Chapter 7 Auto Reaffirmation

[cz3ch]

I'm in the middle of filing a Chapter 7 case. My bank accounts and primary vehicle has been listed as exempt. I plan to retain and reaffirm my automobile account since it's my primary vehicle.

Provided the fact my lawyer has listed it as exempt and up for reaffirmation (the lender has sent a reaffirmation packet to my lawyer already), what are my chances that the judge will order surrender of the car?

I owe 18,000 on the car and have barely 3,000 of equity in it. Calculating my budget the lawyer has shown that I can afford it and not come up negative after expenses.

This is my first bankruptcy and I'm a bit paranoid that they will take my car. I shouldn't be since it was exempted and setup for reaffirmation and my primary vehicle, but I'm still worried.

What am I up against most likely, if anything?

Thanks in advance!

[tobee43]

if the amount has met the exemption requirement you should be fine. many people reaffirm their cars during a bk, just not their homes. it's common happening.

worse scenario is that if you were over your exemptions the trustee would allow you to buy back the car in installed payment plan.

[cz3ch]

if the amount has met the exemption requirement you should be fine. many people reaffirm their cars during a bk, just not their homes. it's common happening.

worse scenario is that if you were over your exemptions the trustee would allow you to buy back the car in installed payment plan.

How would that work? The payment plan?

I talked to Carmax today who is financing the car and they said I can continue to pay payments and keep the car regardless of the bankruptcy. I'm just looking at the worse case scenario. I can't be without a car and am afraid they might take it.

[tobee43]

well, i know at first our atty thought our car was over the exempted amount. it was explained to us that whatever was the exempted amount less the equity we could make monthly payments to buy back our car. our car tho, had NO loan on it. lucky we didn't reaelly own anything, other than that car at the time.

most people are able to keep their cars during a bk, and continue just making their payments, and some reaffirm the loan and others do not.