Vehicle Voluntary Repo

[Larmore]

Washington State - Vehicle voluntary repo. I need to return 2 vehicles back to the bank, I'm behind and unable to pay. The bank wants me to sign forms for voluntary repo. I was told by the bank; once they sell the vehicles that I will be responsible for any balance due.

What's the difference if I return the vehicles or if the bank picks them up. What is the best choice for me.

 

[Theresagail]

There is no difference @ all if they repo it or if you hand it over except the repo fee's. they will eventually go after you for the remainder of the balance owed-- the Best choice may have already passed, it would be best if you tried to sell them on your own because they will take the cars to the auction and sale them to the highest bidder (wholesale) vs you selling them for as much as possible

 

[Larmore]

There is no difference @ all if they repo it or if you hand it over except the repo fee's. they will eventually go after you for the remainder of the balance owed-- the Best choice may have already passed, it would be best if you tried to sell them on your own because they will take the cars to the auction and sale them to the highest bidder (wholesale) vs you selling them for as much as possible

Thank you! I still have an opportunity to keep the vehicles, of course continue to make the payments and try to sell them. I've tried to sell them before; but the way our economy is right now.... it's been difficult.

The bank said that I would still have to make arrangements on the balance after it's sold; unless I file for bankruptcy.

Can I file for bankruptcy if I have rental properties that are in a LLC? I've tried to sell the homes in order to pay off all my debt. Which are still on the market for sale.

Do you think that my properties can be protected if I do file BK?

 

[Theresagail]

U will more then likely have to file a Chapter 13 ( repay) because of the properties and the assets you have, however the amounts that you pay back are less then the amounts you owe—If you file the bankruptcy now – then you have a choice to keep the cars or hand them over—then the deficient will go into the plan (if they can sell the cars in time to file a proof of claim) if you keep the car then the amounts you are currently delinquent will be put in the plan but the payments would have to be made every month from here on out. Regardless you will have to pay for the deficient balance either way. Unless you are broke and I mean broke and are willing to give up everything you will more then likely not be able to file a chapter 7

 

[Larmore]

U will more then likely have to file a Chapter 13 ( repay) because of the properties and the assets you have, however the amounts that you pay back are less then the amounts you owe—If you file the bankruptcy now – then you have a choice to keep the cars or hand them over—then the deficient will go into the plan (if they can sell the cars in time to file a proof of claim) if you keep the car then the amounts you are currently delinquent will be put in the plan but the payments would have to be made every month from here on out. Regardless you will have to pay for the deficient balance either way. Unless you are broke and I mean broke and are willing to give up everything you will more then likely not be able to file a chapter 7

I want to thank you for your time and quick response. Any recommendations on a bankruptcy attorney that I can call right away? I live in Whatcom County, Washington near Bellingham....

 

[Theresagail]

Just look in the yellow pages and call a bunch of them -- get the amounts etc... most of the fees are the same -- Good luck to you --