ride thru on car, boat...

[flynbvr]

I am curious to know if anyone has chosen to ride thru on a car, a boat, or anything of the likes without raffirmation? If so, did you stay current during the filing process or just pickup payments after the discharge? Did the lien holder ever come pick up the item or did they choose to let you keep it as long as you stayed current? I know they want you to reaffirm but what happens if you dont but stay current?

Thanks in advance for any feedback, comments, or wisdom on the matter.

[albacore44]

Well a car is one thing. Most banks seem to let you ride through. I have heard Honda, Chrysler, and Ford not allowing a ride through. But a boat loan, I dont think the Trustee will allow you to kreep that loan, since it's considered a Luxury in a Ch-7. You will have to let it go, unless you own it outright and can exempt it under the Ca system 2 exemptions. What did your Attorney tell you ??

[flynbvr]

The whole reason I am asking the question is because Ive paid on my boat for the past three years but can no longer afford it. I have found a partner that is willing to make payment on it for the next three years afterwhich we will each then be resoponsible for payments every other month.

My concern is how do I reaffirm a debt that is beyond my personal means at this time AND if I reaffirm and the partner has financial issues in the future the debt is back on me again. Selling is not an option as its worth less than what is owed. Is there not a way to ride thru with the partners backing?

I am making every effort to live up to my end of the contract but dont know how to proceed without opening a can of worms.

[justbroke]

You can't, by definition, re-affirm a debt which is beyond your means. albacore44 also mentioned that if you had owned it outright, you would have needed to exempt it.

Your real issue is that you are trying to hold on to something that you shouldn't even be thinking about holding on to. By your own statement, it's unaffordable. Regardless of whether you have a friend or relative or acquaintance to take over payments -- so to speak -- you should just get your fresh start and be over with it.

Open that can of worms and deal with the worms now... in Bankruptcy. While I don't know of any Judge or Attorney that would sign your re-affirmation agreement, an attempt at a ride-through (and more to albacore44's post) could send a flag to the Trustee that you're spending money on luxury items to the detriment of your unsecured creditors. That's a flag you don't want to raise. If you truly can't afford the item, you should just let it go.

[flynbvr]

Makes sense. Thanks for being blunt!