341 last Friday: Feel better, but one issue with car

[Dirk Squarejaw]

I had my 341 meeting last Friday and things went well. It was very quick and the trustee was joking with the "associate" of my lawyer who represented me that day.

The questions were quick and to the point. However, when he got to my secured property, he stated that I had intended to keep the house with 1st and 2nd mortgage which is correct. Then, he stated that "However, I see that your lawyer has wrongly indicated that you will keep the car by continuing on-time payments. We can no longer do that and you need to either state that you intend to keep or turn the car back in."

I've hardly driven my car since March and have put 8k on my motorcycle instead. I wanted to keep my current car until March 2009, turn it in, start saving my monthly payments and then buy a $2000-$3000 car that is a reliable "point A to point B" car during the summer or fall of '09.

Well, at my meeting under pressure, I stated that I intended to keep the car. I felt pressured and was afraid if I stated that I intended to surrender, I'd come under fire by the trustee and get pushed into a BK13 because that would let loose of $360/mo and give me excess cash.

What happens now if I simply don't reaffirm? Can I get into trouble with the trustee or my case? Or can I just let it go, let them take the car, and go along like I wanted to albeit a few months early. BTW, its a Ford and I've heard they are one of the most hard-nosed on the issue of reaffirming and no ride-throughs.

[AngelinaCatHub]

I never heard that there was no ride throughs referenceing the Trustee. If Ford does not want to ride through, give it back to them. They lose. 'Hub

[AngelinaCat]

Welcome to the 60 Day Club.

[dadkrs]

Similar to Dirk's question

I too am not sure what to do about my car. I'm in a similar situation. If I dont re-affirm I might be pushed into a 13.
I was wondering if you can change your mind after you indicate you would re-affirm, but then decide, not to sign the agreement, that you can't afford it after the 341. What happens. ????????

BTW, mine is Ford also.

Filed Chapter 7 8/29
341 9/26

[JRScott]

You can change your mind after the 341.

The car company should send your lawyer a reaffirmation agreement. Basically just don't sign it. Look over it though and be sure they don't offer a good deal but that is unusual and Ford is one of the hard asses from what I understand. So long as you don't sign the paper you will not be responsible for it.

Even if you do sign the paper but prior to discharge you can let them know you changed your mind I'm pretty sure but ask your lawyer about that to be sure.

While there are many jurisdictions allowing ride throughs based generally on state laws, it is possible you are in a jurisdiction that does not officially allow them and you may not be protected by your state laws. This is something you might could ask your lawyer.

[Cali]

I posted earlier that Ford requires re-affirm in order to keep the vehicle and won't let you ride through. Even though some slipped through with a ride through.

We had both our Lincolns financed with them. We kept one(re-affirm)and surrendered the other. I signed the paperwork because I knew we were indeed keeping the truck.

The company sent me the paperwork a few weeks before my discharge.

[Dirk Squarejaw]

Thanks for the replies. The deal here is that I can afford to keep the car, but why pay $367/mo + $50/mo or so for insurance when it sits in my driveway about 75% of the year. I'd rather let it go and get a decent "beater". I hate to use that term because I had a '90 Sentra I bought for $1800, drove it 4 years and other than oil, tires and a clutch replacement I just drove it and it wasn't a bad looking car. I'd like to go back to that....an older Japanese car that gets 30+MPG, reliable, paid off, and cheap to insure. That way when I don't drive it for a month, I didn't waste $367+ that month for something to just sit.

[Cali]

It was that way for me as well, we could afford to keep both vehicles but I don't drive much so why have it sitting there collecting dust. I had it 3 years and it only had 23k miles on it, and it was new when I got it.

Thanks for the replies. The deal here is that I can afford to keep the car, but why pay $367/mo + $50/mo or so for insurance when it sits in my driveway about 75% of the year. I'd rather let it go and get a decent "beater". I hate to use that term because I had a '90 Sentra I bought for $1800, drove it 4 years and other than oil, tires and a clutch replacement I just drove it and it wasn't a bad looking car. I'd like to go back to that....an older Japanese car that gets 30+MPG, reliable, paid off, and cheap to insure. That way when I don't drive it for a month, I didn't waste $367+ that month for something to just sit.