Personal Bankruptcy Chapter 13 Bankruptcy Advice Needed

[mystique3790]

Ok a year ago we filed a chapter 13 bankruptcy which our car, a loan and a $38 a month on the house is under. We dont understand the bankruptcy at all so please forgive me if my post doesnt make sense. We save no money at all under the bankrupt we are paying exactly what we would be paying without. So the question is what can we do? We filed the bankruptcy in hopes to make things a little easier and to keep our car as we need our vehicle. Can we re-file to bring payments lower? We are currently paying 100 percent. We are struggling to make the payment every month right now we are 2 and half months behind. I dont know if we should drop it? But then do we immediately loose our car? Would we be able to try to trade it in for a cheaper vehicle after dropping the bankruptcy? We dont know what to do. Any advice is much appreciated. Thank you

Brandy

 

[Theresagail]

If your car is not current, and you get dismissed from your bankruptcy either by you or the Bk Courts -- YES they will take your car. You need to contact your attorney and see about converting to a chapter 7 and reaffirm with your car ( you need to get the car current no matter what) unless you plan to surrender the car back to the bank. However when you do this and you get a different car you will pay for it in your interest rate-- and you will still need to reaffirm w/ the new car-- some banks wont even touch you-- so you may be stuck w/ the car you have.