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Okay....here is the situation. I filed BK7 in March of 2011 and it was discharged in June 2011. At the time, I was working in a department at my current job that made more money and so I reaffirmed my $17,000 car loan (that was 23% might I add). Well, fast forward to June of this year....I have had to take a paycut to the tune of $1.16 due to my transferring to a different department due to family health obligations. With this being said, I can no longer afford the $400/month payments that I had a year ago.

Although I got the 2008 Chevy Aveo from a car dealership in my town, a few months later the loan was sold to Crescent Bank & Trust (who by the way is still reporting the car loan as IIB). I have made my payments on time for the last 2 years and they will not work with me. I have two extensions left that I can take and they will not allow me to take them so that I can catch up on the payments. I asked about modifying the car loan and got the run around. First I was told that I couldn't do as such because I had not been paying on the loan with them for a sufficient amount of time. I was able to prove them wrong with this by pulling up my BK7 documents through PACER and reading to them exactly when my loan was sold to them and how long I had been making payments with them. Well after that I was asked if the loan was modified would I be able to make the payments...I said "YES" thinking they were going to help me. Well, as of two weeks ago, I do not qualify for a modification because I am so far behind in payments.

Crescent Bank & Trust call me everyday and I have gotten to the point where I am having anxiety attacks over this car!!! My attorney did not talk to me about a 'redemption' or 'replacement' loan at the time. Can I do a redemption or replacement loan now, AFTER BK7? What are my options?




I would assume that since you did not reaffirm it, you can simply walk away from it....let them have it. Get something more affordable.

Sub: #1 posted on Sun, 08/26/2012 - 21:27

SOAPLADY SOAPLADY
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(Posts: 17272 | Credits: )

Actually, I did reaffirm the vehicle. My attorney at the time did not inform me of other options, but knew that I wanted/needed to keep my car for transportation (there is no bus line here). I wish I had known what I know now, I would have been questioning why the attorney let me reaffirm at 23%!!!

Sub: #2 posted on Mon, 08/27/2012 - 15:31

ahelton27 ahelton27

(Posts: 6 | Credits: )

The FMV of the vehicle is only $5,900!!! I have already paid that plus some. And to think that the original loan amt is $17,000!!!!

Sub: #3 posted on Mon, 08/27/2012 - 15:33

ahelton27 ahelton27

(Posts: 6 | Credits: )

It seems that your only option at this point is to let the car go. I would be frustrated too, but sometimes, you get too far behind and can't catch up.

If you can, borrow a car from a friend or parent for a few months and save a little money ($500 or so) and go buy a new car. There are many auto places that will sell you a car post bankruptcy. Also check out the Federal Trade Commissions website on repairing your credit after bankruptcy. It's very helpful.

However, don't forget that if they repo the car that you will still be responsible for the debt because you reaffirmed it. You can always file bankruptcy again.

Hope this helps!

Sub: #4 posted on Tue, 08/28/2012 - 12:09

Unregistered


Thank you for your advice. You are definitely right and I have been looking into other options.

Sub: #5 posted on Tue, 08/28/2012 - 16:03

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Well....they just came and picked up my car at 11:19pm....I haven't heard from Crescent Bank and Trust all week (I was thinking because of the Hurricane in New Orleans) and I guess this is why they were not picking up the phone or anything.

Sub: #6 posted on Wed, 08/29/2012 - 20:32

ahelton27 ahelton27

(Posts: 6 | Credits: )

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