Recision of Reaffirmation agreement question

[rdve]

I am moving this question from another thread to avoid hijacking it...

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I will be speaking with my attorney that handled my original ch 7 in 2005, but I guess I am confused by this:

You have the right to cancel (rescind) any reaffirmation at any time prior to the entry of your discharge or within 60 days after the reaffirmation agreement is filed with the court, whichever occurs laterhttp://www.rib.uscourts.gov/Pro%20Se/reaffirmation.htm

Does this mean that you have 36 to 60 months to rescind?

[HHM]

Why are you even doing a reaffirmation agreement in a chapter 13. There is ABSOLUTELY no reason to do so.

[StartingOver08]

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[rdve]

We are looking at reaffirming the house and cars...nothing else.

[HHM]

In most cases, the cars are paid in full by the end of the plan anyway, so no need to reaffirm.

Also, in this real estate market, no one should reaffirming any mortgage, too risky.

Just keep making your payments, the car lenders and mortgage companies cannot do anything.

Do some reading about reaffirmation in this forum, they should be avoided at all costs (if possible). Honestly, I have never heard of anyone doing a reaffirmation in a chapter 13, I wonder if a judge would even sign off on one.

My guess is, you are not represented by an attorney (usually a mistake in a chapter 13) and if you are, and this attorney is recommending a reaffirmation, then I would be looking for a different attorney.

[forgotten]

We are looking at reaffirming the house and cars...nothing else.

Reaffirmation agreements are only used in Chapter 7 cases because in a Chapter 13 you either surrender the property or continue paying on it for the 3-5 years you are in the bankruptcy.

[forgotten]

Reaffirmation agreements are only used in Chapter 7 cases because in a Chapter 13 you either surrender the property or continue paying on it for the 3-5 years you are in the bankruptcy.

Mainly because the chapter 13 discharge does not cover "secured claim on which the last payment is due after the date on which the final payment under the plan is due".

So... if it is secured and your last payment is due past the last date of your plan the debt is not discharged.

[HHM]

Mainly because the chapter 13 discharge does not cover "secured claim on which the last payment is due after the date on which the final payment under the plan is due".

So... if it is secured and your last payment is due past the last date of your plan the debt is not discharged.

Actually, the debt is discharged, but still...no reason to reaffirm.

[rdve]

I speak with my attorney on Monday...just wanting to get a bit more information prior to the meeting as possible. Some of the reading online is a bit confusing, hence the question. :-)

Thanks!!

[forgotten]

Actually, the debt is discharged, but still...no reason to reaffirm.

http://www.uscourts.gov/bankruptcyco...chapter13.html

The Chapter 13 Discharge
....
Debts not discharged in chapter 13 include certain long term obligations (such as a home mortgage), debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, and debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime. To the extent that they are not fully paid under the chapter 13 plan, the debtor will still be responsible for these debts after the bankruptcy case has concluded.
....

This indicates certain long term obligations, such as a home mortgage are not discharged in a Chapter 13.