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  1. #1
    Join Date
    Sep 2011
    Posts
    2

    Default Re-Affirmed Recreational Vehicle After Bankruptcy, Now Possibility of Voluntary Repo

    My question involves collection proceedings in the State of: Michigan
    I am disabled, retired veteran with ssn, military retirement, and VA compensation checks coming in.
    I had to file bk almost 18 months ago, and reaffirmed the recreational vehicle (5thwheel) though.
    I cannot keep up with the payments, and should have not re-affirmed.
    If I do a voluntary repo to the bank, can they tap into my three gov. checks? I was told they cannot
    freeze my checking accounts either. This bank is not my personal bank either. I have all my three
    checks going to a credit union, and I pay the payment via billpay from my credit union to the bank
    monthly on my own.
    I am scared to death to do a voluntary repo at my age of 66 and sick. I have not called the bank to
    come and get the recreational vehicle yet, but I am now past 15 days late on the payment.
    But, I cannot afford this payment, and just want to give back the trailer.
    I owe on my home and two cars, and have zero assets that they can attach to. Please tell me what
    will happen in my situation with me having three gov. checks that I do beleive they cannot touch.
    Thank you ever so much for giving me any advice that you can for the state of Michigan repo laws!

  2. #2
    Join Date
    Sep 2011
    Posts
    2

    Default Possible Judgement Coming

    My question involves collection proceedings in the State of: Michigan

    I have 3 gov. checks coming in (ssn, VA comp., and military retirement).
    I am wanting to do a voluntary repo back to a bank.
    My funds are in a credit union coming in monthly with direct dep.
    If the bank takes me to court, can the bank touch any of my gov. checks,
    or freeze my checking at the credit union?
    How will the judge handle this with me having no assets, and my gov. checks
    are exempt from being touched? I am sick and I should not have re-affirmed
    the recreational vehicle when I filed bk 18 months ago.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Re-Affirmed Recreational Vehicle After Bankruptcy, Now Possibility of Voluntary R

    What is "SSN" (it normally would mean "Social Security Number)? Do you mean SSI, SSD, or Social Security retirement benefits? Not that it matters much, as they would not be able to garnish your benefit for a deficiency on a vehicle. 42 U.S.C. 407. Military retired/retainer pay and V.A. compensation similarly cannot be garnished for commercial debts.

    If you want to minimize a deficiency, your best bet is to sell a vehicle privately and pay off the difference yourself. You can expect that after a repo the vehicle will be sold at auction for a much lower amount than might be obtained in a private sale. A repo will also severely, negatively affect your credit. Perhaps in your credit situation that isn't feasible or doesn't matter to you.

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