"Stay" Question

[MSH]

I am currently late on payments but, decided i wanted to keep my vehicle (at least i am pretty sure) at least until after discharge.

I tried to make a payment online and apparently my account is with there BK department (only filed 2 weeks ago). I now have to wait until Monday to contact them and tell them that i would like to roll thru with the car, and catch up on my payments... especially after i receive my tax return.

Are the banks allowed to reposes the car during the relief of stay?

[momxx5]

I am not sure if it varies by each state, but I do think that they can freeze your account until they can find out your intentions....give up car or reaffirm loan.

We currently have 2 vehicles leased with Honda. My atty said that Honda does not actually reaffirm leases, but they usually just let you keep the car and keep making payments. At first it sounded scarey because there was no actual rule but now I think I understand it.

Sorry but you may have to wait until Monday to find out more from both car lender and atty.

[StartingOver08]

It is normal for the creditor to move your account to the BK dept once you have filed. You are then required to deal exclusively with the BK dept, or your attorney. You can make payments during your automatic stay period, but you usually have to make them to the BK dept. They can not bill you during this automatic stay period.

Check your petition to see if what was selected on your Statement of Intentions. The choices are surrender, reaffirm or redeem. There is no choice for ride through. Many people 'elect' to do a ride through by selecting reaffirm and then not signing the reaffirmation agreement.

[LuciluS]

Many people 'elect' to do a ride through by selecting reaffirm and then not signing the reaffirmation agreement.

And that is legal? What's the time frame on signing a reaffirmation agreement? Before....after 341? Before....after discharged? Before...after BK closed?

Luci

[MSH]

My paperwork says i choose to Retain and Redeem my car.... what does that mean for my situation? I plan on calling Monday, but i was curious what to expect.

[MSH]

LuciluS... The reaffirmation agreement was part of my BK paperwork.

[StartingOver08]

Judge, please deny my reaffirmation!

And that is legal? What's the time frame on signing a reaffirmation agreement? Before....after 341? Before....after discharged? Before...after BK closed?

Luci

http://www.************************/...ion-agreement/

This is what is informally known as a 'ride through'.

[StartingOver08]

My paperwork says i choose to Retain and Redeem my car.... what does that mean for my situation? I plan on calling Monday, but i was curious what to expect.

The short answer is, you pay a lump sum to the creditor. The benefit is the lump sum is a much lesser amount than what is owed. The hard part is coming up with the funds. But for vehicles you can use places like 722redemption. Go here to check them out: http://www.722redemption.com/http://www.************************/...in-bankruptcy/

[StartingOver08]

LuciluS... The reaffirmation agreement was part of my BK paperwork.

Normally the reaffirmation is not part of the petition - other than a checkmark on the Statement of Intentions. The reaffirmation agreement is a multipage agreement detailing out the type of loan, balance due, number of payments, terms etc. It is signed by both the creditor and the debtor AND the debtor's attorney. If the debtor's attorney will not sign it, then it has to be approved by the judge. Once all the parties have signed, it is filed with the court.

[MSH]

StartingOver08.....my lawyer told me all i will have to do is keep making payments as usual? Now i am hearing something else.... and am really confused. nobody ever said anything about a lump sum.

Someone on here called it a ride thru, i have read

[StartingOver08]

It sounds like your attorney is smart....he is saying that you are going to do a ride through. Read the ride through post again....you only have to OFFER to do the reaffirmation, not actually sign one!

Call your attorney to work out the details. At least now you know which questions to ask. Get out your Statement of Intentions so he knows you are reading from your petition. Maybe the redeem box was checked by accident, but you have got to check with the attorney to know for sure.

[MSH]

but My paperwork says i choose to Retain and Redeem my car.... am i just confusing myself even more now