Yay! I think - and ?? about cancelling a re-aff.?

[blaze]

Just found this on PACER - 48 days after 341 hearing!!

Trustee's No Distribution Report: I, the trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate except exempt property; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. No party in interest has filed a request for an order of dismissal pursuant to 11 U.S.C. 521(i)(2). Pursuant to FRBP 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. Wherefore, I request that this report be approved, and that I be discharged as trustee. This report is signed and submitted under penalty of perjury. Filed by ***on behalf of **

this is what I've ben looking for right? - I really think so but would love to hear it from someone else. Our 60 days is up in a couple of weeks ON MY BIRTHDAY!
But here is a question - We reaffirmed our car loan - much to my protest - but DH was determined. If by chance I convinced him to come over to my side could we cancel the agreement? The reaff has been filed with the court but says we have 60 days or until our discharge to cancel it. Has anyone here ever cancelled one? And would it be a bad idea to do that? DOn't want to put up any red flags now that we have the no disturbution report - but I SO hate the idea of reaffirming a loan we are upside down on - But DH says it is not worth the risk of a ride through b/c we'd screwed if they took the car and our attny actually says he's seen it happen even with people being current. Thanks for ALL the advice and support here. Sorry this post got so long - I guess I am excited


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[laurannm]

First time I have heard of people losing their car while doing a ride-through, as long as they remained current. Who is your lender what state do you live in? Your state's repo laws come into play as well

[blaze]

We live in GA - the loan is with Regions. We really would be in trouble if they took the car - we have no money saved up to buy another and DH has to travel every week for his job and we have a van that is paid for that we get to keep but we have 4 kids and I have to have it. So he thinks the risk - however small-- that they would take the car is not worth it. It is worth 13,000 - we owe 19,000 - have 4 years left on the loan - it seems crazy I know but I don't know what else to do.

[blaze]

From doing some research it sounds like ridethroughs are not a good idea any more. And I think if we cancel the reaff they will repo as soon as we are discharged so I guess we are stuck. I wonder if you can get gap insurance on cars that are worth less than is owed. Seems like you'd have to have that by law?

[laurannm]

Out of curiosity, where did you find info that implied that ride-throughs are not a good idea any more? Ride-throughs seem to be alive and well, particularly on this board.

I have heard that there maybe some lesser known or smaller lenders (not sure if Regions is) may try to repo if you do not reaffirm, but most of the national or larger lenders allow for ride-throughs

[blaze]

It was advice on another board that made me think that. Most people on that board are against reaff's as well but a couple of posters there that are respected and seem to be knowledgable said that. I could post their comments here for you but I don't know if that is OK to take comments from another board and put them here? I got a lot better feedback and advice on THIS subject there. I have had good advice here but nobody seemed to have anything to say about my thread on this. Reaff's really confuse me but my attny just keeps saying if you want to keep something reaffirm it or you have to know you risk losing it even if you are current - By law after the discharge anything not reaffirmed is included in the bankruptcy and if secured (like a house or a car) can be taken. So we reaffirmed car and house. The house was a nobrainer - The only reason we have so little equity that it was exempt is b/c the housing market in Atlanta stinks. We love our schools and our fmaily is here and really don't ever plan to move - Our interest rate is 30 yr fixed at 5% - So eventually the market will recover and we'll have equity. We can wait and we love our home and this are. The car - not so much that we love it but that we hae to have A car and buying one after BK would be tough and we'd end up paying what we are now or more b/c we'd pay a high interest rate. So any way - Hope that answers your questions - I think you asked me a while back how we decided to reaffirm - that's it. It seems to be a tricky topic.

[laurannm]

It's definitely a tricky topic. Our lawyer is saying almost the exact opposite to what you are saying, where we don't have to reaffirm in order to keep our house/car as long as we remain current. To be honest I don't necessarily mind reaffirming in our situation but I am not sure my lawyer would be willing to sign the reaffirms since we are a little negative on our schedules and means tests. We are in the same boat as you though; great school district, family is all here, good interest rate and don't ever plan on moving. Were you guys showing negative as well?

[blaze]

no - including the house and car payment we had $5.00 left over.
I'd love to NOT reaffirm the car and keep making payments for a year or 2 - then surrender it and buy something else. But if there is even a chance that they will come take it right now - it's too risky for us. I don't know why there is so much grey area on this issue.