New Here and just filed CH7 -

[Anonymous]

Hey everyone, new to the forums here and thought I would add to the community and post about my experience and or questions I might have.

Recently filed BK 3/2/2018 

Scores as of today: 

EQ: 533

EX: 544

TU: 493

341 Meeting April 2018.

Burning a few of the major banks and lenders...

CapOne ($13,000 roughly, spread across 3 cards)

Synchrony Bank ($6,000)

Chase ($200) smh

Santander Auto Loan ($27,000 @ 18.1%)

Progressive insurance ($400)

RapidCash (2k after lawsuit...)

My attorney has made this a very stressfree experience thankfully... 

I originally wanted to do a pass-thru with the auto loan, but the car is worth about 14k and I owe 27k, combine that with my rate and it just doesn't make sense... definitely not worth it. I am planning on saving the money I would have spent on the car and hopefully financing a nice cheap used car after my discharge. 

Question: Does anyone know how long Santander usually takes to repossess after discharge? I'm hoping that I can continue to save until the day they pick it up. I just would like to have a general idea of how long lenders wait after discharge to pick the vehicles up. 

Also, I've been a member of my local credit union for the past year+, I'm hoping that post discharge I am able to obtain financing through them. From the date of filing to the estimated discharge date, the money I should save not paying the car should land me a substantial downpayment towards my next vehicle. But if that doesn't work out, any tips on financing a car right after discharge? The last thing I want to do is visit a dealership and have them shotgun my credit report out to every lender they work with right after BK... 

[Anonymous]

Squirrel away every dollar that you can and buy a car for cash (even a $1500 one) when the other cars gets picked up.

You just left your debt in the rearview. No sense jumping right back in. Build up some savings, rebuild your credit, SAVE, and put yourself in a good position to buy a car when your financial house is in order.

[Anonymous]

Hi there, wow ur situation sounds just like mine. I filed in oct 2017, burned alot of the same banks plus. I also have a car i am surrendering, it still sits in my driveway today discharged 2/23 i think? i would have to look. Anyway my attorney advised me to get a new vehicle prior to fileing, and re-afirm. So i did, and got a decent deal too (had all accounts still paying on time, was a struggle but managed) didnt get to re-afirm, lender lost the paperwork 2 times. So i will keep it "off credit" , nice thing is i can ditch it at anytime, losing out on what i paid but hey i got a pretty good deal, low miles... so i see some road trips comming up! I also got a few cards/loan since my discharge, trying to bounce right back into the game. I am about to start a thread to get some advice myself... just some things to think about , my attorney told me the BK had to be discharged for them to take the vehicle, the lender is out of Cali and i live in KS, so not sure if that is delaying the process, but i wish they would hurry up. I have a no-drive auto policy so its fully insured as it sits, but i cant drive it. It has been sitting since aug... o well... best of luck to you!

[Anonymous]

I can definitely understand where you're coming from. But I wasn't in such a bad position financially until I was sued and my checks started being garnished. That's when the rest of my finances and budgeting went downhill. While I am seriously upside down and paying way too much for my current car, I maintained a good relationship with Santander and kept up on time payments up until the filing date (the credit cards are a different story). I did the math and estimated that by the discharge date, should I pinch every penny, I should have enough money saved to put down 60% on a $10,000 car with plenty left over in my savings, that way I'm not financing a whole lot and I'm not asking for a huge loan right out of bankruptcy also leaving me with a decent emergency fund. I'm definitely not looking to finance anything long term, my end goal is to have it paid in full within a year. 

[Anonymous]

I'm also curious about Santander and have asked the same question myself and have been left unanswered, although I have seen several posts about people including Santander but no update from them.

I filled 1/31 chapter 7.
Didn't make my payment due 1/31 or 2/28.
Otherwise I was current previous to 1/31.
I had my 341 on 2/28
They sent a reaffirmation agreement. Unchanged from original loan.
To resume payments on 2/28.
So I don't know if they were waiving the 1/31 payment or what.

But I didn't sign it. Lawyer recommended not to. I am upside down on it by $3k and have a terrible 23.5% interest rate.

I am due for discharge on 4/30/18
I will update when they repo.
I'm hoping not until at least discharge and hopefully two weeks to a month after.