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    #1

    Reaffirmation questions

    Ok, I've been reading but had a few more questions.

    I received a reaffirmation agreement from my credit union for an auto loan. My attorney is not representing me. I've read the reaffirmation agreement a few times but see nothing on it about cross collateralization. Do I need specific language in the agreement saying they can't take action (like keep my title) under cross collateralization? I've heard they can't keep your title under cross collateralization for debts that were discharged via bankruptcy so maybe I'm just over thinking it.

    Secondly, anyone care to share their experiences with the reaffirmation hearing?

    Lastly on the agreement you have to state whether or not the payment is going to be a an undue hardship or not. It asks for "POST" bankruptcy incomes and expenses. I take it this has nothing to do with my means test since its "post" bk?

    Thanks
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    #2
    The reaffirmation loan is a new loan. As it is a CU, if you have future loans with that CU, I'm sure they could cross collateralize if you stopped paying. (but it can't cross collateralize off any current loan that you are including in BK)

    As far as undue hardship, Your schedule J must show that you can afford your new car payment based on current living expenses and no debt. Hope that helps a little.
    Filed: 5/7/2009 :cry: 341: 6/9/2009 :yahoo:
    Discharged: 8/12/2009 :clapping::clapping::clapping:
    My advice is based on personal experience only

    Comment

      #3
      Originally posted by Frshstart09 View Post
      As far as undue hardship, Your schedule J must show that you can afford your new car payment based on current living expenses and no debt. Hope that helps a little.
      Really? But "post" BK circumstances can change? I mean if I could "afford" anything I wouldn't be in BK....

      Comment

        #4
        The 'post BK' language baffles me also, so I have no answer on that.

        To try to answer some of your other questions, my husband (AngelinaCatHub) and I reaffirmed our automobile loan and an overdraft loan account. we live in Florida. The CU is in Dayton, Ohio. 'Hub has been with that institution for more than 40 years and wanted to stay with it. So we had to reaffirm the loans or else be kicked out.

        Unlike the previous poster, I am not aware that these were new loans. In our case, I don't think they were--it was an acknoweldgement that we had these and intended to abide by them.

        Our attorney filed our paperwork electronically. We also called the CU from her office. Paperwork was sent electronically, which we signed and sent back. Somewhere along the line, that got lost. We ended up with another set from the CU in Dayton, which we signed and sent back certified return receipt mail. 'Hub also spent two or three long distance phone calls to the BK department of the CU to a very nice lady who was extremely helpful.

        The CU had to submit the paperwork to their judge in their court system. We did NOT have to attend. Everything was approved, and our automatic EFT draw for the automobile was restablished. As I posted elsewhere, this took about two weeks, and we were back in the good graces of the CU. We finished paying for the car in February 2009.

        I hope this helps. Good luck.
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."

        Comment

          #5
          Originally posted by AngelinaCat View Post
          The CU had to submit the paperwork to their judge in their court system. We did NOT have to attend.
          That's interesting and confusing at the same time! Everything I read said I have to attend a reaffirmation hearing??? Did you file before 2005?

          Comment

            #6
            Originally posted by chad9162 View Post
            That's interesting and confusing at the same time! Everything I read said I have to attend a reaffirmation hearing??? Did you file before 2005?
            No. We filed on December 28, 2007. Our 341 was February 7, 2008, and our Discharge was August 13, 2008. We are an Asset Case, so our deadline for DC was moved a couple of times. We are still awaiting Closing.
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

            Comment

              #7
              Hmmm. I wonder why in your case you did not have to attend a reaffirmation hearing. It says it on the form that if you are represented by an attorney you have to a hearing???

              Comment

                #8
                I don't know. Perhaps our attorney appeared via telephone, and she never said anything to us about it. THAT would NOT surprise me. Our attorney was very incompetent--something we didn't learn until it was too late. Search out some of our very early posts beginning in April 2008 when 'Hub (AngelinaCatHub) and I joined.

                'Hub is in Tennessee right now visiting his terminally ill brother. As soon as I can, I will have him look at this thread and add his own recollections.
                "To go bravely forward is to invite a miracle."

                "Worry is the darkroom where negatives are formed."

                Comment

                  #9
                  Actually, I think I know what happened. If you are represented by an attorney and dealing with a CU the reaffirmation is effective when filed because the attorney attest that its not an undue hardship. My attorney wants to charge me almost $600 to sign BS! I guess I will have to go to the hearing...

                  Comment

                    #10
                    Greetings folks:

                    Here are our own experiences in real time 2008. We had no hearting as the Trustee asked if we could afford the reaffirmation. She said yes. That is all I know as what Mrs. said is right on. We were like mushrooms as to our attorney.

                    'Hub
                    Last edited by AngelinaCat; 06-13-2009, 11:00 PM.
                    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                    Comment

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