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Pre-filing Chapter 7, what worked best for those who didn't reaffirm car loan

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  • Pre-filing Chapter 7, what worked best for those who didn't reaffirm car loan

    My attorney is advising me not to reaffirm my auto loan. It was taken out a year ago when I had numerous charge offs and collections and zero positive trade lines posting on CRs while I was living overseas for three years.

    I'm underwater $4,000 and paying 24 percent APR, and actually felt lucky to get that when returning to the states in April 2013, and attorney is saying I should stop paying car not once filed and take some of those "friendly" pre-discharge auto loan offers his clients get, saying I would still see offers in the 14 percent APR range.

    But I'm wondering if it wouldn't be better to pay the note without reaffirming, thinking lenders will view that more favorably. Right now, my Equifax is showing a score of 647, and that's with six accounts in open collections and five charge offs. The auto loan shows as pays as agreed for 14 months with no late payments.

    I'm trying to make some strategic decisions pre filing, and wonder if making payments through the bankruptcy would even report to the CRs? THe only other positive time lines on my report now is a secured credit card and authorized user of an AMerican Express Card. I'm being told to close the secured account and remove myself as an authorized user on the American Express.

    Sorry if this is appropriate for the rebuilding threads.

  • #2
    I agree completely with your lawyer. 4K upside down and 24% APR? Do NOT reaffirm that car. Honestly, not even sure if the judge would allow it since it's such a bad idea.

    I didn't do it myself, but I think your lawyer estimation of the APR you'll be paying is in the ballpark. It may seem counter-intuitive, but post discharge there will be plenty of people willing to finance a car for you. I got an offer in the mail on the day I discharged, and I've gotten probably 10 offers since in the mail.

    You are worried about your credit score and want to throw money away on a bad car loan in the hopes that your post discharge credit report will be better. Your concerns are very common among people who file bankruptcy and they are completely misplaced. Bankruptcy (especially a ch 7) is the nuclear option. Don't throw away money in a futile attempt to ameliorate the impact of BK on your credit report. Essentially, stop caring about your credit report from now until you are discharged. Even after discharge, many people stress about their credit report and make bad decisions such as taking one of those predatory Credit One credit cards or buying a new car, all in the hopes of kick-starting their credit. The fact is that your credit will improve just as fast if make sensible choices like applying for a credit card with no fees or even a secured credit card at a credit union.
    Chapter 7, above median, no asset. Discharged with no UST involvement.

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