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Debt Recovery After Bankruptcy

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  • 09-27-2008, 12:34 PM
    stuartjeffrey
    Debt Recovery After Bankruptcy
    My question involves bankruptcy in the state of: illinois

    my moms car lease was not included in her bankruptcy filing, she was and is still late with payments and an asset recovery company has been put in charge of collecting the balance. I've spoken with the recovery company and they have been very vague about everything. Was told she is behind $1900 in payments and would then need to make a payment of $270 per month for the rest of the 36 month lease. I was told they could not send me bills or invoices because of the bankruptcy and that the monthly payments did not have to be in by a certain date during the month they just needed to be paid each month. the asset collection company also would not confirm whether or not the car will be reposessed even if I pay the $1900 for her. NOt sure what to do.
  • 09-29-2008, 08:44 PM
    Mr. Knowitall
    Re: Debt Recovery After Bankruptcy
    I'm a bit surprised they told you that much, given that you're not the debtor on the account.

    I'm not sure what to tell you, beyond the fact that if you catch up on what's owed the account should be current and thus there shouldn't be a repo. But it might make sense for your mom to let the repo occur, and then for you to help her find a cheap, older car to purchase and drive until she's able to afford car payments.

    With a bankruptcy and serious default on a car lease, it's not that she won't take a hit on her credit score from a repo; but her credit's already in the toilet.
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