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legal advice

Discussion in 'The Lounge' started by mostwanted, Oct 22, 2006.

  1. mostwanted

    mostwanted 1/2 ton status

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    Ok, now that I am a paying member, there is something I was wanting to ask in hopes that someone would have some good legal advice.

    I am in possesion of a 1997 Dodge truck that I had for a work truck for several years. Last October, I had filed for chapter 7 bankruptcy (just before the rule changes). Included in the stuff that I agreed to "surrender" was this truck. Well they never came got it. Before I my actual court date, I had talked to the bank and they wanted me to bring the truck down and drop it off, but I said that I would wait for official paper work to arrive or they could just come get it from my place. Well, no paper work and its still here. A several months ago I recieved a statement claiming that they were dropping insurance from the account. Thing is they know where I live. Then a few months ago I received a statement saying that the account was "charged off".

    Is it safe to assume that they willl never come get it? Anyway I can own it legally? Was thinking of tradeing it without the title for a '91 burban.
     
  2. wraenking

    wraenking 1/2 ton status

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    i had a charge off on my report once and i was advised to pay it to clear my credit.

    not sure about your sitiuation though.

    i think you still owe the balance of the charge off
     
  3. 73k5blazer

    73k5blazer Unplug the matrix cable from the back of your head Premium Member

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    I'm not a lawyer, and I don't know exactly in your situation.
    I know , what good am I.

    Anyhow, one I thing I do know is, banks never "just forget". A simple example, I withdrew $300 while on vacation in February. It never showed in my account. Until last month. Eventually, they will come looking for their stuff.

    I wouldn't trade it. That's just adding layers to the problem, and kinda of screwing over whoever you trade it to, if the bank were to ever demand it back.
     
  4. divorced

    divorced 3/4 ton status

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    Once a bad mark is on your credit, it's there for 7 years unless the creditor removes it... which rarely happens. The bad mark goes for 7 years from the last activity. That's why I never pay collections. Suppose you have an account that is 2 years old and you dicide to start paying on it to clear your credit. Your 7 years will restart now and will continue to restart until the account sees no more action. Suppose you pay on an account for 2 years, then add the initial 2 years that you didn't pay, plus the 7 yeras from last activity, you will have a bad mark on your credit for 11 years.

    The best thing is to just ignore anything from any collection agency. Once it's gone to collection, it will haunt you for at least 7 years even if you pay it off.



    .
     
  5. kgblazerfive

    kgblazerfive keymaster Premium Member GMOTM Winner

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    If the bank charged it of then they have written off the debt. You have no more responsibility for it they can sell it to a collection agency and such but doubtful cuz of the bankruptcy. You still have the moral responsibility but that is between you and whom ever you pray too. It will stay on your credit report for seven years past the last activity I had two that I paid off and they just say charged off paid or something like that. If you trade it in do you have the title for it or do they?
     
  6. boggerless

    boggerless 1 ton status Premium Member

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    with out the tilte you realy can't do **** with the truck.if they charged it off they don't want it. its almost ten years old so they won't get **** for it at auction.BUT you never realy own it either.so
     
  7. beater_k20

    beater_k20 Banned

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    you're kidding right? that's the worst piece of financial advice i've ever seen.
     
  8. divorced

    divorced 3/4 ton status

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    I am serious. You must not know much about how it works if you think it's bad advice.
     

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