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Discharged Today!! But worried about Reaffirmation

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    #1

    Discharged Today!! But worried about Reaffirmation

    So, I thought I'd be bouncing off the walls happy when I received my discharge, but I'm kind of worried!! It came too soon! I just received my Reaffirmation Agreement in the mail a week ago, and just mailed it off to the credit union who has the lien on my car. This is was Pacer says:

    Pending Statuses

    Status Begin
    Date Time in
    Status # Status Set By
    Case Closed 01/19/2006 1 days 11 AutoClose bankruptcy case

    Disposition: Discharge Granted Dismissed:
    Joint: n Confirmation Hearing:
    Pending Status: Case Closed
    Flags: CLOSED

    Wooooooo hoooooooooo!!!!!!!!! But at the same time, uh-oh!! What do I do about my car?!?!? The people at my credit union are *******S, can I get by without reaffirming even though I had intended to? Will I have to reopen the case just do to that? Ugh, headache...
    Tags: None
    #2
    Well, since you signed the reaffirm papers and mailed them back, you have now reaffirmed..... they have it in writing now.

    So if you should default on your payment now - yes, you will be responsible for the entire debt for the auto.

    If you had not signed them and mailed them, you could have just kept on making payments as usual. Then in the future if you wanted to surrender the auto, you could have without paying the remaining balance.

    The credit union will probably send the Trustee a copy of the reaffirm papers for their records.

    Hope this helps explain.
    Minny

    "It's amazing the paths that our feet sometimes follow in life".

    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

    Comment

      #3
      Minny, I disagree. If the reaffirmation wasn't filed, and a reaffirmation hearing held, before the discharge was entered, it is invalid.
      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

        #4
        a reaffirmation paper must be given to teh court before the case is discharged is my understanding.

        regardless, im sure that worst case you would just have to pay a bit extra and reopen the case to file it. its not like reaffirming is ripping off the creditor as they want you to reaffirm - its to their benefit.

        let us know your outcome.
        Im not an attorney or a trustee. You cant trust me either though!

        [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
        [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
        [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
        [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

        Comment

          #5
          Yeah, our RIGHT - they do have to be filed before discharge.............Beat me with my own "ugly stick".........

          What was I thinking?????

          If it is discharged in bk, I would just leave it that way and continue to make payments on it....

          Would probably cost him to re-open and file the papers.....$150.-200...........

          This way if he decides to turn the auto in, he pays no balance in the future......

          But make sure all payments are in full on time from here on out or they can repo real quick.

          Keep me straight folks - old age is settling in........senility - gosh I hate getting old..............

          Mind goes first!!!!
          Minny

          "It's amazing the paths that our feet sometimes follow in life".

          My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

          Comment

            #6
            right minny. honestly im still trying to get a handle on why anyone wouldl reaffirm. just keep making payments if you can.

            unless you want it reported to the credit bureau during the payments then why not try to keep it without the responsibilty of havin g to keep paying the entire balance.

            im looking for the pros to reaffirming as opposed to just making payments. anybody got any?
            Im not an attorney or a trustee. You cant trust me either though!

            [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
            [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
            [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
            [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

            Comment

              #7
              There can be reason-if you are nearly finished paying it, or it is joint with someone who didn't file BK. Might as well get the benefit of the positive trade line!!
              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

                #8
                yes like i mentioned reporting to CB, but whats the 'joint' rational? to keep it from affecting their credit report in a negative manner i would assume.

                how would it report? wouldl they try to collect of that person too?
                Last edited by bkfiler; 01-20-2006, 08:45 AM.
                Im not an attorney or a trustee. You cant trust me either though!

                [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                Comment

                  #9
                  Not exactly... Lets say I'm on the loan w/ someone who doesn't file BK. Between the 2 of us, it will be important to keep the loan current. (They will want it paid, even if I don't.) Might as well get the benefit of the positive TL.
                  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

                    #10
                    ok but how does it effect the other persons credit if it goes un-reaffirmed?
                    Im not an attorney or a trustee. You cant trust me either though!

                    [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                    [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                    [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                    [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                    Comment

                      #11
                      It doesn't. But if it HAS to be paid anyhow, might as well benefit the person who filed.
                      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

                        #12
                        yes i understood that when you first said it. lol

                        im asking something else.

                        you said it doesnt effect the cosigners credit if i bail out on a loan via bk? how does it show on their report then?

                        dont they go after the other person on the contract?
                        Im not an attorney or a trustee. You cant trust me either though!

                        [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                        [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                        [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                        [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                        Comment

                          #13
                          If the loan keeps getting paid, no issue. If not, it would show on their report as what it was: a repo, or charge off-depending on the situation.
                          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

                            #14
                            does it show repoed or charged off if you keep making payments?
                            Im not an attorney or a trustee. You cant trust me either though!

                            [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                            [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                            [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                            [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                            Comment

                              #15
                              It shouldn't. It might indicate 'included in the bk of another' but that can probably be disputed away.
                              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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