Question about reaffirmation hearing and timeline?

[buster123]

I’m a bit confused over the reaffirmation agreement & timeline…

First here are the specifics of our case…

• Filled Chapter 7 on 12/30/2010
• 341 Hearing on 2/7/11 (went well… better than I imagined in my head). The trustee was satisfied but said she had to wait to get the ok from the UST becuase we make over the median income for our state.
• Had a couple of continuances filed in Pacer (I think because the UST wasn’t done reviewing yet) but we didn't have to show up.
• Trustee Report of No Distribution filed on 3/29/11
• Reaffirmation Hearing filed on 3/30/11… scheduled for 4/12/11

My first question is… do I want the reaffirmation to get approved or denied at the hearing? I keep reading, here on the board, people happy because their reaffirmation was denied. I want to keep the car because it is the primary vehicle for my family. We have been making regular payment throughout the bankruptcy but I suspect the judge will deny the vehicle. I live in NY… if the reaffirmation is denied can I keep making payments and keep it or is there a chance the car will be repossessed? Is it just that you have to make the attempt to reaffirm but regardless… if you make the payments, you can keep the car?

My next question is about the timeline. When does my 60 day clock start? At the original 341 or from the report of no distribution? I had a couple on continuances filed on pacer so that the UST could review documents they requested. I’m not sure if that changes the start of the 60 day clock.

Thanks

[IamOld]

All the best to you BUSTER!

May I ask what docs did the UST request??

[buster123]

Thanks for the good wishes.

The UST requested history of daycare payments (i submitted cancelled checks) and student loan payments (i sent a summary report from Sallie Mae).

[Brasky]

If you are current on the car payments it is unlikely the car will be repossessed even in the absence of a reaffirmation. However, because there is probably a "default-on-bankruptcy" clause in the contract, they might be able repossess if they so desire. The enforceability of these clauses depends upon jurisdiction. In the end, it is possible the vehicle could be repossessed, but unlikely.

[buster123]

Anyone have any ideas on the timeline part of my question?

[justbroke]

My next question is about the timeline. When does my 60 day clock start? At the original 341 or from the report of no distribution? I had a couple on continuances filed on pacer so that the UST could review documents they requested. I’m not sure if that changes the start of the 60 day clock.

The 60 day clock started on the day that your original 341 Meeting was scheduled. That means around 4/8 should be your Day 60! The only thing that could change that bar date is if the UST or creditor files a motion to extend last date to file a complaint to determine dischargeability. The UST has been known to do this at the last minute.

So, you are definitely in the 60-Day club. Here's a welcome to Club Sixty!

[buster123]

OK, great! I'm hoping that the UST is satisfied with everything. The Trustee said she wanted to wait to get the green light from the UST and it seems like that is why she waited to file the Report of No Distibution. I just want to get this behind us!