Okay, I did it!

[originalhealer]

I did it. I filed Ch 7 Bankruptcy. I filed an emergency bankruptcy because I just didn't have time to fill out all the forms and my situation is so urgent.

I have a question regarding my car. If I continue making payments, how long do I get to keep the car? My assumption is that I will have to surrender the car if I don't file a reaffirmation agreement. Is that correct?

What if I just want to keep the car until my bankruptcy is discharged, and then get another one? I'm asking because I haven't had this car long but my payment is high ($350), the interest rate is high, and the engine light comes on all the time, even though it is a 2003.

[Cmonlottery]

The reaffirmation agreement is for the protection of the loan company, not you. If you are current on payments they can't take it unless you stop paying. If they know what they are doing they will contact you(actually your lawyer if you are not pro-se) about a reaffirmation agreement.

If you decide to surrender the car there is no telling when they will come get it. It took about a month for them to come get ours. I have heard stories of it taking over a year. It just depends on who you are dealing with(and probably if the car is worth it).

[originalhealer]

Thanks
One way this particular finance company got me is that the car has a automated starter on it, where if I don't make my car note, after five days the car shuts off. So, I HAVE to make the payments, otherwise, the car is useless, whether I sign a reaffirmation agreement or not. But I like the idea of being able to get rid of the car after about six months, instead of three years.

[copper2]

Automatic Starter?

What????? What will they create next? Reminds me of the breathilizer starter for DUIs. I've never HEARD of this before! Dare I ask, what is this car, so I never buy one!!?

[originalhealer]

It's just a Ford Taurus. It's not the car, it's the finance company. It was a stipulation of the finance company, because I had bad credit.

[FloridaGirl]

^^^It seems like that is some sort of violation of your privacy or something. I don't know. That is just weird.