We had our 341 10/06 and are keeping the house and two cars. Was hoping to do a ride through on the cars but got a reaffrimation for the wifes car. It's a 2004 Pontiac grand am and owe about 6400 on it. It's worth about 5400 tops. Payment is $239 and lawyer says he will sign off on it. We have been and are current on payments. Don't really want to sign the refirm, but I'm afraid they might repo it some night. Loan is through Suntrust bank, anyone had dealings with them? Should I reafirm or keep payment current and see what happens?
-
Last edited by 05mag; 10-26-2010, 08:11 AM. -
It varies greatly by lender, and by situation. Ford and Toyota are known for taking non-reaffirmed cars back after BK even though all payments are current, and some lenders will repo when the loan is close to its original value but not if you only owe a small amount on it. You might call SunTrust (they aren't allowed to call you) and ask what their policy is on this.
If you want to keep the car, and they say it's OK without reaffirming, I'd be sure to make every payment exactly on time or early -- just in case!DH laid off 3/08 | Last mortgage payment 12/09 | Filed Ch13 5/10 | Converted to Ch7 7/10 | 341 held 8/10 | AP filed by secured creditor 10/10 | Ch7 discharged & closed 11/10 | Foreclosure 10/2011 -
Hi 05mag,
Mixed bag here...low payment is great, but it is a 6yr old car now, and underwater by a grand, you know the mileage and condition, how long will it hold together vs how long is left on the loan.....
If you decide to not reaffirm, ask your lawyer if 11 U.S.C. ยง541(c) would apply
Tom in ColoCh7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010Comment
-
My home is with sun trust i did not reaffirm. I would not reaffirm a car. They won't take it they don't want it. I had a van with m&t bank paid for a year after discharge then stopped paying
drove it for 3 months they took it. Talked with them the last 3 weeks so they pick it i kepted the tags no big deal at all.Comment
-
I know Ford will take the car back but Toyota... I don't know if they have taken other peoples' cars or not but to me, I didn't reaffirm and I'm still driving it today after discharge.Originally posted by researchnerd View PostFiled chapter 7 Jul 13, 2010
341 hearing Aug 12, 2010 
Trustee's report of no distribution Aug 20, 2010 
Discharged Oct 13, 2010 
Closed Oct 28, 2010.Comment
Comment