Reaffirm to get a discharge?

[imoverit]

I am keeping my cars. They are current...etc... The lawyer called and said they have the paper work at the office. I asked what would happen if I didn't sign and he said we wouldn't get discharged. I've read all over these boards about not signing the reaffirmation agreement. Can anyone shed some light? I am in Florida by the way and we are under the median so we don't need the payments...

[jessegirl]

I have never heard of not getting a discharge because you didn't reaffirm.

I didn't reaffirm and I got my discharge and so did many many people on here.

[alltappedout]

reaffirm to keep car?

Hi
I'm in California and a bank officer at my credit union (very down on BK) said I would have to reaffirm my car loan in order to keep my car. I just got the loan modified to payments of $110/month for two years; owe $2526, and car is worth $4700 (kelley blue book).

Exemptions look like they would cover most of the car's value. Would I still need to reaffirm?

Thanks
Ali

[imoverit]

I am wondering why he would say that... What is the benefit to the attorney if you sign?

[jessegirl]

Not quite sure why he would say that you will not get a discharge. Maybe he is going to try and charge you to reafirm the debt???? I wouldn't put it past some of these attorneys make up fees for everything.

[LuciluS]

Hi
I'm in California and a bank officer at my credit union (very down on BK) said I would have to reaffirm my car loan in order to keep my car. I just got the loan modified to payments of $110/month for two years; owe $2526, and car is worth $4700 (kelley blue book).

Exemptions look like they would cover most of the car's value. Would I still need to reaffirm?

Thanks
Ali

Read your loan papers. Credit Union's usually have different wording than Banks. I would think if I held your position at the Credit Union, I would want to reaffirm because the CU "looks down on BKs" and a Supervisor might find cause for dismissal of job. Just my two cents worth

Luci

[Tbornetun]

Not signing a reaff does not hold up a discharge. It would make no sense for your attorney to tell you that, unless if you were talking about the attorney for the creditor. They will try anything to get you to sign a reaff.

[alltappedout]

reaffirm to keep car?

Actually, I am not a bank officer -- bad grammar on my part! The CU said I would need to reaffirm the car/loan in order to keep it. A presentation she gave as part of a financial health workshop was that you should NOT file for BK; she was down on it. Had all sorts of dire things to say about never getting a loan again with the CU, etc.

Anyway, I think I would be able to keep the car under system 2 of CA exemptions. And, then I would reaffirm the loan after discharge so that I could pay off the loan.

Ali