Should we not have bought this car????

[ssmdem]

I'm so confused. I think I'm seriously spending too much time on these boards -- Now I'm reading that you may not be allowed to reaffirm that loan even if you're current on it??? We just bought the car - got a great deal on it - payments will be a piece of cake to handle once we don't have the huge house payment and credit card bills to consider. We traded in our old car to get a newer one while we still had a good credit rating and could get a good rate -- also the fact that there was no way our current vehicle would last until we were far enough out of bankruptcy to get a decent auto loan. Our plan was to reaffirm the auto loan, keep our second car which is paid off and only worth about $3k but in great condition, and we're set with vehicles for several years. We have no other assets - so even in Florida, we're good with our exemption amount. Why would they not let you reaffirm that loan??

[StartingOver08]

Why do you think "they" won't let your reaffirm it?

[ssmdem]

Well I hope they do - I sure didn't buy the car to have to turn around and give it back. I was just looking at this thread http://www.bkforum.com/showthread.php?t=52502 "confused on attorney's advise" in the Chap 7 forum. What conditions would make them not allow us to reaffirm that loan and have to go before the judge and argue the case for it?

[StartingOver08]

The answer is right in the thread: that person went to a bankruptcy mill and the attorney will not sign for the reaffirmation.

Is your firm a bankruptcy mill type firm?

[ssmdem]

The answer is right in the thread: that person went to a bankruptcy mill and the attorney will not sign for the reaffirmation.

Is your firm a bankruptcy mill type firm?

I don't think so - still deciding between two attorneys - one definitely not, the other I know they handle a bunch of bankruptcy cases (TV show and all that), but we were able to get in directly with the attorney who spent an hour just talking with us about our situation - so I would guess not. ???

[StartingOver08]

Attorney #2 sounds like a BK mill. Ask him directly what their office policy is for signing reaffirmation agreements. Remember, some attorney's do not want to vouch for you so their policy is to let the judge decide if you have the ability to repay.

I had no issue with my attorney. He signed the one reaffirmation agreement at my request. He agreed to sign both of mine, but I am the one that changed my mind and surrendered the second vehicle. This policy varies from office to office. Some attorney's just won't sign them at all.

Look up some of the threads where people went in front of the judge to get his decision. You have to walk a fine line to show that you can make the payment but not make too much!

[ssmdem]

Okay - I'll have to ask him about that. I know we discussed purchasing a new car when we talked to him, and he never said not to do it. His only suggestion was to be careful when trading in the old one to make sure that our "asset" amount between the two stayed close so that the trustee wouldn't look at it too closely as transferring a non-exempt asset into the loan. The dealership gave us a great deal on the car, as well as the trade-in, so we came out about the same. I would guess he would have metioned not signing reaffirmation agreements during that conversation if that were his policy - but unfortunately, I didn't know to ask. Will have to doublecheck though. Thanks!