Comments on: Car loans while in bankruptcy

By: Patrick

Patrick — Thu, 25 Aug 2011 19:25:12 +0000

I filed for chapter 7 in july of 2009. Did all the meetings way back then…Just now the trustee sent in his final paper work to the judge according to the Pacer website. Well its Aug 2011- and the case has not been discharged… What the hell is going on?

By: Steve Cypher

Steve Cypher — Wed, 29 Jun 2011 15:21:38 +0000

Smith,

I understand how you feel about not wanting to be without a car. We are not a lender but we do work with a nationwide network of dealers that are experienced in all credit situations. you can begin the process by filling out an application on our web site.

By: smith

smith — Wed, 29 Jun 2011 03:48:56 +0000

Will autocreditexpress financeme a car. One of the requirements it to have the 341 meeting complete and my meeting is complete but just awaiting discharge. Still have the car that is n bankruptcy and they will come pick it up and just don’t want to be without a car.

By: Steve Cypher

Steve Cypher — Tue, 28 Jun 2011 14:40:23 +0000

Smith,

The way to find out when the time starts on your Chapter 7 is to either contact your lawyer or contact the bankruptcy court. Both will be able to give you that information.

By: smith

smith — Tue, 28 Jun 2011 00:16:03 +0000

I filed chat 7 may 2 and wanted to no if the time start then r after the 341 meeting for discharge. I was told after the meeting but I called a local dealership and they gave me a number to and the automatic service said may 2. Canu help me figure this out.

By: Steve Cypher

Steve Cypher — Tue, 14 Jun 2011 14:26:12 +0000

Dear quo,

If you have the vehicle and are making payments to it, the vehicle is not included in the bankruptcy. Thus you are responsible for paying it off through payments or trading it in. There are special finance lenders who will work with you and give loans out once you have had the “341”. There are opportunities for you to trade in your vehicle and have it paid off while getting a new one. Your rate will be higher due to the bankruptcy but the opportunities are still there.

By: Steve Cypher

Steve Cypher — Tue, 14 Jun 2011 14:23:21 +0000

Jewelene,

If you have reaffirmed your vehicle that means that you kept the vehicle and did not include it into the Bankruptcy. If the bankruptcy was discharged and you still have the vehicles you are still responsible for the obligation to those payments. If you allow the banks to take the vehicle back it will reflect a repossession on your credit and you will still owe the money to the bank. This can have a huge negative impact on your credit. Thus in essence negating the effect of a “clean slate” after your bankruptcy. You will have a difficult time in getting another loan. It would be best to trade the vehicles in or continue to pay until they are paid off.

By: quo

quo — Mon, 13 Jun 2011 23:59:32 +0000

i filed bankruptcy and i have already went to my 341 meeting. i need another car because i did the reaffirmation on my current car and i have never been late but in the agreement my car note went up to 444.68 a month and i bought the car with 86 thousand miles on it. Car dealerships have been calling me wanting me to participate in their bankruptcy program where they have been given 1.2 million dollars to help people in this situation. I wanted to know if anyone has done this before and could you purchase a car before you discharge papers are issued.

By: Jewelene

Jewelene — Mon, 13 Jun 2011 23:27:36 +0000

My husband and I have filed a Chapter 7 bankruptcy, and have since received our discharge. We did not reaffirm the vehicles, but have continued to make payments and maintain possesion. I would like to reduce my monthly auto loan payments… Is it possible to trade our vehicle(s) in (w/out an affirmation) on a new auto loan, or would it be best to surrender the current vehicle(s) and attempt to take out the new loan in it’s entirety?

By: Kevin Moudy

Kevin Moudy — Wed, 06 Apr 2011 02:05:49 +0000

Excellent site. Good information