Just filed for ch 7 about 3 week ago. Talk with the bank, they said that if I don't reaffirm they will take the car. Wanted to reaffirm if the bank won't add the penalty for arrears but they said they will. Thinking of redeeming but just too complicated for me. I was thinking just buy a car from my relative instead and surrender the car. Can I buy my relative's car before the 341 meeting from my loan from 401k and call the bank to surrender their car? My relative's car is an old one about 4k? should I amend the statement of intentions before the 341 meeting from "reaffirm if a deal is reach with the bank" to "surrender". Please help. Need a car badly.
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The bank can't take back the car while you are protected with the automatic stay. (That doesn't lift until discharge OR if they file to remove it). You have plenty of time in which to purchase your relatives car. Do whatever you can to avoid doing that before your bankruptcy is discharged.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
sign the reaffirmation agreement and then go to court and ask the judge to deny it and issue an order allowing you to keep the car as long as you make the payments. That is what I did.Comment
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