To reaffirm or not that is the question

[newstart]

I have another vehicle reaffirmation question.

I agreed to reaffirm my vehicle but I don't want to because I pay $484.00 a month for it. I included this amount in my expenses. A friend is going to let me purchase a vehicle they have for about $1200 which would certainly put me in a better financial position.
My question is if I don't reaffirm my vehicle does it appear that I have an extra $484.00 a month to distribute to creditors?

[Minnymouth]

Did you sign reaffirm papers??
Have you had you 341 meeting?

Minny

[newstart]

Did you sign reaffirm papers??
Have you had you 341 meeting?

Minny

Yes I did sign reaffirm papers, my 341 meeting isn't until 12/20/05 but I just looked at papers and the finance company for my vehicle has filed to lift the stay and be able to repossess and sell the vehicle, so I've got another problem now. Can you bring your vehicle up to date or will they take it anyway, it is two months behind.

[Minnymouth]

Okay,
You said you signed reaffirm papers.......bad mistake if you are behind on payments.
Now they have lifted the stay to repo the vehicle since you are behind on payments.
Since you signed reaffirm you will not be able to discharge the debt in bankruptcy....
Only hope you have now is to catch payments up before the 341 meeting..... they must be caught up before this meeting!
Did you file pro se??

Minny

[newstart]

Okay,
You said you signed reaffirm papers.......bad mistake if you are behind on payments.
Now they have lifted the stay to repo the vehicle since you are behind on payments.
Since you signed reaffirm you will not be able to discharge the debt in bankruptcy....
Only hope you have now is to catch payments up before the 341 meeting..... they must be caught up before this meeting!
Did you file pro se??

Minny

I have an attorney, I am just sick now, can I try to do a 722 redemption? I can't loose my vehicle because I don't have any other transportation. How stupid I wish I wouldn't have signed that reaffirmation agreement.

[Minnymouth]

Don't know if you can do the 722 or not. Check with your attorney.
Bad position your in - doomed if you do and doomed if you don't.
Only way to keep from loosing it all is get it caught up.
Why didn't your lawyer tell you this????
Did he not tell you that in order to reaffirm you must be current on payments???

Minny

[newstart]

Don't know if you can do the 722 or not. Check with your attorney.
Bad position your in - doomed if you do and doomed if you don't.
Only way to keep from loosing it all is get it caught up.
Why didn't your lawyer tell you this????
Did he not tell you that in order to reaffirm you must be current on payments???

Minny

No he didn't but I was current at time of filing, all I can do it pray for a miracle. Thanks, Minny.

[Minnymouth]

I hope miracles come your way - they sure haven't mine yet!!

Minny

[newstart]

Here's a new question since my 45 days have not passed from my statement of intent date, eventhough they have file for relief of automatic stay could I change my statement of intention and voluntarily give the vehicle up and include in the BK? Just pulling at straws here please help.

[bkfiler]

i dont think 45 days means anything. not sure. but you can change the bk documents up until the last dat before its discharged. however, i wonder how much trouble that may bring, like extension of case etc. never saw anyone post about that yet. good luck and let us know what you do.

i did see this posted here just now:

"In answer to your questions. Yes we did have our 341 on 12-17 and the trustee never asked about the vehicle. No G.M.A.C. never showed up at the 341. The only thing we signed was a statement of intent on our petition. My lawyer said I would have to notify G.M.A.C before 341 or face having it repossessed and being liable for monies owed"

[bezoar]

...
(2)
(A) such agreement contains a clear and conspicuous statement which advises the debtor that the agreement may be rescinded at any time prior to discharge or within sixty days after such agreement is filed with the court, whichever occurs later, by giving notice of rescission to the holder of such claim; and (B) such agreement contains a clear and conspicuous statement which advises the debtor that such agreement is not required under this title, under nonbankruptcy law, or under any agreement not in accordance with the provisions of this subsection;
...

http://www.law.cornell.edu/uscode/ht...4----000-.html

Talk to your attorney regarding what would be best for you from a tactical standpoint. Sounds like you have time to rescind the reaff.

[newstart]

Thank you for that information.

[Minnymouth]

Bozear - thanks for the info.

I knew I had seen that somewhere in the statues, but couldn't find it. And sure didn't want to tell him wrong.
There's soooooooo many statues governing bankruptcy laws and they have changed with the new laws coming into effect. A person that filed under the old law must remember the laws and statues have changed and be careful not to guide someone in the wrong direction.

His lawyer needs to handle this for him and file the right papers. That's what he's paying him for..... Not sure, I think its a Motion to Recind or something like that.

But if he's smart, he'll keep his lawyer on his toes and get it done asap.

Minny

[newstart]

I've got good news, I applied for a 722 redemption and was approved. I am even paying $70 less per month and the terms are for 24 months, and not the 32 months I still had to pay. I am so thankful and now they aren't going to repo my car. I am grateful.

[StaciMM]

Congrats! It seems that you're a clear case of redemption being a good move, even though the APR is high. (Paying less monthly and you'll be paid off sooner.)

I've got good news, I applied for a 722 redemption and was approved. I am even paying $70 less per month and the terms are for 24 months, and not the 32 months I still had to pay. I am so thankful and now they aren't going to repo my car. I am grateful.