Changing your mind about reaffirming?

[ondeck32]

I have already had my 341 hearing and I reaffirmed my car, now I cant afford it and want to change my mind and give it up its been about 45 days sice the hearing. Can I change my mind and not be resposible for future collections?

[HHM]

1. Are you represented by an attorney.

2. Have you actually signed a reaffirmation agreement.
If yes, has it been filed with the court.

If all you have done is merely state your intention to reaffirm (i.e. on your Statement of Intentions in your petition), then you have NOT officially reaffirmed.

In any event, if you have officially reaffirmed, you basically have until discharge (which is probably about 15 days away) to rescind the reaffirmation agreement.

[ondeck32]

1. Are you represented by an attorney.

2. Have you actually signed a reaffirmation agreement.
If yes, has it been filed with the court.

If all you have done is merely state your intention to reaffirm (i.e. on your Statement of Intentions in your petition), then you have NOT officially reaffirmed.

In any event, if you have officially reaffirmed, you basically have until discharge (which is probably about 15 days away) to rescind the reaffirmation agreement.

Yes I signed the affermation and it was filed. But the bankruptcy hasnt been discharged yet.

[HHM]

Ok, then you simply need to rescind it...but, i am not exactly sure what you need to file, maybe someone else will have that info.

The form is probably something simple, like "Withdrawal of Reaffirmation" or something like that (I don't know if there is a "standard" form). Basically, all you would say is "Debtor hereby withdraws the reaffirmation agreement with "xyx" creditor that was filed on....etc" File it with the court and mail a copy to the creditor.

You need to hurry though. Discharge will occur 61 days from the date of the 341 meeting (or, at least it is supposed to). Also, I think there is a clause that gives you 60 days from the date the reaffirmation was filed to rescind, but your best bet is to get it done ASAP.

[ondeck32]

Ok, then you simply need to rescind it...but, i am not exactly sure what you need to file, maybe someone else will have that info.

The form is probably something simple, like "Withdrawal of Reaffirmation" or something like that (I don't know if there is a "standard" form). Basically, all you would say is "Debtor hereby withdraws the reaffirmation agreement with "xyx" creditor that was filed on....etc" File it with the court and mail a copy to the creditor.

You need to hurry though. Discharge will occur 61 days from the date of the 341 meeting (or, at least it is supposed to). Also, I think there is a clause that gives you 60 days from the date the reaffirmation was filed to rescind, but your best bet is to get it done ASAP.

Thanks HHM! Big Help!