CANTTAKETHISSTRESS

BK 7 discharged, what happens with the car now?

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Hello :)

I filed a Bk 7

Discharged on 8-15-16, It also has terminated on 8-18-16 did something else happen..argghh

I am not sure what the next move would be or what to do now.  I filed Pro-per

I put my vehicle, in which I owe 10,000.00 but have 3 estimated values narrowing it down to $ 4668.75 due to alot of miles. I placed my car on the following schedules with my bk.

  • Schedule C (form 106C) The property you claim as exempt  (state and federal non-bankruptcy exemptions)
  • Schedule D (form 106D) Creditors who have claims secured by property
  • (form 108) Statement of Intention for individuals filing under chapter 7 (I checked: retain the property and redeem it and retain the property and redeem crime victims reparation law)

 The loan company left me a message the day after the discharge, I am not sure what to do from here. 

Did I screw this up in order to keep the car? I don't have the money to pay all at once.  

Thank you 

Edited by CANTTAKETHISSTRESS
Forgot to mention terminated date

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The bad news is that you did not reaffirm the loan and hence, you have 2 choices, give up the car or pay the finance company to keep the car. You might be able to get them to accept $5000 on the basis that at auction, that is all they will get anyways (minus fees) but you have to come up with the funds and quick. Otherwise, you will get a visit by the friendly repo man.

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Unfortunately, it is too late to reaffirm or redeem the car because the discharge has been entered.   Since you legally do not owe the money, most finance companies are very reluctant to accept payments from you because they do not want a visit from the friendly bankruptcy attorney armed with a Motion for Contempt for Discharge Injunction violations.   

Exemptions do not help you.   That protects you from the trustee taking your vehicle to pay your other creditors.   You waive that exemption as it relates to the creditor who holds the security interest in the vehicle.

Your statement of intentions lets everyone know you intend to reaffirm or redeem but you still have to take the formal steps and sign the proper agreements to do so.

Bankruptcy is not for the faint of heart and there are some attorneys who run away screaming at the sound of the "B word,"  I cannot imagine what is it like being pro se.

They likely called to pick up their vehicle and they likely will be disinterested in anything other than the vehicle.  

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