Need clarification about vehicle reaffirmation

[Rona123]

Hi all,

I've seen a ton of threads about vehicle reaffirmation lately, but some of them seem to conflict, and even my attorney seems unsure about how the new bankrupcty law affects reaffirmation.

The reaffirmation agreement I received from my lienholder states that I can cancel the agreement either before discharge, or 60 days after the agreement is filed with the court, which could mean AFTER discharge.

From some of what I've read here, it sounds as though I can no longer just sit on the agreement and then give the car up after my discharge, but that is exactly what my attorney is telling me I can do.

So which is it? Do I have to file the agreement, and if so, is it really binding, as I've read some places, or can I cancel it, as my agreement seems to suggest, and just give the car back without it affecting my discharge? Or is my attorney correct?

Does anyone have any experieces with reaffirmation under the new law that they can share, or can anyone point me to some actual documentation about the bankruptcy code as it pertains to this issue?

Thanks!
Ron

[StaciMM]

You can cancel the agreement, within 60 days of signing it.

THe main issue w/ the new laws is that if you don't reaffirm, the auto. stay expires sooner. Meaning if you are behind, the creditor will come for it sooner.

[Rona123]

Thanks Staci!

That's what I understand as well. Do you know if/how that would affect my discharge? And If I don't reaffirm, but remain current until after the discharge, and then surrender my car, could my case be re-opened?

Thanks again - they sure have complicated things, haven't they?!

Ron