Still trying to get a handle on reaffirmation agreements...

[lalap123]

Okay, I'm most likely going to be in the negative when I file ch. 7 in a few months. I'm going to try to keep my car b/c I have some equity in it and it's a good, reliable car that fits my large family. I understand that on the paperwork I fill out I will have the option of saying whether or not I want to keep the car, which I will check 'yes'. Is it the trustee or the judge who objects to keeping the car with a negative budget? And do they always object or does it vary by district and judge?

Once they object to my signing a reaffirmation agreement will my lender come and repo the car even though I'll have been paying as agreed and never have been late? Is it up to me to contact the lender after my case is closed and ask them if I can continue paying on the car WITHOUT an agreement?

BTW, I think in GA you HAVE to have a signed reaffirmation agreement in order to keep your car, or am I wrong?

[phoenixrisin]

I am not understanding.

I can understand if you are in the negative now as far as budget is concerned. How are you going to still be in the negative after Ch7? To me that means something else is wrong that must be fixed? Please explain.

We just looked over our petition last week. Under the vehicle, there were 3 choices: reaffirm, "get rid of" (lets call it, b/c I can't remember the exact words), and other. Our lawyer checked "other", and wrote something about "paying, blah, blah."

It kind of seems that my lawyer is assuming you are getting rid of everything. Should you reaffirm anything legally is up to you.

However, if you do not make voluntary payments during the stay, don't expect to be keeping it after.

Also, from what I understand, if you do not reaffirm the car, you can make all the payments you want and they will not go on your credit report as good. The car is written off in the BK- that's it. Do you want the uncertainty of paying for a car that could be taken at any time?