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reaffirmed car loan question

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  • reaffirmed car loan question

    i reaffirmed my auto loan when i filed my chapter 7. last month i went 6 days into my 2 week grace period. i recieved a letter from the credit union stating that my loan has gone to far into delinquincy and they would take steps to secure their intrest. my question is does the original loan get modified when filing chapter 7.

  • #2
    When you file for Chapter 7, you are (were) given the options to surrender, redeem, or reaffirm the secured collateral. If you are (were) current on your payments at the time of filing, some lenders will allow you to keep paying without signing a reaffirmation agreement, known as doing a "ride through". Other than that, Chapter 7 does not modify or "cram down" any secured loan.

    However, since you reaffirmed, the loan survives the bankruptcy, and you remain personally liable for a deficiency judgement, repo and auction fees, etc, in the event you default. I suggest you get caught up on your loan payment, and keep the car parked in a locked garage at all times to prevent it from being reposessed while you catch up. Otherwise, you will be facing a lawsuit, judgement and garnishment. After all, since you just filed BK, the creditor knows you can't file again for at least 8 years, so they will show no mercy.

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    • #3
      I have a question about this. Since he reaffirmed, don't all the provisions of the original note stay "as-is"? What I mean is if there is a 10 or 14 day grace period before the payment is considered late in your pre-BK note does that provision not stay the same when you reaffirm?
      ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
      Not an attorney - just an opinionated woman.

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      • #4
        I think the "grace period" he's talking about is the time in which you can rescind your reaffirmation of a debt.

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        • #5
          Originally posted by bcohen View Post
          I think the "grace period" he's talking about is the time in which you can rescind your reaffirmation of a debt.
          I guess I am tired and read it wrong. I though they were speaking of the grace period that most installment loans have (due on the 1st late after the 15th for example). Thanks for taking the time to answer!!
          ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
          Not an attorney - just an opinionated woman.

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          • #6
            payment coupon states it is due on the 7th and late after the 21st.payment was made 2 days after recieving leter due to recieving it on a saturday afternoon.I have never went beyond the 2 week period on that loan. the only rfeason we went into the grace period was due to a bank error.we have 2 auto loans with them. wife went to make her loan payment bank teller told her it wasnt due but mine was. 3 week later i recieved a letter stating we missed a payment on her vehicle. so we started making extra on her payment to make up the payment. the recieved a letter stating if i didnt pay it by the 1st the car would be repoed.so my wife went to make the payment and the dumbass teller tried to apply it to my vehicle again.i have told my wife to keep all reciepts and if they do try to do it again yell and scream and demand to see the branch manager right then and there. this isnt the first time we have had problems with them. 2 yrs ago they claimed i missed a payment and they told what month i missed. i checked my bank statement and payment was made. went to bank with statement to prove them wrong. then they came up with another date. went back home to collect all bank statements since buying the vehicle.i proved them wrong again.they came up with another date, i pulled out that statement and proved them wrong again. they coudnt prove anything they were just playing pin the tail on the donkey so to speak.thats why i want my wife to yell and scream and demand the manager.i understand people make mistakes but this just a little too much!

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            • #7
              Correct me if I'm wrong...but don't you have 60 days after you sign the reaffirmation agreement to rescind it?

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