341 is Over and Done!

[Tchr2012]

Today was literally a 3 minute long phone conference with my attorney and the trustee. The trustee just had me verify under oath that everything I submitted and signed was reviewed with me by my attorney. No questions about my son's SSI or his special needs trust. No questions at all really. My credit union has sent a reaffirmation agreement to my attorney for my auto loan, but I won't be signing it unless the attorney sees a need to do so. So now it's just waiting for two more months, but I already feel better about life.

[justbroke]

Congratulations, and welcome to Club Sixty!

Just so you know, nearly every single credit union (CU) wants a reaffirmation. I suspect that your attorney is going to tell you that if you want the car, you have to sign the reaffirmation. If you don't sign a reaffirmation presented by a CU that requested one, expect that the vehicle will be repossessed.

CUs have a special carveout when it comes to reaffirmation agreements. Reaffirmation agreements between a debtor and a CU can be approved even if they are a burden on the debtor. That's a special condition in the bankruptcy code which allows CUs to be treated differently when it comes to reaffirmations.

[Tchr2012]

Update on reaffirmation with CU: My auto loan is with U.S. Alliance. They sent a reaffirmation agreement, but I did not sign it. I spoke with the CU, and basically, as long as I am not delinquent, they don't care about whether I sign the agreement. So I am continuing to pay with no concerns about them repossessing the vehicle, and the same for my home. My mortgage is with PennyMac, and they are not seeking a reaffirmation. I'm just waiting for the discharge. As of today, I am 39 days out from my 341, and I am happily living life without relying on credit. The future looks promising!

[justbroke]

I am so glad that your CU, a unicorn, is allowing the so-called ride-through option. Credit unions are usually sticklers on this and will also mark a debtor's member account as a "do not lend" if any debt is discharged.

The future looks great!