Cancel Auto reaffirmation after Discharge without affecting Chapter 7?

[StartingOver08]

Thank you Bob...I'm asleep at the board here!

[BobMango]

To the OP, my reaffirmation has a section pertaining to rescision and it clearly states that I have 60 days from when the agreement was filed with the court. It also states that I have to notify the creditor that I am rescinding.

My advice would be to wait until after discharge. This is not one of the conditions on which a discharge can be revoked.

[BobMango]

Hey StartingOver08, why do you say you have to rescind before discharge? The law clearly states that you have 60 days from signing or discharge, whichever is greater, no mention that it must be before discharge. That means if your reaffirmation was signed one week before discharge you still have 53 days in which you can rescind.

[StartingOver08]

You can RESCIND your reaffirmation as long as you do it BEFORE DISCHARGE. Because you have already signed it the attorney will need to file the appropriate paperwork. Don't let the paralegal stand in the way of getting the reaffirmation agreement rescinded, because if it is not done timely, you are stuck with the reaffirmation and the consequences if you can't repay the loan.

C. Debtor’s Right to Rescind

As was the case under the Old Bankruptcy Code, the New Bankruptcy Code provides that a debtor may rescind its reaffirmation agreement the later of (i) sixty (60) days from the date such reaffirmation agreement has been filed with the court or (ii) the date the court issues the discharge order

BTW, if you have already had your 341, the cancelation of the reaffirmation agreement will not affect your BK.

[tlcabk]

We signed auto reaffirmation based on attorney (Paralegal) advise, and it says something to the affect of us being able to cancel the agreement before the Discharge or 60 days from the day we signed whichever is greater. We did not want to sign as our jobs are not very secure and if I lose mine there is NO way we could afford to keep car.

We filed Ch 7 but were extreme border line to a 13. Our paralegal (we can never reach out atty) said in SC you have to sign it? After reading this board I think we were misguided.

If we cancel reaffirmation after discharge and give the car back can it affect our discharge?

If we Cancel before discharge does it affect our chapter 7? Can it affect cahpter 7 if finance co decides to not allow ride through? We need the car but are afraid of the risk involved in reaffirmation.