Legal Question in Bankruptcy in California

BK discharged, what happens when you can no longer afford what you kept?
My BK was discharged in August 2005. My car was listed on my bankruptcy but I wanted to keep it because I would have no way to work, 28 miles one way with rent and utilities split three ways, now live 7 miles one way with rent and utilities split two ways. Pymnts never late, ins. never lapsed (if that means anything). Have kept it serviced every 3000 miles, had all the major servicing with the dealership. I really had every intention of keeping it. The finance company tried to get me to reaffirm and my atty advised me not to so I didn't. I am finding it really hard to make my $276 payments, $200 month insurance, rent, utilities, child support and now coming up on a major service that will cost $900, plus other living expenses and I only bring home $1600 a month. My roommate offered help with transportation and there is always the bus system. If I get to the point that I have to give up the car, is it considered discharged since everything else was? Can the fin. co. sue me for the remaining balance after it sells at auction? Is there anything that could come back and bite me if I returned it? Is this something that I need to have my atty's help on before doing? Any advice is appreciated.

Asked on 12/01/05, 11:35 pm

Mark Markus Law Office of Mark J. Markus

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Re: BK discharged, what happens when you can no longer afford what you kept?

Yes, you can return it without further obligation. That is the very reason your attorney advised you not to enter into a reaffirmation agreement.

Answered on 12/01/05, 11:39 pm

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