We signed the reaff with Capital One for the motorcycle. They never filed it with the BK court. We were discharged yesterday. Is this going to be a problem?
TIA!
TIA!
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According to my attorney, because this happened with my car too, is that the creditor is out of luck if you stop paying. You simply surrender the bike and walk away if you need to.
The reaff simply says that you will agree to make all the payments and that they can come after you for the difference (and the bike of course) if you DON'T pay. But if no reaff is filed by your discharge date, the creditor doesn't have that option.Filed Business Chapter 7: 7/11/07
341 Meeting: 8/8/07 Asset Case
US Trustee reviewed case/resolved 9/14/07
Discharged: 10/11/07 Closed: 11/2/08 -
It should not be a problem.
Granted, if you want to "keep" the Bike, you need to continue to make your regular monthly payments on time and in the full amount. But, if at sometime in the future, you decide you can no longer afford the bike, and therefore stop making payments. All the finance company can do is Repo the Bike, but they cannot stick you with an deficiency balance.Comment
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