reaffirm vs just keep paying car

[inpain66]

my lawyer is really against just paying on the car and not reaffirming. I do not understand why.

I need my car. I owe 16k on her still and the loan is with a credit union. The credit union told me that they do not cross collateralize when in bankruptcy. They said most people just keep paying on the car. They only sent reaffirmation papers if the lawyer requests it.

Is there ANY benefit to reaffirming vs just keep paying?

[keepmine]

There is no benefit to the debtor by reaffirming. If things go bad post bk, you're on the hook for a deficency balance.
If the creditor is fine with a ridethrough, don't reaffirm. They'd rather have your money and a preforming loan as opposed to repoing a car.

[inpain66]

There is no benefit to the debtor by reaffirming. If things go bad post bk, you're on the hook for a deficency balance.
If the creditor is fine with a ridethrough, don't reaffirm. They'd rather have your money and a preforming loan as opposed to repoing a car.

Why is my lawyer so against a ridethrough? Do I have the worst lawyer on earth or what!!!

I need the car but would prefer to just keep paying as opposed to signing a reaffirmation. Can the lawyer refuse to let me do ride through?

[keepmine]

You're the one that signs the reaffirmation-not your lawyer.
I've no idea why he is pushing for reaffirmation if the creditor has no interest in making you reaffirm.

[TEW]

Why is my lawyer so against a ridethrough? Do I have the worst lawyer on earth or what!!!

I need the car but would prefer to just keep paying as opposed to signing a reaffirmation. Can the lawyer refuse to let me do ride through?

No he can not make you reaffirm just don't sign the papers.

[relief13035]

Please don't reaffirm!

[BillyRip]

Why is my lawyer so against a ridethrough? Do I have the worst lawyer on earth or what!!!

I need the car but would prefer to just keep paying as opposed to signing a reaffirmation. Can the lawyer refuse to let me do ride through?

Any chance you need the high payment like I do? I'm assuming it's high. If not... Never mind.

[inpain66]

Any chance you need the high payment like I do? I'm assuming it's high. If not... Never mind.

I pay under 300 a month for the car. No idea if I need that payment for my expense worksheet because I have the worst lawyer in history and he never tells me a thing!

[keepmine]

I pay under 300 a month for the car. No idea if I need that payment for my expense worksheet because I have the worst lawyer in history and he never tells me a thing!

This is not good, Regardless of your communication issues with your lawyer, you are responsible for everything on your petition. At a minimum, you should have some rough drafts from your initial meetings that will give you an idea of where you stand on disposbale income, etc. If not, I be in his office demanding an update. For sure, don't sign your petition until you throughly understand everything on it.

[lrprn]

Technically the bk law requires either reaffirming, redeeming, or surrendering each asset when you file bk. However, in practice the lenders just want to be paid, so most don't force the issue because they typically get more $$ back in the long run allowing you to continue to make full payments and not reaffirm. They just look the other way and ignore what the law requires because it's to their financial benefit to do so.

When the current bk law was passed back in 2005, there was concern that your lawyer could somehow end up being responsible for not forcing you to do one of the three when filing your case. This has not happened. Sounds like your lawyer is either a very much "by the book" kind of person or may be inexperienced filing bks.

In the situation you describe, reaffirming very likely isn't in your best interests. Ask your lawyer to explain in detail why reaffirming is so important. Make an appointment to get the answer in person if necessary.