Can I rescind 30 days after discharge?

[Stilltheone]

I found a legal site that states I can rescind my reaffirmation agreement 30 days after discharge.

Is this true? Anyone ever heard of this?

[rfassett]

My understanding is that reaffirmations can only be rescinded within 60 days of their effective date. If you are represented by an attorney, the effective date is the date of signing of the reaff. If no attorney, the effective date is the date that the reaff is approved by the bk judge in a reaff hearing.

[HHM]

My understanding is that reaffirmations can only be rescinded within 60 days of their effective date. If you are represented by an attorney, the effective date is the date of signing of the reaff. If no attorney, the effective date is the date that the reaff is approved by the bk judge in a reaff hearing.

That about sums it up.

What are you hoping to accomplish by rescinding it?

[Stilltheone]

That's what I thought, but then I stumbled upon a website that said filers have 30 days after discharge, so I just wanted to make sure.

HHM, we no longer want our vehicle. The payments are too high, we're upside down in it and gas prices are getting too crazy to keep it. When we reaffirmed it, we didn't really want the car, but I needed a car and didn't think I'd be approved for another car loan, so we kind of kept it by default..LOL

I guess we'll just try our luck at selling it outright.

Thanks!

[rfassett]

I just noticed your discharge date. Even if what you say is true, which I don't think it is, you were beyond the window of opportunity anyway, since yesterday was your 30th day post-discharge. Today is day 31.

[PoorGrammyinBK7]

I found this on a legal website:

Debtor’s Right to Rescind

As was the case under the Old Bankruptcy Code, the New Bankruptcy Code provides that a debtor may rescind its reaffirmation agreement the later of (i) sixty (60) days from the date such reaffirmation agreement has been filed with the court or (ii) the date the court issues the discharge order.

So when was it filed with the court?

[Stilltheone]

I just noticed your discharge date. Even if what you say is true, which I don't think it is, you were beyond the window of opportunity anyway, since yesterday was your 30th day post-discharge. Today is day 31.

Yep, I realized that this morning.

Looks like for now, we keep the Escalade and keep paying down on it. Now, my husband is talking about getting a newer one, so we plan on waiting it out for a few months.

Thanks everybody!

[Cali]

The gas on your SUV has been high even before gas went up, the reason I know this is because I had a Navigator that uses gas like yours. Why would you keep something you couldn't afford, even if you didn't think you could get another vehicle? Couldn't you have taken the payment amount and paid for a car to get you by?

And now your DH wants a newer version yet you can't afford the one you have now.

[banca rotta]

I think your attorney can be in some hot water if he does a reaff and you can't afford to pay it.

I would be careful with the whole "high price of gas thing". While it SUCKS,So many people are selling their gas guzzlers for smaller cars and hybrids and the value of gas guzzlers are falling very fast while the fuel efficent cars are climbing in price but not value. It's ok to buy if it's in the budget, but othewise it actually pays to keep it at least until you aren't upside down.

I love this article

http://www.daveramsey.com/etc/newsletters/company/072508.cfm?ectid=cnl0807_05#1