Cars included in bankruptcy chapter 7

[Achase]

I just filed chapter 7 and included my car that is financed through capital one auto finance. i did not reaffirm the debt with them so im wondering what will capital one do after my case is closed. Does anyone have any staries? a friend of mine filed chapter 7 and did not reaffirm the debt and his finance company ended up sending him the title for the vehicle. 

also im wondering how long after the case is discharged and closed will they come and pick up the car or contact you to negotiate if you want to keep it.

[ezdriver]

You did not say whether or not you will continue to make payments on that auto loan. That is very likely going to affect the next step that the creditor takes.

[Achase]

well i have no problem making payments on the vehicle as long as the creditor is willing to accept the payments. But i am not willing to pay them all the missed payments during the bankruptcy stay. in other words once im discharged i am willing to resume my regular monthly payment if they're willing to accept it.

[0REDSOX7]

If you stopped paying them, the creditor will repossess the vehicle once you come out of bankruptcy. You will have needed to make payments or be current or else be prepared for your car to be taken post discharge.

[StartingOver10]

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@0REDSOX7 wrote:
If you stopped paying them, the creditor will repossess the vehicle once you come out of bankruptcy. You will have needed to make payments or be current or else be prepared for your car to be taken post discharge.

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^^^Yes, if you are looking to do a ride through then keep making the payments during the pendency of your bk. If you are looking to surrender the vehicle, then stop making the payments and they will pick it up. I surrendered one vehicle in my bk and was uncertain if I was actually going to surrender or not. I was not willing to reaffirm it. I continued making the payments during the bk and just before discharge decided to surrender. Made proper arrangements and they picked it up. This is SOP for car finance companies

[Achase]

i intended on getting rid of my car at first, but then i decided to keep it so i signed the reaff ageement. Two weeks later they updated my credit report as 90 days late. i figured that since bankruptcy is supposed to be a new beginning....i should just rescind the agreement and then make araingments with the bank once the case is closed. 

idk about any other company but you can not talk direct to capital one while your in bankruptcy so i cant make any agreements or any modifications until the case is closed and the account is sent back to them

[StartingOver10]

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@Achase wrote:

i intended on getting rid of my car at first, but then i decided to keep it so i signed the reaff ageement. Two weeks later they updated my credit report as 90 days late. i figured that since bankruptcy is supposed to be a new beginning....i should just rescind the agreement and then make araingments with the bank once the case is closed. 

idk about any other company but you can not talk direct to capital one while your in bankruptcy so i cant make any agreements or any modifications until the case is closed and the account is sent back to them

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Couldn't speak to the regular CSR's during BK but there is a regular BK department that I could contact to make payments. I had to initiate all contact because they couldn't legally contact me during the bk because of the automatic stay.

I had two vehicles in the bk (one mine, one for my spouse). Was able to work out a good reaffirmation for my spouse's vehicle and reaffirmed that one. For my vehicle I couldn't work out anything so surrendered.

So in order to work it out you have to initiate contact directly with the bk department. If they won't work it out, surrender it. Sounds like you tried to work it out ...