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Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2551
Experience:  I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
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I have 2 related questions and I have a unique situation, I

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I have 2 related questions and I have a unique situation, I think. I was planning to declare bankruptcy but have not come up with the money to do it yet. I have moved with friends and family 4 times in the last year. I stopped paying on my car ($1500 a month) as I planned to include it in my BK and I can't afford it anymore. They had an attorney's office calling me.. but no one seems to be able to find me and track me down to repo it. I stopped answering my phone. I just checked my credit report and Chase Bank did a Charge off on what I owed. I don't know if they or the attorneys are still after me, but I am not getting calls from them any more. I can see the attorney's (collectors) checked my credit in January.. but that is it.. no calls, no attempts to collect the car. I am wondering, is it possible that since Chase did a charge off and I have not heard from the lawyers, that maybe I could end up keeping my vehicle? (I've already paid over 70K on the loan and they charged off the remainder) Should I call the lawyers office to see if they are still pursuing me and if I do, what should I ask or say? Second question is.. most of my debt shows charge offs, and I now only have a few collectors coming for me for about 7K.. which is WAY less than what my original debt was (over 70K not including car). I may not need to file for BK now with every thing being charged off, but what do you recommend?

Attorney2020 :

First, if I were you, I would do whatever is necessary to find out what is owed on the vehicle. Your safe to think that the lender what "all" of the money owed. If there is equity on the vehicle, the lenders still want to repossess the vehicle so they can sell it off.

Attorney2020 :

Secondly, just because your debts are reported as charged off on your credit report, you still are liable for whatever the debt that was owed before the charge off. A "charge off" is simply a tax advantage that the creditor gains when they report their income to the IRS. It's safe to say that the creditor sold the debt to another debt collector that will not forget about the debt. Unless you negotiate a payment plan in writing operate with the understanding that you owe just as much as you did before the charge off. Best bet it to address all of the debts and negotiate a payment plan. If a payment plan cannot be negotiated, bankruptcy may be the best alternative.

Attorney2020 :

I hope this helps. Please rate my answer. Please let me know if you need any additional information.


Sounds like I should file for BK and move on. Thank you for your advice.

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