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Ray, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 36392
Experience:  30 years in civil, probate, real estate, elder law
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I have a bankruptcy discharge questions

Customer Question

I have a bankruptcy discharge questions
Submitted: 20 days ago.
Category: Bankruptcy Law
Expert:  Ray replied 20 days ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 20 days ago.

ASk away be happy to respond, thanks.

Customer: replied 20 days ago.
Hi Ray, we had a bankrupcy 2 years ago. Our financial situation has improved. however, we need to purchased a new car. We still owe $16,000 on our SUV and the trade in value is only $11,000. We did not reaffirm our car loan in the bankrupcy. It shows on our credit report that we are not making payments. Can we just drop it off at the bank with out another hit on our credit?
Expert:  Ray replied 20 days ago.

Yes if it already appears you can turn it in and the bank.It makes sense because it is underwater and the debt has been discharged.You may want to buy another car here and then turn it in so you have a ride until you do.This really would not hurt your credit anymore as it has been noted already as has the bankruptcy.

I think this is good idea overall get you some other transportation this is way underwater.

Thanks again and let me know if you have more follow up.

Customer: replied 20 days ago.
Do you just call the bank and tell them?
Customer: replied 20 days ago.
We have two car loans with this bank. Will it affect the other car loan. They were both discharge but we have been making payment on both vehicles for the past two years.
Expert:  Ray replied 20 days ago.

Yes you would just call them and tell them you want to turn the one in you can no longer make the payments.Thats about it and you take it the bank and give them the keys--use up the gas first.

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