Should I reaffirm the car?

[apathetic]

I was wondering if anyone could offer any insight into my situation. I am filing for Chapter 7 next Friday, just signed and reviewed all schedules with my attorney today.

My question is related to my car. It is a joint loan with my wife, who is not filing. We plan on selling this car in the near future because it is a second car, and it really just sits all day since she is now a stay at home mom with our 4 month old. My attorney said we cannot sell the car now because it would mess with my schedule J, which we already determined.

So with that said, should I reaffirm the car? How would it work if I included it to be discharged with the rest of my debts, would it affect my wife and her credit? Would they still try to repossess? We have 18 payments made of a 60 month loan, and have never been late/missed a payment.

It seems pointless to go to the reaffirmation hearing if we intend to sell the car soon.

I tried to search, but I could not find any situations related to this. Thanks for any help anyone can offer.

[newbie2]

You shouldn't have to reaffirm to keep the car, just keep paying. Then when your bankruptcy is discharged and closed you can go ahead and sell the car and do what you want with it. As long as you continue to make payments it shouldn't affect your wifes credit.

[jetsfan2010]

if you arent behind, you just keep paying as you currently are

[sunshinepa]

I would not reaffirm the car. As Newbie2 stated, be sure to wait until you are discharged and closed before selling!!!

[bcohen]

If you are 18 months into a 60-month loan, you must be "upside down" on the car, i.e. you owe more than it's worth. Most likely a lot more than it's worth. So no, you should NOT reaffirm it! As long as you keep paying, the lender has no financial incentive to reposess the car and take the loss. However, if they're dumb enough to repo it rather than let you "stay and pay" then let 'em have it. They would actually be doing you a favor. Besides, it's not like you'll never be able to buy another car ever again!

[apathetic]

Thanks for the all of the replies. I will likely take the advice of the consensus here, and just continue to pay rather than reaffirm.