Second thoughts on reaffirming car after filing chapter 7

[musclecar75]

I filed my Chapter 7 and had my hearing already, but now have decided to surrender my car, rather than reaffirm the loan. I've made arrangements with the dealer for them to come get my car. Do I need to file anything else with the court before my discharge (which is scheduled for next week)?

[HHM]

Did you file the reaffirmation with the court?

If no, nothing you need to do.
If yes, you need to file a rescission.

[musclecar75]

Yes, I did file a reaffirmation with the court. I will go right ahead and file a recission, because I already called the dealer and told them to come get the car later this week.

[musclecar75]

How do I get a form? What exactly is the form called?

[tcreegan]

recission

Hi musclecar,

Curious, did you get a new contract, both you and a rep from the finance company signed it. Found a form to go with the agreement, sent it all in to the judge ?? (just checking the reaffirmation box on your statement of intentions does not create a reaffirmation. So you can proceed with giving them the car back.)


Go to the website for your court and search through their forms till you find the right one. OR call the clerk of the court and ask nicely what forms would need to be filed to cancel a reaffirmation.


You have 60 days past filing a reaffirmation to cancel one.


Best of luck for you!

Tom in Colo

[musclecar75]

Hi musclecar,

Curious, did you get a new contract, both you and a rep from the finance company signed it. Found a form to go with the agreement, sent it all in to the judge ?? (just checking the reaffirmation box on your statement of intentions does not create a reaffirmation. So you can proceed with giving them the car back.)


Go to the website for your court and search through their forms till you find the right one. OR call the clerk of the court and ask nicely what forms would need to be filed to cancel a reaffirmation.


You have 60 days past filing a reaffirmation to cancel one.


Best of luck for you!

Tom in Colo

Hi Tom!

No, I have not signed anything......all I did was check the box that I wanted to reaffirm my loan when I filed my bankruptcy. I waited and waited for the bank to send me my reaffirmation docs, even called to check on it and was told that they will be going out.

Last week, I called and was told that the loan needs to be current before they send the reaffirmation docs out. I was told that if I surrender the car, I will NOT be held liable for any deficit. After thinking this over, I have decided that I can live without the car and decided to give it back. Yesterday, I called the bank to arrange for them to get the car. My discharge has not gone through yet, but probably will next week.

I wasn't sure if I needed to file something to let the court know that I"m giving the car back or not, since the bank told me that I didn't need to do anything and I wanted to make sure that once they have the car, that they will not come after me for any deficit.

[HHM]

Okay, then you haven't actually reaffirmed. So, nothing you need to do.

[musclecar75]

Okay, then you haven't actually reaffirmed. So, nothing you need to do.

Great! Thanks!

[jdcat]

We might be rescinding our reaffirmed car depending on what it appraises for at carmax next week. If it's worth less than we owe we'd like to surrender it. Can anyone tell me if my attorneys services will be needed for this process? Or is a rescission something I can file with the court myself?