Reaffirming a car question

[Dollar Bill]

I'd like to reaffirm a vehicle once I have filed C7.

I was told that the BK courts base the value of the car on the TRADE IN KELLY BLUE BOOK VALUE.

Is this true?

[Ming_Ming_Duck]

With mine, I doubt it was even that formal. If it was, they never told me. My husband and I did a quick Kelly search, our attorney asked us what we estimated the value to be, and that's the number we gave.

Chrysler reaffirmed it without a problem. With what my car was worth versus the Kelly value, I was dangerously close to that exemption line, but it went through without a problem.

[Dollar Bill]

Thanks for the info.

I'm still not clear on how it all works. You mentioned Chrysler reaffirmed w no problem. Is it up to the finance company?

I would have $800 of equity according to trade-in KBB value, but by the time I file, the value should be lower due to time/mileage etc. I just want to make sure I can keep this car.

BTW: I think Ming Ming is awesome she's my daughters favorite.

[Ming_Ming_Duck]

LOL, thank you about Ming-Ming! She totally cracks me up! I have to try not to talk in the Ming-Ming voice, because I mimic her so often!

It was really important to me to keep my car, too. My understanding on reaffirmations is this: yes, the finance company has the first say on if they will reaffirm your debt. I think that in most cases, especially if you are current or haven't missed a lot of payments, they will. It's probably a lot easier for them than trying to collect their collateral, especially if you only have $800 in equity, KWIM?

And then I think after your finance company agrees to the reaffirm--I signed the papers for mine at my 341 meeting--the reaffirm has to be approved by the trustee and the courts. After I signed mine, I saw on PACER that both (I reaffirmed my car and my house) were then signed by the respective finance companies. My attorney said that he believed that that's it, and so far he's been right, since my reaffirmations were entered a month ago and I still make the payments as I always have--I would think that if your finance company is willing to reaffirm, the courts probably won't dispute it.

That being said, are you current on your payments? My husband had a lease on a truck that he attempted to reaffirm, but the finance company (in his case, Ford), denied it and they repossessed the truck. However, he was consistently behind, and had been often. The attorney said that he could've tried to fight that repossession, but he just didn't want to (the lease payments were high, and he was way over on mileage).

[Minnymouth]

Yes, you have to be current and up to date on anything you want to reaffirm on....... otherwise you can't do it.....

[Dollar Bill]

When I said I am never late, I should clarify.

I've never been over thirty days late. I have been up to 28 days late , and have so pretty consistant. Do you think that will be an issue? I basically always pay right before I can be reported to the credit bureau.

[Ming_Ming_Duck]

Probably not...I was also consistently late. The payment was due on the first of the month, and I always paid about the 10th. With my house, I am also consistently late...the payment is due on the 1st, but I always pay on the 15th (because of my paychecks). Neither one made an issue of it in the reaffirmation process--hey it may be late, but at least it's consistent!

[Dollar Bill]

Thanks Ming Ming! That makes me happy. "What's Gonna Work?" ...."Team Work!"

[Ming_Ming_Duck]

Bill: We are coming to SAAAAVVVVE you, bankrupt friends! lol

You have no idea how many times I've been watching Wonder Pets with my daughter, silently wondering to myself why Linny, Tuck and Ming-Ming, too, can't come and save me! "The Wonder Pets Save the Bankrupt Mommy"! lol

[Dollar Bill]

LOL, Yeah I hear ya!