Statement of Intentions

[zimbra]

Hi everyone! I have been lurking for quite a while and have found some very valuable information. Thanks!

Here is my question...I filed for Chapter 7 on January 8, 2008 with my husband, filed for divorce on February 15, 2008 and had the creditor meeting on February 19, 2008. The original statement of intention had us reaffirming an auto and home loan. Due to the upcoming divorce and wanting/needing a true fresh start, I cannot afford to keep up on the payments and want to surrender both the home and the vehicle. Do we need a new statement of intention, or can the payments just not be made and time will run its course (reposession / foreclosure)? I am really worried about this because if something new needs to be signed, he will not sign it out of sheer spite.

[HHM]

Yeah, simply stop making payments, you don't need to amend your statement of intention.

Keep in mind, unless a reaffirmation agreement is actually signed by all parties and filed with the court, you have not reaffirmed anything. Thus, if you stop making payments, time will take its toll, and the car will be repo'd.

[oldbaddebts]

HHM was correct. Some people, including myself, use the statement of intentions to discourage them from trying to go through the hoops to take the vehicle during the bk. Until the reaffirmation is approved, there isn't one. Also, you have 60 days from the date it is approved to simply notify all parties that you withdraw the agreement and wish to surrender it.

[zimbra]

Thank you so much for your replies. That really eases my mind knowing that I don't have to do a new Statement of Intentions because of a change in circumstances.