I think I found THE perfect solution:
I simply list the car-loan as liability with the intend to reaffirm instead of paying it off prior to BK. I'm going to ask my attorney to include some kind of clause in the reaffirmation-agreement that the loan - once paid off completely and on time - won't be reported with any BK- or reaffirmation-notation. The car-loan is with a small, local "buy here, pay here" company so it won't be too difficult to work that out.
No need to pay off early, no need to amend anything and no vehicle-asset reducing my exemption. In addition, I can already rebuild my credit-history with this auto-loan right after my discharge. Once paid off, I can still take my mother off the title and as long as the dealership has the lien on it, no other creditor/judgement holder is going to to place a second lien on an 11 year old car.
I simply list the car-loan as liability with the intend to reaffirm instead of paying it off prior to BK. I'm going to ask my attorney to include some kind of clause in the reaffirmation-agreement that the loan - once paid off completely and on time - won't be reported with any BK- or reaffirmation-notation. The car-loan is with a small, local "buy here, pay here" company so it won't be too difficult to work that out.
No need to pay off early, no need to amend anything and no vehicle-asset reducing my exemption. In addition, I can already rebuild my credit-history with this auto-loan right after my discharge. Once paid off, I can still take my mother off the title and as long as the dealership has the lien on it, no other creditor/judgement holder is going to to place a second lien on an 11 year old car.
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