Re-affirmation questions

[amy1385]

I live in WI, and have just filed for chapter 7. I have hired an attorney, and he in all of our meetings made me feel like I was going to reaffirm my mobile home loan (to which I jointly own w/ a co-signer), and my auto lease. Now he is saying he isn't going to do the re-affirmaiton. I'm just confused about this. I understand there is the option in most cases of a "ride-through" (from reading on the internet), which would be ok, but I'm afraid to loose my home or car. I lease the auto through Ford, and my mobile home is through a credit union. Both of which I've read can be difficult to deal with in this process. Can anyone either give any advice, or thoughts? Thanks.... this all makes me very nervous.

[justbroke]

I don't know what to say. Ford Motor Credit (FMC) is one of the most difficult lenders to work with, when it comes to Bankruptcy. Every lawyer I had the pleasure of talking to, or overhearing, indicated that FMC and Nissan Acceptance were the worst and always wanted re-affirmations.

Maybe your lawyer was saying that he wasn't going to ask for a re-affirmation agreement, unless the creditors asked you to re-affirm?

Also, playing with Credit Unions is no fun either. Many of them believe that your filing of Bankruptcy violates the trust between the other members and you.

I wonder what your lawyers actual strategy is? Is he using it as a negotiation tool? Is he trying to get the rates or amount of the secured debt lowered? What is he up to?

I don't believe a simple "isn't going to do the re-affirmation" is a reasonable explanation for it. perhaps you should ask him what the strategy is, especially given that you would like to keep the car and home? Perhaps he thinks you're too upside-down on the car? Perhaps he thinks the same on the mobile home?

Too many questions. I think you need to have a conversation with your lawyer and ask about the overall strategy.

[amy1385]

Thanks... I think that's the problem too. I was asking some questions when he said he wasn't going to re-affirm, but don't feel that he really answered me, at least not to my satisfaction. He seemed to think FMC was pretty good to deal with himself, but the credit union he said was harder. I really don't mind re-affirming, I just want to keep the car/house. I would certainly be upside down on the car, as it's a lease, and I've only had it 1 yr of the 3 yr term, but the house, I think I'm at least at the amount owed or possibly have a small amt of equity in it.

[PaKettle]

I think attorneys don't want to do reaffirmations because it's more work and hassle for them, not necessarily because it's not in your best interest.
With most cars, it's probably NOT in your best interest to do a reaffirmation (better to do a ride-through), but on a home, I think I would want the security of a reaffirmation.

[JJL]

Yeah I had my car reaffirmation all ready to go. Went down and signed it and everything. About a week later...just a few days ago now actually my attorney called and said He found out the Judge I have doesn't like reaffirmation's on Leases. Doesn't feel they are in a debtors best interest. So now I'm just going to do a ride thru. I called Honda and they are fine with it.

[cherir]

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