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Chapter 7 BK filed, now im concerned ????

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Anonymous
Not applicable

Chapter 7 BK filed, now im concerned ????

Hi so I filed Chapter 7 and it was filed with the court last week 4/10/2015 and I go to court May 6 2015 but when i did this I only have one car financed thru Ally and I was keeping it, well now the car loan was removed from my credit when I check Credit Karma and I can no longer login and make my payment for April it shows that I dont have a loan anymore Im super worried cause I need to keep my car for work and I need to figure out how to make my payment for April, can I get advice please thanks

Message 1 of 13
12 REPLIES 12
bstone
Frequent Contributor

Re: Chapter 7 BK filed, now im concerned ????

Have you tried calling Ally?

When you are in BK there is an automatic stay where creditors can not request payments, so you probably won't receive a monthly invoice either.

Any payment you make is voluntary, however, before you make another payment I would ensure you are going to keep the car through the BK.
NFCU Rewards - $18,000, NFCU Signature - $18,000, NFCU LOC - $15,000, Care Credit - $7,700, Lowe's - $6,400, Capital One QS - $5,000, Walmart - $5,000, Amazon - $4,000
Message 2 of 13
krielly
Established Contributor

Re: Chapter 7 BK filed, now im concerned ????

That's standard with your online access to loans after you file. Be sure to contact your bank asap to set up payment arrangements and determine where to mail your monthly payment. Make sure your payment is on time.  Unless you reaffirm your loan, this will continue for the life of the loan. This is totally normal.


You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing!
Message 3 of 13
Anonymous
Not applicable

Re: Chapter 7 BK filed, now im concerned ????

Thanks so much I will call them in the morning so I can figure out where to send my payment and yes it's the only thing I'm keeping
Message 4 of 13
StartingOver10
Moderator Emerita

Re: Chapter 7 BK filed, now im concerned ????

You will have to speak to the bankruptcy department at Ally.  You can make payments over the phone too to the Bk department. They are prohibed from contacting you because of the automatic stay from the Bk court. I made payments all thourgh my Bk to keep one of my vehicles post Bk.

Message 5 of 13
0REDSOX7
Valued Contributor

Re: Chapter 7 BK filed, now im concerned ????

You can also set up payments to pay via your banks online billpay
BK Discharge 2/11/14

Currently in the garden.
Message 6 of 13
Anonymous
Not applicable

Re: Chapter 7 BK filed, now im concerned ????

Update*** I spoke to my attorney's office and she advised me that this was normal and she apoligized for not informing me, I told her I had already found out from this awesome forum lol, I also called Ally and spoke to the BK department and we agreed on me sending my payment thru my banks bill pay, and right now we are waiting on the reaffirmation paperwork so i can sign it.

Message 7 of 13
Anonymous
Not applicable

Re: Chapter 7 BK filed, now im concerned ????


@Anonymous wrote:

Update*** I spoke to my attorney's office and she advised me that this was normal and she apoligized for not informing me, I told her I had already found out from this awesome forum lol, I also called Ally and spoke to the BK department and we agreed on me sending my payment thru my banks bill pay, and right now we are waiting on the reaffirmation paperwork so i can sign it.


That also happened to me, I kept my car and I couldnt login to my online account. I had to speak with the bk dept to make my payments.

Message 8 of 13
Fletcher2
Regular Contributor

Re: Chapter 7 BK filed, now im concerned ????

...and make sure your lawyer gets you to sign and files the reaffirmation agreement; my lawyer totally dropped the ball on three of them, two of which have been paid in full but will continue to be reported as derogatory (IIB). Smiley Sad

 

 

Message 9 of 13
cem13
Established Contributor

Re: Chapter 7 BK filed, now im concerned ????


@Fletcher2 wrote:

...and make sure your lawyer gets you to sign and files the reaffirmation agreement; my lawyer totally dropped the ball on three of them, two of which have been paid in full but will continue to be reported as derogatory (IIB). Smiley Sad

 

 


Ditto.  I kept my car through my BK7.  I was never late and paid it off shortly after discharge.  My Atty is a mess and did not send in the reaffirmation agreement.  Now the loan, which was NEVER late, reports IIB.  I called the bank and they said they cannot remove IIB from the account because they will be in violation of Federal BK Laws.  This makes sense to me.  I could have filed the BK7 myself with the help of this board, saved $1500 and did it right.

 

However, typically it is better to have the accounts reporting as IIB because it helps your AAOA.  Once a Trade line is IIB, as it ages the negative affect is reduced.  So after a few years, IIB does not hurt anymore.  So IIB that is over 2 years old actually HELPS your score due to the additional bump in AAoA.

FICO 08 JUL23: TU 850; EQ 846; EX 843. Clean since BK7 D/C 6/2011.
Message 10 of 13
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