I am just at the beginning of the bankruptcy process, haven't even had the 341 yet, but was wondering when I would do a reaffirmation agreement for the car I just purchased in November? Do I wait until after the trustees meeting? And do I just call up the loan company and tell them I am in bankruptcy but reaffirming? Do I send them paperwork or will they send it to me? Thanks.
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You can contact them at any time and let them know that you want to keep your car and that you are current on the payments. They will send you a reaffirmation agreement if they have one. Some lenders don't require a reaffirmation agreement because they have security in the vehicle. Make sure you're going to be able to afford it as if you default after the bankruptcy they can come after you for any deficiencies. You don't want that to happen right after you went through the Chapter 7 process. -
As your attorney their opinion but mine advises against reaffirming anything. We are keeping a car and just paying on time to keep it, no document signing involved.attorney consult and decided to file, 02/15/2010
no-asset Chapter 7 filed, 03/11/2010
341, 05/10/2010
discharged, 07/13/2010Comment
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When you keep a car and continue payments without reaffirmation, will you get a lien release once it's all paid off??Comment
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When the car loan balance goes to zero, they will mail you a clear title to the car.Originally posted by ready2file View PostComment
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Just FYI - some states (Georgia) require a reaffirmation agreement in order to keep the car. Also, if you have negative DMI then your agreement can be denied.Comment
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