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Can I negotiate with auto lender when in bankruptcy?
I refinanced an auto loan in 12/04. I recently filed bankruptcy (cht. 7) and the lender sent me a notice to send them the balance which is 4600 within the next 10 days. I want to keep the car but cannot afford to pay it off and need the lowest payment possible to reaffirm the loan. Is there any room for negotiations or is the ball in their court. Payments are 281 per month and i havent paid since august 07. Please help me ASAP in NJ. I did bankruptcy myself
If you still want to keep the car you are better to file for a Chapter 13. Chapter 13 is for repayment plans (keep properties) while Chapter 7 is for a discharge (don't have to pay back) with liquidation of items (sell).
Once you have filed for bankruptcy the creditor (the lender) is by law NOT allowed to contact you. So, in sending you a letter for a collection they have violated the law. After a debtor files for bankruptcy the "trustee" (each city has one) will be in charge of negotiations for the creditor and only they can contact you on the behave of the creditor/lender.
In a Chapter 7, there is not much room for negotiations because in exchange for a discharge of your debts (not having to pay back) they have the right to reposes your car, sell it, and give the money to the creditor.
In a Chapter 13, you can negotiate to lower your monthly payments while keeping your car. This should be done with the trustee and not the creditor.
If you can, please get an attorney and have the attorney negotiate with the trustee and creditor because it sounds to me like the lender is taking advantage of the fact that you don't know much about bankruptcy law.
You may try to negotiate with the lender but they will want to see something from you to make it worth their while. From the tone of your question you may not have an incentive to offer.
The ball is in their court as you say, but you can try to work out a deal.
Best of luck.
I used "Credit Solution" to settle my debt and recover bankruptcy.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
Where can I go online to refinance my current auto loan?
I had to file bankruptcy 08/2005 after my divorce so my credit is poor. But I am needing to refinance my loan? I am single mother who is trying to find ways to cut payments? Anybody please help????
I found a site that lists a couple of services that will help you find an auto loan with poor credit. Just make sure that they don't ask you to pay a fee for finding you a lender. Anyone who does will likely scam you.
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