Car Loan and Credit Cards, VA home loan

[Anonymous]

We were d/c'd in 12/15. My husband and I both had car loans that were incl in bk. We chose to just keep them for now..... Until we can get our scores up and save some extra $$ to pay for one car outright and finance the other. Hopefully this will work for us. We cannot be a one car family because we both commute over 30 miles each way for work. So we each need something reliable. My loan is thru Wells Fargo and his is Huntington Bank n

[SSH0126]

Were you all upside down on your loans ? What were your scores pre Bk and what are they now?

[Scupra]

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@SSH0126 wrote:
Yeah I looked up the worth and it was 6-7k and we owe 17k and are a couple months behind. We could catch it up but that 450 a month is money that we use for an emergency fund just not sure what to do as I'm learning it's a personal preference. Have you checked your scores yet and are you following the Bk to 700 post? There's like 153 pages on the pin I read 1-60ish last night

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Take caution in building an emergency fund while preparing for BK.

[SSH0126]

Well we are not now..while we are not paying for the car(may or may not keep) after the fact. 

[Scupra]

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@SSH0126 wrote:

Well we are not now..while we are not paying for the car(may or may not keep) after the fact. 

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Haha ok good! Just looking out for you 

[SSH0126]

Much apperciated!

[SSH0126]

Were you all upside down on your loans ? What were your scores pre Bk and what are they now?

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@jkjklkjkl wrote:
Your scores will rise, once your accounts are listed as being included in bankruptcy. Additionally, since you've now had a car loan, with potentially positive payment history, your auto fico will be higher. Additionally, most companies won't even think about getting the car before discharge, so you have months before that. I wouldn't waste your time our money on a high rate loan. Because you seem to be ok with a beater, that's the route I would take, after they come and get the car, if your scores aren't high upon discharge and them coming and getting the car. For all you know, they may never initiate coming and getting the car, even without payment, which would buy you time to save more money.

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[SSH0126]

Were you all upside down on your loans ? What were your scores pre Bk and what are they now?

[SSH0126]

Were you all upside down on your loans ? What were your scores pre Bk and what are they now?

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@Anonymous wrote:

I was in the same position I am in the 400's and have a car that I owe more than it is worth.  I just went through chapter 7 and my lawyer listed it in the bankruptcy but told me since I was current on the payments to just keep it until it broke or when my scores improved to get a better deal.  When I was ready to get another car just drive it back to them and hand them the keys and walk away.  I just got my discharge 1 week ago and I still have the car, but I did just get a capital one auto preapproval letter in the mail for 35000 auto, just not sure if I am ready to take that offer this soon.  My advice is stay current on the car since you need it and after your discharge take it back to them.  Good Luck and watch I will be posting the start of my journey soon.

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[SSH0126]

Were you all upside down on your loans ? What were your scores pre Bk and what are they now?

[SSH0126]

Will the attorney call or contact my landlord to ask how mcuh we pay in rent? Is that considered a debt and will my landlord be notified of the filing when they notify all the creditors? 

[Bcunniff9]

No, your lawyer won't contact your landlord. The rent is a monthly expense, not a debt, and I'm not sure if the landlord will be notified. Unless your listing back rent as a debt. Then yes, they will be.