Can someone tell me how the reaffimation process works? Is there something I have to initiate? If I request to reaffirm will vehicle financers typically do it automatically. I guess my real question is "how easy is it going to be for me to keep my vehicles and what can I or do I need to do to make that happen?"
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only my experience
Originally posted by busybees5
I received 2 weeks after I filed chp. 7 pro se, a letter from my home lender
and also my car lease. My home lender ask my intention , I checked on
the letter & returned it to them,that I would be keeping the house & intend to keep payments current. They also sent a reaff. agreement, but there is a signature on that form that requires the Judges approval.,so I did not sign that until the
341 meeting.US trustee must approve it first. The car lender did not send me a bill, but stated that if I intended to keep it that they expected payment as agreed too.. Both
said under law they cannot bill you under the automatic stay. So I plan on
making payments as usual (house & car). A reaff. agreement is not required buy the court,
as to my understanding, however the lender may require this before discharge. Anyone have any further guidance on this topic? Hope this helps
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If your payments are current, you should not have a problem keeping the property/vehicle. (If you have excessive equity, there may be an issue of owing trustee for any amount over your allowed exemption.)
You can contact the lender, or they may send you an agreement to sign. In general, you don't HAVE to sign - just keep your payments current. If you do sign a reaffirmation, you give up the BK protection and if you default down the road, you're 100% liable.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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StaciMM is absolutely correct, stay current and don't sign anything. There is no need. Good luck.
I'll be watching, you may never know when or how, but I'll be there. I am there now....
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