Quick Question on reaffirmation.. :^)

[Flaminblonde]

I Have two loans with my credit union for my car payments. They are taken out of my checking account by automatic debit. When I file, I plan on reaffirming these loans (but should I since they've never been late?)

I know that when I file there will be an automatic stay and payments on the account will stop being withdrawn. Here's my question....

When the automatic stay becomes effective, when does the reaffirmation agreement come into play? If it's...lets say a month...after I file...do I have to pay them that month that was in the automatic stay...or does a regular payment just begin once it goes into effect? HOw does this work?

THanks in advance!

[Flaminblonde]

bump...

[HHM]

First off, if you are current on payments, you DO NOT HAVE TO reaffirm. Just keep making the regularly scheduled payments. Second, since you payments are auto-debited from you account, you need to find out where to MAIL the payments since the auto debit will likely stop when you file BK (because of the automatic stay).

If they do offer you a reaffirmation agreement, view it as a negotiation and try to work out a better deal for your self. Afterall, you are not required to reaffirm in order to keep the car, so long as you keep making the payments.

[tdooders]

I have a question about truck payment. I was discharged about 3 weeks ago and listed my truck on the petition and the bank never sent a reaffirmation agreement even though I stated I wanted to keep it and keep paying on it. I was wondering since I never signed a reafirrmation on it can I surrender it at any time in the future or ? Im making the scheduled payments now. Thanks

[crackerbear]

We checked that we were reaffirming both our vehicles, but the reaffirmation agreements never made it to Ford. After discharge, Ford would not accept them, so a couple of months later we decided to surrender one of the vehicles and never had any problems from it. We were way upside down with that one, owed about $12000 and they sold it for $5000. The deficiency was covered under the bankruptcy.

[HHM]

I have a question about truck payment. I was discharged about 3 weeks ago and listed my truck on the petition and the bank never sent a reaffirmation agreement even though I stated I wanted to keep it and keep paying on it. I was wondering since I never signed a reafirrmation on it can I surrender it at any time in the future or ? Im making the scheduled payments now. Thanks

Yeah, you can surrender the vehicle anytime.