reaffirmation

[bkscared]

I have my 341 meeting scheduled soon and we are nervous. To pass the means test we had to purchase a Vehicle. If we turn the vehicle in we dont pass the means test if we reaffirm we are stuck with the loan on a vehicle that we do not need or want. We have been told we can give the intention on reafirming at the 341 and just not sign any papers. Then when the case gets discharged surrender the vehicle. When we purchased the vehicle they made us sign some document about bankruptcy and I cannot find my copy of it. We are nervous that they will use this to saboutage our chapter 7. Does any one have any advice for me. Thanks

[aces67]

Have you shown the documents to your lawyer? If not I would.

[bkscared]

No i can not find a copy of whatever it was. But i remember it being a form saying we did not have the intention of filing bankruptcy at the time of purchase.

[StartingOver08]

You are allowed to change your Statement of Intentions from "Reaffirm" to "Surrender" right up to the time of discharge. You probably want to change it after the 341 and at least a week or two before discharge to be safe.

As to the verbage in the contract regarding BK, yes show your attorney, but you are probably safe anyway. Most of the time that verbage is used to scare you.

[aces67]

No i can not find a copy of whatever it was. But i remember it being a form saying we did not have the intention of filing bankruptcy at the time of purchase.

Then that's what you need to tell your lawyer and see what he says about it.

[bkscared]

what happens if you simply do nothing and do not sign any reaffirmation papers?

[aces67]

You don't have to sign reaffirmation papers. Just change your intent after your 341 but you need to check with your lawyer about the documents you signed just to make sure everything is okay.

[aljohnson007]

Let the reaffirm ride and don't sign or change your statement of intentions. It will automatically be discharged and you can drive and keep paying or simply walk away and owe nothing. JMO.

[bkscared]

Thanks 007 What happena at an audit did you have show income once again?

[aljohnson007]

Income and bank statements for six months prior to month of filing. A written explanation of all transactions of $500 or more. A UST Audit is a desk audit performed by a contractor who verifys your petition and schedules. If your case is selected for audit, just make certain you are completely up front with all info.