Statement of Intention?

[KP1980]

In regards to the statement of intentions (Form 8) what is my best option?

My situation;
I have two vehicles, both with secured joint loans. I filed chap. 7 as an individual and I am married.

My options and interpertaion;

1. Surrender-It will become my husbands responsability, but we keep the cars.
2. Exempt-Does not apply
3. Redeem - Pay lump sum.
4. Reaffirm- I Agree to continue to pay on the loan.

Am I correct? Correct me if Im wrong.
Should I surrender or reaffirm?

[joab]

If you're jointly obligated then marking "surrender" could lead to mixups and a potential deficiency owed by your spouse in the event the bank repos your car.

If you plan to keep the cars, your best bet is probably to mark your intent to reaffirm. You're still free not to sign a reaffirmation agreement--and most on the board would argue that you usually shouldn't sign one even if you plan to keep paying.

[KP1980]

Why should I not sign a Reaffimation agreement, if I plan on keeping it?

[Tbornetun]

You don't need to sign a reaff to keep something as long as you stay current on your payments. By signing you are binding yourself to the loan. The only one who benefits from a reaff is the creditor.

[TEW]

Why should I not sign a Reaffimation agreement, if I plan on keeping it?

Becouse Cars go upside down. it's not a good ide to revirse your BK if you don't have to.

[KP1980]

I see, I would never be able to refinance. I already owe more than the value.