I filed Chapter 7 on 2/25...I have a house, homeowners dues and a car which I have kept current and plan to keep. In my Bk docs, "Statement of Intentions", under HOA dues the boxes checked are "Retained", "Other" with a note "Debtor will continue to make direct payments" and "Claimed as Exempt". My house & car sections have the boxes "Retained", "Reaffirm the Debt" and "Claimed as Exempt". I'm still very confused about "Reaffirmation". I want to keep my house and car and continue to pay as before. Please help me understand this??? So confused!!
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Hey mk, I know you are just learning the ropes here.... generally the board advises against both except in unusual circumstances. This is discussed almost daily, so do read some of the stickies to get a feel for some generalities.
Take a few minutes to read this (well, maybe more than a few)... and let us know who your lenders are.
Keep On Smilin' -
Mortgage is Wells Fargo and Car is Chase. Reading but still confused!! My head is spinning!!Comment
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mk, I just signed my papers today and am as confused you are still and am not sure I did the right thing. Thing that always got me in whatever I read, was 'don't reaffirm' but then don't tell you what the thing is that was selected to keep them in their homes so long. I'm not so much talking about here, but more the articles you find online. lol It gets crazy in your head sometimes, but hang in there.Comment
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You too TR - Like you, I wondered if I was doing the right thing, I thought long and hard before Filing Chapter 7 - there was just no other way for me anyway. I guess my question put simply is this...I want to keep my house and car, keep paying as I always have period!! Will the banks come after me even if my accounts are current?? I guess I will need to speak with my attorney.Comment
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Hope your's is better than mine!Comment
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If you keep paying, there is no reason for the banks to come after you.
The rare exceptions include certain finance companies that insist on reaff's, and cases where your equity is high and balance is low.
Reaffirming is generally contrary to the concept of a fresh start.
You guys will be fine... just hang in there, keep reading and keep asking.
Keep On Smilin'Comment
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We didn't reaffirm on either car (although we checked the box). I was clearly told that I was taking a chance not signing the reaffirmation agreements for the cars(but they still advised against reaffirming) , and after the discharge, I contacted both companies. They told me not to worry about it. Continue to pay and they put a note in my file that we intended to keep the cars. Ally and TD Auto Finance. One of the cars has at least 10k in equity.
House- attorney clearly recommended against reaffirmation. Even if you checked the box to reaffirm, just don't sign the papers. You'll be fine then.Comment
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Well if you don't sign, don't you have to select something else??Comment
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No. Just ignore it and keep on making payments as usual."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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So you have to send a rescind letter?Comment
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If you do NOT sign reaffirmation papers, there is nothing to rescind. If you DO sign them, then yes, you have to rescind.
Even though you check marked the Intend to Reaffirm box, unless you actually SIGN Reaffirmation papers from your lender, that check mark means nothing."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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Sorry, cuz I don't mean to hijack this thread, but doesn't the lender get ticked off?Comment
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If they do, well it's the price of trying to do business in this economy. As long as your payments are on time and in full as they always have been, they have no reason to take action against you. Also, they have no legal basis to take action. It is only when you fall behind in making your payments--in which case then you would be breaking your contractual agreement--that they have the legal right to take action."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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Does anything get said at the 341 meeting, if you haven't signed the agreement?Comment
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