What is the advantage of NOT reaff your cars?

[Tbornetun]

Yes you will be removed and the debt will be her liability.

[SubPrimeME]

You are correct I don't know of any upside to a reaffirm only down sides. The thing is when you file you have three choices surrender, redeem or reaffirm. So people that check reaffirm sign the paper work and go through the process. A reaffirm has to be approved by the judge. Something I found out in a post the other day was that if the judge denies the reaffirm and they do. You maybe forced to surrender the car.

ya my atty mentioned something at the 341 about having to prove we could make the payment...

Pure shannagans I tell you. Why do I have to have the car on my credit to get approved for a 7, but then after the 341, I can get rid of it... I don't get BK laws.

[TEW]

One other question, Sorry OP for hijacking your thread, I co-signed on my sister's car, because at the time I had the credit(LOL), but I didn't sign the reaffirm for her car. My atty said that that credit line will come off my credit report, is this true? She is still obligated, but does not signing the reaffirm remove me from this obligation?

It will be IIB as long as she keep paying she keeps the car

[TEW]

ya my atty mentioned something at the 341 about having to prove we could make the payment...

Pure shannagans I tell you. Why do I have to have the car on my credit to get approved for a 7, but then after the 341, I can get rid of it... I don't get BK laws.

wait 10 days after the 341 then call them and tell them come get it.

you have to prove it will not be a hardship on you to keep up the payments

[SubPrimeME]

wait 10 days after the 341 then call them and tell them come get it.

you have to prove it will not be a hardship on you to keep up the payments

Thanks- I'm letting it go the day we discharge, pay cash for something else, freaking 19-22% is not right to pay for a car loan, complete BS.

[SubPrimeME]

It will be IIB as long as she keep paying she keeps the car

Sorry, what is 'IIB'?

[TEW]

Included in bankruptcy

[debtmonster]

Included in bankruptcy

Why can't people just write that out so it doesn't confuse newbies? Tons of new people come here every day. I don't think anyone should use abbreviations like "CA" or the other stuff. It leaves newbies in the dark.

So what should I do if I don't want to re-affirm my car? But I just want to continue paying? I'm at least $6000-7000 upside down.

[Tromploi]

We are including the equity in the wild card, which is 21K.

[OhioFiler]

There is one downside to not reaffirming an auto loan yet keeping the vehicle. The payments you make never appear on your credit report. If you are interested in reestablishing a record of on time payments reaffirmation will help. Otherwise, I can see no reason to re-affirm.

[mgmadara]

There is one downside to not reaffirming an auto loan yet keeping the vehicle. The payments you make never appear on your credit report. If you are interested in reestablishing a record of on time payments reaffirmation will help. Otherwise, I can see no reason to re-affirm.

There is no guarantee that the lender will report to the credit agencies if you reaffirm.

[debtmonster]

That's all grim news about showing up on the credit reports.

I need to borrow money privately from somebody... something like a peer to peer borrowing from family and what not.

[Tbornetun]

Sometimes they do report even when you don't sign a reaff. It totally depends upon the lender, I have seen it go a different way every time. Signing a reaff for the sole purpose of re-establishing credit would not be a good choice in my opinion. Seek other ways to re-establish without locking yourself in with a reaff.

[OhioFiler]

Sometimes they do report even when you don't sign a reaff. It totally depends upon the lender, I have seen it go a different way every time. Signing a reaff for the sole purpose of re-establishing credit would not be a good choice in my opinion. Seek other ways to re-establish without locking yourself in with a reaff.

Bravo!

[Mustard]

what if you do not reaffirm and make less payments? say maybe your car payment has been $250 and you start sending them $150 what do you think they would do?