Question on a car loan, reaffirm agree?

[PRO-SE-NOW]

Within the next few months i will be filing chpt 7 pro-se, i haver a car loan with toyota finance, the loan is like around 15 k, the kelly blue book is like around 11,200, now being that i dont have any equity, im assuming the trustee wont give me problem with me wanting to reafirm this acct,. Especially givin the fact that i already let me car fianance company know i will be filing and they told me as long as i make the payments, i should be ok

[Joe Cal]

I'm no expert, but I'm going through a similar experience. Once I filed the bankruptcy paperwork with the court, they notified all creditors that I was filing for Chapter 7, even the one's I didn't list. I thought that was interesting. My truck's financing companies lawfirm sent me a reaffirmation letter that they wanted signed and returned to them before my court date which is Dec. 8th 2004. I've decided not to reaffirm the loan even though I plan on keeping the truck and keeping the payments current. If you reaffirm the loan they can hold you liable for any money they lose on your vehicle if you stop making payments and they reposses the vehicle. If you don't reffirm the loan they can't hold you liable for any losses if you stop making your payments and they take your vehicle. So, I chose not to reaffirm the loan just in case something unforseen happens and I can't make the payments. I don't think the trustee would be concerned about your vehicle since you don't have any equity in it. After you file for Chapter 7, I would think you would be getting a similar letter from your vehicles finance company or their lawfirm. I'm filing pro-se also.
Joe

[nesp]

Hi,
My lawyer checked the option on my (signed) Bankruptcy Statement of Intentions that a car loan debt will be re-affirmed pursuant to 11 USC etc. but we never actually signed anything (with the Credit Union) to reaffirm.
If the car is repossessed will be liable for outstanding balance after they sell the car?
Thanks

PS Our bankruptcy was discharged last June. Because you sign the Intentions Statement..are you legally bound to follow through with the reaffirmation?