will case be closed if we don't reaffirm?

[zingabot]

We filed our BK yesterday and in it included a Statement of Intention saying we wish to reaffirm the debt on our car.

If we don't sign a reaffirmation agreement but do continue making the payments, does the discharge and closing of the case proceed anyway? Or does someone somewhere look to see if there's a signed reaffirmation agreement on file before the case is closed?

[zingabot]

can I surrender before the 341 meeting?

oops, posted in the wrong spot

[OhioFiler]

Not signing a reaffirmation agreement is akin to a ride-through. It won't delay your closing.

[dm0026]

Just got my reaffirmation paperwork from Wells and they lowered the rate and loan amount, took a 125% loan to pay down cc debts. The amount is still $8000 over KBB and I don't want to keep the car. Filed CH7 and included the car pmt for my means test. I haven't made payments, per attorney, will this effect my status? When do I have to surrender the car and When can I purchase a different vehicle?

[BKDefender]

If you plan to surrender the car then you need to file an amended statement of intention.
You then need to surrender the vehicle within 30 days after your first scheduled 341 meeting. Not meeting these deadlines isn't a killer for your case though. If you don't surrender it, the creditor will either file a motion for turnover or they'll file a motion for relief from stay so they can repo it and sell it.

If you want to keep that car and you've owned it for more than 910 days, you can get a formal appraisal of the fair-market-value of the car, change your statement of intention to 'retain', file a motion to value the car at the appraised value and motion to redeem at the appraised value then get a loan from 722redemption.com or some other bank/friend/family to buy it from your lender for it's appraised value and anything over it's value becomes a discharged unsecured debt. Sweet deal.

--William

[dm0026]

If you plan to surrender the car then you need to file an amended statement of intention.
You then need to surrender the vehicle within 30 days after your first scheduled 341 meeting. Not meeting these deadlines isn't a killer for your case though. If you don't surrender it, the creditor will either file a motion for turnover or they'll file a motion for relief from stay so they can repo it and sell it.

If you want to keep that car and you've owned it for more than 910 days, you can get a formal appraisal of the fair-market-value of the car, change your statement of intention to 'retain', file a motion to value the car at the appraised value and motion to redeem at the appraised value then get a loan from 722redemption.com or some other bank/friend/family to buy it from your lender for it's appraised value and anything over it's value becomes a discharged unsecured debt. Sweet deal.

--William

Thank you William. I will call my attorney tomorrow to get the alternatives hammered out.