to look at things going back many, many years.

                    There is no exact answer for that because we can not tell you how far back your trustee will look.
                    8-07-09-filed Chapter 7
                    11-18-09-DISCHARGED!!

                    Life is not what challenges you face, but how you face those challenges.

                    Comment

                      #11
                      As long as you pay off the secured lender you shouldn't have a problem. Once they are made whole there shouldn't really be an issue.
                      filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

                      Comment

                        #12
                        Payment books over the years kept getting thicker and thicker. Thirty-six month loans were the norm, then forty-eight, then sixty and now there are even seventy-two month. The lenders figured out that most people won't keep the vehicle that long and wanted to save some money on those really thick payment coupon books so they started the smaller books.

                        In your situation, I believe I would take whatever steps to pay off that particular loan. I'm pretty sure, due to the forged lien release you could get into a truck load of trouble (okay, bad attempted use of humor).

                        Note to anyone selling a vehicle that is still financed, you should always call the lender and ask what your cash payoff as of today amount is. It is always going to be lower than the amount of remaining payments due to interest that you won't be paying. Possibly, the OP could ask his bank/finance company if they would accept $xxxx for the payoff explaining that you are in pretty dire financial straits and are considering bankruptcy. I would NOT mention that you don't have the truck any longer and that someone else has titled it.

                        It may also be a good, nay excellent idea to mention this to your lawyer.

                        Comment

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