Question - Reaffirmation

[cubswin]

My Chapter 7 should discharge in the coming weeks...today was THE day, but should just be a matter of time.

My question is...I have a car, 1st Mortgage, and 2nd Mortgage with my credit union that I am carrying through the BK, have been kept current, and I will continue paying on. They never asked me to reaffirm these debts. Should I go in and request to reaffirm them? Will that help me in repairing my credit score? Or does it not matter either way?

Thanks!

[bakergrl]

Did you go through a lawyer for your bk? My lawyer told me to reaffirm my car payments because they are almost paid off and the financier is known for repoing cars even if current. Now at the 341 the mortgage company wanted us to reaffirm and our lawyer said no way I am going to let them do that since our house is under and handed them their papers back....lol.

I would ask your lawyer because they would be able to tell you the laws in your state and determine if it is worth you reaffirming.

[cubswin]

My lawyer actually told me not to reaffirm if I didn't have to since the debts were included in the BK. The point being, if I don't reaffirm I can walk away at any time, and not be affected.

But my real question is...is there a difference to me in REPAIRING MY CREDIT in whether I reaffirm or not. Does it matter? By reaffirming will that help with repairing my credit or does it make no difference as long as I keep paying on them because by doing so that will help my credit going forward.

Thanks in advance!

[mamaluv]

My lawyer actually told me not to reaffirm if I didn't have to since the debts were included in the BK. The point being, if I don't reaffirm I can walk away at any time, and not be affected.

But my real question is...is there a difference to me in REPAIRING MY CREDIT in whether I reaffirm or not. Does it matter? By reaffirming will that help with repairing my credit or does it make no difference as long as I keep paying on them because by doing so that will help my credit going forward.

Thanks in advance!

It depends on if the CU will report post BK. They are not required to. Luckily my CU has reported monthly for my reaffirmed car. I wouldn't however reaffirm just for the sake of your credit score.