Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Recently filed w/questions

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  • Recently filed w/questions

    I've recently filed and have some questions regarding reaffirming my car:
    i reside in New Jersey and want to keep my car. I'm current on payments (never late). Some say reaffirming the car is good and some say not good. We really need this car bc this the only sort of transportation we have and actually need a 2nd car as it was totaled in car accident last year.

    Can anyone give some insight. I don't want to wake up on morning my car is gone. Some are saying don't reaffirm as its in the best interest of the finance company. The finance company is wfds which I hear isn't great to began with. My plan is to refinance with CU sometime next year once I have a better credit score and rebuild.

    MY 341 meeting is coming fast and I want to be prepared.

  • #2
    You should never reaffirm a car unless it is one of those creditors that absolutely demand that it is reaffirmed. I don't know how to tell you whether it's required in your case. The goal is to never reaffirm a vehicle because it just puts you back on the hook for the loan.

    Thoughts... how old is the loan? Do you have equity?
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      The loan is fairly new about 10 months, not much equity. It's with Wells Fargo Dealer Services, I'm hoping they don't require me to reaffirm to keep the car. I've heard one is not necessarily required to sign the reaffirmation and that the judge may not approve it either... :/


      • #4
        It is true that they are typically not "required" (or enforced) and many judges will deny them if you are a Pro Se debtor. If you file with an attorney and your attorney affirms that it does not create a hardship, then it is enforceable. Some judges, especially in Texas, will deny a reaffirmation agreement for all Pro Se debtors. The nice thing about having a judge deny a reaffirmation agreement is that the lender can't repossess the car unless you default (by not paying your monthly installments).
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          I'm in NJ and filing with an attorney. I'm not sure if my attorney will affirm that it does or doesn't create a hardship. I guess should before my 341 meeting. I'm sure they will advise me of the best option. It would be great if the judge denies it. Seems like it would be in my best interest. We shall see. I may the call the office just for their take on it as well. Thanks!

          I'll report back


          • #6
            If you have an attorney, it's only the attorney that determines whether it's a hardship. The attorney is required to check something. I have read that if the attorney refuses to sign it one way or the other, then it could go to the judge.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.


            • #7
              Hmm ok, thanks for letting me know. I guess it's a wait a see type thing. He hasn't said anything. Maybe before the 341 meeting he'll give me some insight. My 341 is a few weeks off.


              • #8
                When you have a question, don't wait for your attorney to bring it up. You bring it up.
                LadyInTheRed is in the black!
                Filed Chap 13 April 2010. Discharged May 2015.
                $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


                • #9
                  Thank you! I spoke with him yesterday. He said it was really up to me. Why not walk away from it all and start fresh.

                  I understand and his point but that leaves us with no transportation and no guarantee of getting another car.

                  Will that limit us to on buy on buy here pay here dealership bc of the bk.


                  • #10
                    Ok so I have another question. At first I wanted to keep my car but have learned that reaffirming is not in my best interest. Giving back the car would leave us with nothing. And we will need to replace my husband's vehicle that was totaled in car accident.

                    If you gave your car back, how soon/easy was it for you to get another car? I currently have a 2013 Hyundai Santa Fe. I'm happy with it and at first considered keeping it and wanted to refinance it next year for a better interest rate. I was able to get this car with a score in the 500's and husband consigned - his score was not much more than mine at the time.

                    Should I just give it back and try to get another (probably, the same type of car) after DC or keep car or since we've have the car, pay timely. I'm so nervous that if we hand it in that we won't be able to get another and a second down the line.

                    Any suggestions?? TIA


                    • #11
                      Had 341 meeting, under the advice of my attorney I reaffirmed the car loan because it's fairly new and in good shape. The finance company would also take our only car back. We are ok with it especially since we do plan to refinance with credit union. The trustee also mentioned they had no interest in my other case. We are taking p2 of the credit counseling course this week so the countdown is on. Hopefully everything will be settled by 2017, fingers crossed.


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