Another Question about keeping our cars

[downwardspiral]

When we file we are going to keep our cars. The attorney we met with said we should continue to pay for our cars during the whole bankruptcy process.
Even when we stop receiving the bill, which he said we will because of the stay order.

My question is, can they come repossess are cars even if we send them money? My husband is so nervous about this.

One of our cars is with Chase, two of the credit cards we have that will be included in the bankrutcy are from Chase. Can they come take the car?

[Cali]

I would think if you are paying them, they have no reason to repo.

[keepmine]

They can't repo unless, they file for relief from stay and the motion is granted. If you're current, they have no reason to request the stay be lifted.

[downwardspiral]

So what's the difference between continuing to pay (ride through) and signing a reaffirmation? I read this scary article that said creditors were repossessing cars, even with current payments, because people did not sign a reaffirmation agreement.

[keepmine]

A ridethrough means if at anytime post discharge you may surrender the car with no liabilty for a deficiency balance. A reaffirmation means you accepted all the terms and conditions of the loan post bk. If you default with a reaffirmation agreement, they may sue you for any deficiency balance.

[JRScott]

The only danger is if the cars have a good value compared to what you owe. Generally speaking though most folks owe more than a car is worth so its not in their interest to repossess.

[oldrocker]

It also depends on what state you are in (strength of consumer protection laws) and who the creditor is. Here in nc my lawyer says Ford (my case) will repo even if currant on payments. We will reafirm as I owe pretty much what its worth and am allmost half way through a 0% loan on it. I must say it is nice seeing my whole payment go to principle instead of some to interest.