Ladynred, please read.

What is the name of your state? AZ

A friend of mine (does not own a computer, so I am asking the question.) is also thinking about filing for Chapter 7. Her and her husband own a boat, that up until recently, the payments were current on. They are now about 37 days late on the payment. This would not be dischargeable, right? How long do banks usually give you to make a payment before they will repo it?

Should they try to get back to "current" on it, or would they end up losing it when they file BK anyway?

Thanks, again!

[Ladynred]

Chances are they'd lose it in a Ch 7 anyway..as a 'luxury' item, unless the loan on it was way more than its worth, then the Trustee might abandon it.

There's no way to tell how soon a creditor will repo.. the terms of what they consider default is in the loan papers. Theoretically they can come take it if your 1 day behind.

My friend says many thanks for your help!

She says she is curious how the bank would handle the repo, since the boat is not on their property...(not like a car sitting in the driveway that they could just come and take.) Would the bank send them a letter or something?

Thanks.

//

[MidnightSwinga]

Not sure exactly how it works, but saw a show on TV a couple of weeks ago called RepoMen, and one of the firms they highligted was a boat repo company. They actually send tugboats out and hook it up to the boat and haul it away. Not sure how they would handle it if it were in storage.

If they want their property bad enough, they'll find it!