Reaffirmation on cars? Not here!

[kenshirley]

My daughter is in the process of filing chapter 7 also. I went with her and introduced her to our attorney that she will be using.
An interesting fact here is that the attorney stated that a district judge is now not allow allowing reaffirmations (or not recommending anyway) for the most part now.
That leaves you with the ride through so if something else happens you just surrender the car.
Interesting anyway I thought.
When we filed the reaffirmation was not a problem and it's what we wanted.

[AngelinaCat]

That is going to be an interesting scenario when the bank or credit union REQUIRES a reaffirmation agreement on the automobile in order to keep your account(s) with that particular institution.........

[kenshirley]

Good point, I know that credit unions can be a real problem for people in BK.
My daughter has a credit union and a loan there, but it's a personal or unsecured loan.
I had already told her to get away from the credit union as a bank and she has done so preparing to file.

[lookingforward]

Our lawyer told us that we were required to file a reaffirmation with GMAC. When it came down to it, GMAC decided not to file the paperwork. So we are doing a ride through also.

I never heard a word from the bank who has my mortgage, no reaffirm there either, and I was expecting one.

[downsized]

Our lawyer tossed our (2 auto loans from GMAC) reaffirmations papers asside and said he didn't recommend we sign them so we didn't. They sent papers to our lawyers about a month after we filed. We surrendered one car and continue to ride thru the other.

[nerves]

Can someone please explain to me how the reaffirm and ride through works? We have a situation where we used our truck as collateral for our business loan. We tried to get the back to finance the truck through BK - but they declined. We would like to keep it in the end but not sure that will happen if we can't get financing. So, we would like to keep as long as possible. The value of the truck is less than what is owed on the secured loan. Thanks for any input.