I wasn't sure which forum to put this in. Were filing ch 7 in Feb, but it's also a collections question. Were starting to get calls from creditors and my husband wants me to talk to them because they're calling his cell and it's causing stress. One of them is our credit union who were 45 days late with on three loans (visas and an overdraft). Our car is with them and it is current. I'm afraid if I call them back and tell them were filing but want to keep the car and plan to keep the payments up that they'll repossess it anyway. I've heard with their cross collateralization they can do that. Is that right? The car is worth less than we owe but we need it right now. Any thoughts?
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As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David Thoreau -
Just talk to them and tell them what's causing the problem...loss of job or whatever. Can you make a partial payment? They will cross collateralize so you should get to know your collection person at the CU and try to get them to work with you for the next 60 days. You should stop using the CU and get another bank if you haven't already.
I didn't tell my creditors that I was going to file bk until I did it. Until you have the protection of the court it just doesn't matter to them.Filed Chapter 13 4/14/10
341 Scheduled for 5/26/10
Plan Confirmed 9/17/10 -
Thoughts?
Voice mail to solve the phone call stress.
Upside down on a car and want to keep it? Bad move.
Use the coming bk for a fresh start, not to keep your problems.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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I should clarify on the "want to keep it." We will probably surrender it and buy another car with cash for MUCH less. We just don't have the cash to do that yet, and we need the car for a few more months (in addition to the payment helping us on the means test). So, we want to keep it until after we file. Plus, if theres a possibility of buying it back at the actual market value, we may want to do that. We will ask our attorney about it, but for now, we want to keep it current and not take the chance of them repossessing it. Does that make more sense?--------------------------------------------
As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David ThoreauComment
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