Reaffirmation is when you sign a new contract basically stating that you agree to still owe that debt and continue to pay it off. you are still responsible for that debt even though you filed and the rest of your debt will be discharged. You can reaffirm although not recommended or you can try and "ride thru". As long as you continue to make your payments in full and on time most lenders will allow you to continue with the car. However, most of us would recommend not reaffirming your debt because with the economy the way it is you never know if in a year you need to walk away from that. If you manage a "ride thru" then after your debt is discharged a person can walk away from their car or house if needed and there is nothing the lender can do because the debt was discharged in the bk. Make sense? Hope I explained that good enough.
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Filed Jan 23rd, 2009
341 meeting--February 24th--Went smooth
:yahoo::yahoo:
Discharged may 12th--had to call the court clerk!!:clapping::yahoo::yahoo:: -
Oh and as far as I know you DO NOT have to file a ch 13 in order to keep your car. You can continue to make the payments and ride thru or reaffirm even in a ch7. Now if your car is like $800 a month then you prob can't keep you car. trustee might think that was a little funny.Filed Jan 23rd, 2009
341 meeting--February 24th--Went smooth
:yahoo::yahoo:
Discharged may 12th--had to call the court clerk!!:clapping::yahoo::yahoo::Comment
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