My one and only reaffirmation question(I hope)

[94mom]

I have read the threads.. however, I did check off the box on my BK form that said I intended to reaffirm my car. In the meantime, It didn't pass emmisions, and its 5 years old. I haven't signed anything from the bank yet to reaffirm yet.

My questions are..

Should I ammend my petition and include an updated "intention" form, and a letter to the Creditor saying I will surrender the car? I guess I should also send the new info to the trustee?

If I do ammend, will the clock restart ticking on my BK? I just entered the 60 day club.. Hate to have to reattend the 341!!!

Thanks to everyone. I couldn't sleep last night thinking about it.

[keepmine]

A statement of intentions is just that-intentions. Nothing counts unless you sign and the lender files a reaffirmation agreement. Just don't sign the reaffirmation and nothing more is required. Nothing about reaffirmations interfers with the 60 day countdown.

[94mom]

Should I contact my lender though? I hate for this to backfire in a bad way. Everything seems to be going smooth so far.

[keepmine]

I'd not contact the lender. Just let the debt be discharged and if you choose to walk away, tell them where to pickup the car.

[94mom]

Wonderful! Thank you so much! I guess now I just save my car payment for the downpayment on a new car

[Teddy]

I'm glad you asked b/c I have the same thing - I'm not sure I want to reaffirm, but my intent was to reaffirm.

My atty told me I have to pay $126 to change it. I emailed him this morning on it. He will probably try & tell me I have to change my intent but now I know better!

[94mom]

Teddy,
Let me know what you find out. I hate to do anymore paperwork and pay more money!

[Teddy]

I just spoke to him - here are the 3 options he says I have:

1. keep the intent and sign the reaffirmation
2. keep the intent and don't sign the reaffirmation
3. Decide to turn car back in or foreclose on house - THEN is when he said I'd have to amend the paperwork.

I'm not 100% sure I agree with having to pay if I let something go - but that is what he said. So, he's saying that you would have to pay the fee to amend the paperwork. He said I/he has a duty to the court and to the creditor to advise them of what is going on.

I'm sure I'll get some opinions here on that option. I'm not at that option yet anyways but you are.

He did say that he recommends reaffirming because he believes it's fair, puts the creditor back in their original spot with you agreeing to pay them back, and it helps to rebuild your credit.

I guess I do agree that it is more fair to the creditor, but I'm still not sure I want to sign them.

[keepmine]

He did say that he recommends reaffirming because he believes it's fair, puts the creditor back in their original spot with you agreeing to pay them back, and it helps to rebuild your credit.


I'd disagree with this logic. You need to forget what's fair and act in your best interest, not your creditors.
You'll have plenty of opportunities to rebuild your credit post bk without reaffirming a loan where you're under water or, the car has some major problems.
You really don't have to do anything if you don't want to reaffirm. As far as the statement about letting the creditor know what's going on-once you stop paying, they'll figure it out.

[94mom]

ok my question on this board is.. Has anyone---not admended the paperwork and not signed the reaffirmation and was able to surrender without any problems?