Trying to keep car

[faroff]

Our car got repoed 3 months ago and our atty. spoke with the bank's attorney
and told him we were attempting to convert to Ch.13. So the bank attorney says
ok we'll hold off on the car. The Ch.13 conversion didn't go so well and we are back
in Ch.7 but dealing with an AP from the Trustee. Now atty.tells me today that the
collections dept. of the bank left him a message stating that since no conversion
they want the car. Sooooooooooooo is at all possible to work out a payment plan
with them. We only $2K plus there fees probably making it around 2500/2700. Do they
want the car that bad or will they accept payments from us???

[despritfreya]

I don't understand your question. You said the bank repoed the car 3 months ago therefore the bank has possession so why would it call you to tell you that it wants the car? Did it give it back to you at some time?

Once the stay is lifted the lender uses State law to dispose of the collateral. If, under State law, you have the option of bringing payments current then I suppose you can. Your contract most likely has an acceleration clause in it and, if enforceable under State law, the lender can demand the full balance due under the contract before it will return the vehicle. Once it auctions the vehicle it is gone and you can't get it back. Will the lender "work with you". Probably not.

My recommendation, since you have lived without it for the past 3 months, it to let it go. If you are facing an AP from the Trustee (either for a denial/revocation of your discharge or the turnover of property of the estate or both). You need that $2k for legal fees or to help settle with the Trustee.

Des.

[faroff]

Hi Des- Thanks for the response. Sorry about the confusion. Yes the car was
repoed 3 months ago, but our atty. called the bank attorney and told him we
were filing a motion to convert from 7 to 13, so they gave the car back to us.
However the 13 conversion was not granted and so now I'm back under 7. The
collections dept.of the bank called my attorney's office and left a message regarding
the car. Since we owe so little on it we are hoping they will allow us to make some
payments.We are both working and as you say we need the money to make payments
toward the atty.Plus we need the car as it's my wife's only way to work. I could see it
if we owed 20 grand, but only owing around $23/2400 I'm hoping they will let us pay 2 or
300 per month till we pay it off. Is there a possible chance you think?

[despritfreya]

Then try to negotiate with the understanding that if the creditor says no - you can walk away.

Des.

[SteveGreen]

faroff generally finance companies are not in the business of selling cars but they often times have to. But with that being said I think you stand a good chance a working something out with them. But remember be aggressive they likely want this to be over quickly and once the get the car back they will be able to sell the car at auction quickly. But definitely make an offer if you want to keep the car. You know the old saying 'nothing beats a failure but a try'! Making an offer will not obligate you.