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Codebtor and reafformation

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  • Codebtor and reafformation

    So I think I'm gonna file. Divorce, foreclosure, what a mess. My sister cosigned on a car loan to help me get back on my feet. I'm super worried how this might affect her. I want to reaffirm the car. Hopefully they'll do it. Will my sister's credit get hit if I do this?

  • #2
    Your sister's credit should not be affected as long as the payments are kept current.

    The creditor will definitely agree to a reaffirmation because it benefits only them. You should talk to your attorney about whether a reaffirmation is required in your state/district or whether you can "retain and pay".
    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!


    • #3
      Thank you, LITR. I'm actually hoping the trustee will agree to it. Loan is only 4 months old. I owe way more than it's worth. But, payments are low, 269 a month. My attorney isn't thrilled with reaffirming this loan but says its ultimately up to me and i don't want to screw over my sister.


      • #4
        What we like to say is that reaffirming is a bad idea, generally. If you can discharge the debt while continuing to pay, then you have the best of both worlds. This is what LITR writes about with the "retain and pay" option which is also known as a "ride-through." If ride-throughs are available in your State/district and/or your creditor doesn't care about reaffirmations, then you should NOT reaffirm.

        Of course, this is just my opinion. You have an attorney and you have your attorney's advice. It is your decision. You may be shocked if the creditor doesn't even request a reaffirmation agreement. I haven't read anywhere that the creditor has sent a reaffirmation for you to sign.
        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
          Originally posted by Jbenade View Post
          I'm actually hoping the trustee will agree to it.
          It has nothing to do with the trustee. If you and the creditor sign a reaffirmation agreement, it gets filed with the court along with a declaration by your attorney certifying whether or not the reaffirmation is an undue hardship for you. If your attorney certifies it is not an undue hardship, then the reaffirmation will be approved. If your attorney does make that certification, then it is up to the judge to decide weather to approve the reaffirmation. My understanding is that most judges do not like to approve reaffirmations. It is also my understanding that if the judge does not approve the reaffirmation, that you have still satisfied your obligation and the creditor cannot repo the vehicle if you keep making payments.

          Your sister did not file BK and her credit should not be hurt if there is no default on the loan. What does your attorney say about the consequences to your sister if you do not reaffirm, but keep making payments?

          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!


          • #6
            My attorney says about what you said, something about the judge can deny the reaffirmation. I guess I'm just being paranoid about my sister's credit. Lawyer says theres a slight chance it could come on her credit, but that its easy to remove since she isn't filing. Also my loan is through a credit union. I bought it at a Ford dealership and I've read that the6 can be nasty abouy repossession even if you are current on payments, which I am.


            • #7
              Justbroke, thank you. I'll have to check my state on ride throughs. No request from creditor cuz I haven't filed yet. But I need to before oct 2 as I got a summons from a cc. I'm soooo nervous, but I just need to walk through it.


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