Re affirmation question

[Allison1966]

My attorney and I attended the 341 meeting a few weeks ago for my ch 7 filing. Still waiting on the word if it will be approved or not. My name and my husbands name are on our 2009 Dodge car that we owe 14K on but blue book is only 10K. If I dont re affirm this, what happens since my husband name is also on the loan? My attorney suggests from the letter we just got from him on Friday for me to not re affirm. Please help. Thanks .

[sunshinepa]

You didn't say wether the BK was joint? Really, it doesn't matter, take your attorney's advice and don't reaffirm a car worth less than owed on it. To keep the car, just keep paying.

[Allison1966]

I forgot to mention in my above post that I am the only one filing ch7 bk. So, if I don't re affirm the cars (we have 2 that are financed with both names on them), couldn't the finance companies just come and take them both? Then what do we do about needing 2 cars again?

[sunshinepa]

I forgot to mention in my above post that I am the only one filing ch7 bk. So, if I don't re affirm the cars (we have 2 that are financed with both names on them), couldn't the finance companies just come and take them both? Then what do we do about needing 2 cars again?

The finance company wants paid, not your car or the hassle of a repo. Not positive, but I would think since your husband is not filing (and if he is on both loans) he is still responsible, kinda like a cosigner? That would mean as long as he pays, they can't take the cars.

I've never seen a post here where the payments were made and cars were taken but I have seen folks who reaffirmed, could not afford the payments and were stuck with the debt and expressed remorse because they have been repo'd and still owe debt. General consensus here is...........don't do it.

[bcohen]

Under NO circumstances would I suggest reaffirming any depreciating asset--such as a car or truck--especially one that you owe more for than what it's worth. Although there are some lenders (such as Ford Motor Credit) which are known to reposess even if paid on time, most lenders will let you keep the car--even without reaffirming--as long as the payments are made.

In fact, the ONLY thing which I would recommend reaffirming is the lease on a house or apartment in which you live, and are current on the rent, and wish to remain. Other than that, you really shouldn't reaffirm anything.