Expenditures in the negative-how about car?

[novayalife]

Hi Everyone!
If my schedule J-current expenditures shows my monthly net income to be negative -398.00 will the court allow me to reaffirm my car loan? I really would like to keep it and the payment is only $221 a month. I would definately have to budget down even more but it would be completely worth it. Its such a low car payment for a newer Honda. Thoughts?

[keepmine]

Doubtful you'd be allowed to reaffirm but, that's not a bad thing. There is some caselaw that says you've met your burden under the law by offering to reaffirm. The code does not say the reaffirmation must be approved.

[relief13035]

We were negative over $700 on our schedule J.

The judge determined our reaffirmation as an undue hardship and we withdrew the reaffirmation, which isn't a bad thing! We will just continue making the payments.

[AngelinaCatHub]

I agree with "Keepmine". However, if you are able to pay through, I doubt they would pick it up. YOU MUST keep those payments up to date though. The good is, if you get bad news as you lose your job, bk will protect you. Reaffirmation means if you cannot pay, they have your ass-ets. 'Hub

[novayalife]

Yes I will absolutely be keeping those payments up as I currently have 5 grand in equity in the vehicle. We will be letting our house go so renting will be at least $300 cheaper in housing so that would be cash we could put towards the car. Hope it flies with the bk judge!