My husband and I are unsure about reaffirming our car loans. We want to keep both cars. If we don't reaffirm them and we continue to pay them will our on time payments not be reported to the credit bureau? I want to rebuild my credit and since I plan on keeping my car and should I reaffirm?
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If you do not reaffirm them and are actually able to keep them, you will no longer see any history on your credit reports. The debt is discharged. Also, some places may allow you to keep the vehicle and keep making the payments on them but others will not.Originally posted by bunks
If you are truly wanting to keep them and are not upside down on the vehicle, then reaffirm them. Just let your attorney know that is what you want to do and he will get it taken care of for you and send some documents for you to sign off.Thanks,
GaCreditGuy
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BK7 Filed : 01/29/2006
341 Completed : 03/06/2006
Deadline For Objections: 05/05/2006
Discharged : 06/30/2006
Case Closed : 06/30/2006 -
Well, we are upside with both loans. our lawyer suggests that we not sign the reaffirmation but i am just concerned that i am going to be paying on them and it will not help my credit score any. and if we don't reaffirm could the bank come take our car whenever they want even if we are paying?Comment
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Except that with the new laws you're REALLY unlikely to find an attorney who will sign off on a reaffirmation.Originally posted by gacreditguyFiled Ch. 7 Pro-Se: 10/12/06
341: 11/6/06 (went AMAZINGLY well!)
Discharge: 1/12/07
Closed:1/19/07
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LostOne0069, my attorney asked me what I wanted to reaffirm and notified the lenders. Once the reaffirmation agreement were sent to him, he signed them off and then forwarded to me for signature. I then sent the signed documents back to the lender and they were filed with the court.Thanks,
GaCreditGuy
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BK7 Filed : 01/29/2006
341 Completed : 03/06/2006
Deadline For Objections: 05/05/2006
Discharged : 06/30/2006
Case Closed : 06/30/2006Comment
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I've raised this same question to my atty, and she said, "It's unlikely that an auto lender would repossess, but don't leave any personal items in the car and don't be surprised if one day it's gone." Weird. I tried searching for info about this possibility, but I'm striking out. I read this same sort of statement form another law firms FAQ.Originally posted by bunksBankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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Well, I am not going to take the risk of my car being gone. It is a reliable fairly new minivan that i need to get my children around. we are going to reaffirm my car and not my husbands. his is a piece of junk anyway and he drives his company car 90% of the time. my attorney said he would do whatever i wanted to do. no point of not signing it since i plan on keeping and want to get credit for my on time payments. thanks so much for the input!!!Comment
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If you reaffirm it reports as part of the bankruptcy, only difference is that it also states you've made your payments ontime (where your CC's report as discharged). I'm not sure how it counts score wise on your credit report though. We reaffirmed one and did a redemption loan on the other. However that was two years ago so the laws could be different now.Yo ho, Yo ho, a pirates life for me
Discharged 9/1/04Comment
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under the old laws...as long as you make your payments on time the creditor has to adhere to the original contract. therefor....as long as you pay they can not take the car.
but that was under the old laws...maybe someone who has done it under the new laws can help you.
Filed July 09
Confirmation - June 2010
Final Payment - June 2014 - 7/2/14 DISCHARGEDComment
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I just received a reaffirmation aggrement. The car loan had a bal. of 12500, now down to 10,000 and payment is lowered. Reaffirmation looks like the way to go.
My question is, nowhere on the documents does it show what the hearing fee or legal costs will be. My lawyer says she will not be representing us for the reaffirmation, so we will be Pro Se and a hearing is required.
Are these costs steep? Are there any costs?Comment
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My atty fees for the reaffirmation was $400 and it was included in the monthly payment of the van.Yo ho, Yo ho, a pirates life for me
Discharged 9/1/04Comment
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Thanks DG, hopefully that will happen with me then too. Things are sooo tight right now, another fee would kill me.
I also believe we have two more reaffirmations to go too.
Side note, I am also a huge Disney fan. Saw POTC-DMC last night.Comment
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Saw it Saturday morning, I LOVE that movie! Can't wait until the next one comes out May 07!Originally posted by given2fly
Yo ho, Yo ho, a pirates life for me
Discharged 9/1/04Comment
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we have no loans on our 2 cars,the state of kansas lets us keep our 2 cars for exemptions.
but have a motorcycle with a note on it. would we be able to reaffirm the loan..the attourney says It bennefits me not to. but i dont want them to come and get it.
thanks for any advise..Comment
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