default on a loan
January 11th, 2008 by Questions
we filed for bankruptcy, and have been discharged. we defaulted on a loan for a boat since then. the boat was repo-ed and sold at auction. now the collection agencies are harrassing us saying we owe the balance because the boat was sold for less than what was owing. we had to get financing for a vehicle recently and this default doesn`t show on our credit report. does it fall under the bankruptcy? do we owe the money? we think it should have been (could have been) sold for what was owing & been over and done with. when we went for financing we were told even with the bankruptcy our credit was good (we are trying to get it back where it used to be). this has been going on for at least 3 years. we have 2 more years before our 7 years are up.
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January 14, 2008 at 9:15 am, A licensed trustee said:
Unfortunately, if you continued to pay for the boat during/after you filed for bankruptcy and it was subsequently repossessed due to payment problems, there is no way this debt will have been dealt with (or included in your bankruptcy). The collection agency is correct – if the boat was sold for less than you owed then you are responsible for the shortfall.
All I can suggest is you work out some sort of payment terms with the company before they take you to Court.