Planning to file soon i need help please ...

[danibaby89]

I am planniing to file bankruptcy in the next couple of weeks. I had consultation with a lawyer already. I am currenttl 2 months behind on my car note. Wondering if I should pay at least one month so I can keep it for the time being. How long d after filing does automatic stay go on. I am so sconfused and dont know what to do. I do not plan on keeping car after the discharge I hope to buy a car outright or possible a car loan with a lower interest rate than I have now. Someone who has been through the process please help me with my unanswred questions. '

Thanks 

[ezdriver]

I have seen a post here where someone did not reaffirm an auto debt, was behind with payments and was told if the payments were brought current, the auto would not be repossessed. If you want to control the timing of losing your auto, you have to be current with your payments and continue to pay until you are ready to turn in the vehicle. I know that there are auto finance companies that will repossess the vehicle of the loan is not reaffirmed. If my memory serves me correct, Ford and Toyota are two. Generally speaking, if you do not plan to reaffirm the loan, then be prepared to lose the vehicle anytime after the discharge. As for buying a car with low interest rate after discharge, good luck with that. Many here have found that to be a difficult tas for at least six months after the discharge.

[SoulMaster]

EZDriver is dead-right about FMC and Toyota's lending division, but I think I'd disagree with the generalization: "Generally speaking, if you do not plan to reaffirm the loan, then be prepared to lose the vehicle anytime after the discharge."  I would absolutely agree with this generalization if you can't bring the loan back to current between filing and discharge, but if it is current (and not w/ Ford/Toyota lending) you can generally keep it without reaffirming.

I can also tell you that I've known dozens of people (in real life and on the boards) who get sub 6% interest rates post BK.  It may take some shopping around and my position is that you shouldn't ever finance a car and/or buy new.

Cheers,

-SM

[ezdriver]

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@SoulMaster wrote:

EZDriver is dead-right about FMC and Toyota's lending division, but I think I'd disagree with the generalization: "Generally speaking, if you do not plan to reaffirm the loan, then be prepared to lose the vehicle anytime after the discharge."  I would absolutely agree with this generalization if you can't bring the loan back to current between filing and discharge, but if it is current (and not w/ Ford/Toyota lending) you can generally keep it without reaffirming.

I can also tell you that I've known dozens of people (in real life and on the boards) who get sub 6% interest rates post BK.  It may take some shopping around and my position is that you shouldn't ever finance a car and/or buy new.

Cheers,

-SM

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I was trying to make the point that one should be prepared to lose the asset if they decide to not reaffirm the debt. They may not lose it as you stated, but they could. Some folks have posted that they had a "pass through" option as a choice when they filed in their State, I did not see that as an option when I filed here in Florida.

I was one that got a 5.5% refi rate but it was 10 months after discharge and some rebuilding had started paying "dividends". As many have said ... patience is the critical factor.

[danibaby89]

Thanks everyone. This is all so  stressful but I know filing is for the best. Hopefully everything works out.