Redemption and Reaffirmation

[jenglenn80]

Hello all! I filed pro se on 3/13/12 and I intially intended to reaffirm my vehicle until I heard about 722 redemption and I was going to go with that until I got denied for the loan. I am going to stick with my plan to reaffirm but I am concerned if my affirmation agreement is denied by the judge that I will have to give up my car. My payments are current and all, I am just worried that the vehicle will be repo'd once I am given a discharge. Any advice?

[justbroke]

Generally speaking, if your Judge denies the reaffirmation, the Judge will also issue an injunction against the lender that they cannot repossess unless you are actually in material default for non-payment or failure to maintain hazard insurance.

In other words, so long as you continue to pay, you should be just fine. Make sure to ask the judge, at your reaffirmation hearing, about preventing the lender from repossessing since you are current and have remained current.

[doni49]

One other thing to be aware of: after filing BK many people want to rebuild their credit rating. If the judge DOES deny your reaffirmation, they lender will almost always (maybe even ALWAYS) stop report your pmt history. So don't depend on that to rebuild.