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    #1

    Ride-throughs

    I live in the district if the First Circuit Court of Appeals, and although my lawyer has indicated that we would have no problem doing a ride-through on our cars/mortgage, I have read some articles that suggest that the First Circuit has ruled that ride-through is not an option (at least for Chapter 7, but I did read an article that said they recognized it as an option for Chapter 11).

    Does your district have to recognize ride-throughs, in order for it to be an option for me? Anyone know which circuits have allowed ride-throughs under the new laws, and which have not?

    Or am I just over-thinking this again...

    Thanks
    Filed Ch 7 - 07/10/08
    341 Meeting - 08/13/08
    DISCHARGED! - 10/15/08
    CLOSED - 10/20/08
    Tags: None
    #2
    In the two and a half years since the current bk law went into effect, we have not had a single member regardless of district lose a car or home just because they didn't sign a reaffirmation or redemption agreement. In almost all situations when full payments are being made on time by the debtor after filing, it makes no financial sense to take the asset and to auction it off or try to sell it for an almost-certain loss.

    Here's an excellent online resource (warning - it's written for lawyers) that discusses bankruptcy ride-throughs and how the courts have been interpreting the 2005 requirement for reaffirmation and redemption agreements - http://natlaw.com/newbnkr2005act.pdf
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !
    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      Great document, thanks for the info!
      Filed Ch 7 - 07/10/08
      341 Meeting - 08/13/08
      DISCHARGED! - 10/15/08
      CLOSED - 10/20/08

      Comment

        #4
        Originally posted by laurannm View Post
        I live in the district if the First Circuit Court of Appeals, and although my lawyer has indicated that we would have no problem doing a ride-through on our cars/mortgage, I have read some articles that suggest that the First Circuit has ruled that ride-through is not an option (at least for Chapter 7, but I did read an article that said they recognized it as an option for Chapter 11).

        Does your district have to recognize ride-throughs, in order for it to be an option for me? Anyone know which circuits have allowed ride-throughs under the new laws, and which have not?

        Or am I just over-thinking this again...

        Thanks
        Your attorney is right. Ride-throughs are common and if you keep up the payment you'll be fine (as long as we're talking MAJOR lender, not a corner lot type joint...).
        <<I am NOT an attorney, my comments are anecdotal only. Contact an attorney for advice>>
        FINALLY DISCHARGED 92 DAYS AFTER THE 341! A NEW START!!!

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