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When is reaffirmation agreement "blessed"?

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    #1

    When is reaffirmation agreement "blessed"?

    I have posted in another thread my specific concerns about my reaffirmation agreement, but I am wondering when I can quit worrying.

    My 341 is this week and I filed with an attorney. The first reaffirmation agreement (truck, GMAC financed, payments up to date) submitted was denied because the wrong attorney signed it , so a new one was submitted last week. My attorned checked the "no undue hardship" box when submitting and signing it. I will be tracking the progress on PACER, but....generally, is the reaffirmation agreement "blessed" at the 341 meeting since I have an attorney? If not, when is a decision typically made about it?

    Just wondered when I can stopy worrying Thanks in advance for your help!
    Tags: None
    #2
    I'm not sure why you are worrying. My question is why bother I can kind of understand a reaf on a house but not on a car or truck. My advice it to not do it at all......
    Chapter 7 07/30/2008
    341 09/17/2008
    Discharge 11/21/2008

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      #3
      I would agree on the reaffirmation of a vehicle. The only reason I reaffirmed my house is because I had a pretty good amount of equity, and if I need to walk away, I would probably sell it and get money back out of it, so there is no harm in a reaf...

      A vehicle is completely different.
      Filed 8/08 - Discharged 11/08! Not tracking FICO.
      Pre-Bankruptcy Net Worth: -$72,000... Today's net worth: $142,000.
      If your FICO score just went higher than your net worth, and you are happy about this, you might have a financial problem!

      Comment

        #4
        I guess different people have different ideas of what is important to them. I love my truck. I want to keep it very badly. The payment isn't a problem due to monthly support from friends/relatives, but the schedules themselves showed almost exactly the right amount left for the payment is why I am worried. I can very easily get a statement from someone that they promise to pay me money monthly if that can help.

        I have very favorable terms on the truck, love it, and couldn't get anything I liked nearly as much if I were to get another one after the bk is over, so I want to keep this one. I guess I didn't expect folks to wonder why I want to....

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          #5
          I couldn't imagine not having our van. It's important to us to reaffirm our loan because we have 4 children to tote around. We wouldn't be able to go out and outright buy anything less than what we have...

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            #6
            In all probability you can keep the van without signing a reaffirm, as long as you remain current. Have you spoken toy our attorney about this possibility?
            Filed Ch 7 - 07/10/08
            341 Meeting - 08/13/08
            DISCHARGED! - 10/15/08
            CLOSED - 10/20/08

            Comment

              #7
              Any insight into my original question about timing of approval? When does that happen?

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                #8
                We reaffirmed one of our vehicles and let the other one go. Both were w/ the same company.

                Once the paperwork was sent to us, we filled it out and sent it back. We didn't hear anything else after that.

                I wouldn't worry about it, if something is wrong they will contact you or your attorney.

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