Refirmation on vehicle loans

[Chicken123]

We attended our 341 meeting on 07/29/09 - payments are set at $340.00 per month for 60 months. I can live with this, since our car payments are figured into the monthly amount and I was paying about $490.00 per month for the both of them. My question is now that the 341 meeting is over, will our banks send us letters to sign about the reafirmation or do we have to go to these banks and take care of it ourselves.

[justbroke]

The Bank will send you a reaffirmation agreement. However, the bank may not send them, and allow you to do a ride-through. A ride-through allows you to keep paying, and so long as you stay current and don't make any late payments, the Bank will not repossess your car. Some Bankruptcy Districts don't actually allow reaffirmations because the underlying State law allows you to continue making on-time payments and be protected from not having your car repossessed.

[Chicken123]

Okay so you're saying that, as long as the cars are under my chapter 13 and the trustee is taking care of sending payment to the banks for them..we may not have to sign a reafirmation agreement? I was just wondering because as of today we still haven't seen anything from the banks we are financed with, my second payment to the trustee is due here in a couple of weeks.

[justbroke]

Okay so you're saying that, as long as the cars are under my chapter 13 and the trustee is taking care of sending payment to the banks for them..we may not have to sign a reafirmation agreement? I was just wondering because as of today we still haven't seen anything from the banks we are financed with, my second payment to the trustee is due here in a couple of weeks.

Oh, Chapter 13. You keep your car so long as you have provided for it in you Plan (of Reorganization). There are no reaffirmations in a Chapter 13.

Did you file with an attorney?

[Chicken123]

Okay! Now I am not so confused, lol! Yes we did file with an attorney...thanks for your help.