reaffirmation, if no, can I keep if I pay?

[tiredofit]

hi!

i have a 2006 car that has low miles, bought new a few months before filing chapter 7. i included the car in the bk, and have signed a reaffirmation agreement last month. i have a hearing for this agreement end of august. I am not happy with my new car purchase, due to poor quality of vehicle (honda civic, yes honda, it's junk) and i am thinking of not re-affirming and just continue to make payments, biding my time so that i can buy something i really like in a year or so when my credit heals (i have another car loan for the ex that i reaffirmed and is almost paid off). my sales contract mentions default, but nowhere on it does it say filing bankruptcy is defaulting. My attorney was pretty certain they would not repo as long as I pay on time, and nothing is in contract about filing bankruptcy, which there is nothing about that in what i signed. I have made every payment well before due and have not breached any other condition on the contract. As long as they get the payment on time every month from me, can i keep the car if I cancel the re-affirmation agreement? logic says yes, the bank only cares about it's monthly check from me, but i wanted to see what you all think/experienced in this siuation... chance of repo with payments up to date? 50/50 60/40 70/30 etc

thanks!

[lrprn]

However, it is my understanding under new law that the Trustee would require you to sign a re-affirmation agreement for those items that you want to keep.

Actually under the new law, you can sign an affirmation agreement if you wish, but it isn't required. In fact, our lawyer recommended that we not sign reaffirmation agreements for our cars since they are being paid inside our plan and will be completely paid off at the end of our Ch 13.

The one good thing the new law last Oct did for debtors was to increase their protections around reaffirmations since there were so many scummy things being done in reaffirmation contracts by car and home loan companies.

[tiredofit]

thanks for the reply!

i have looked on my reaffirmation agreement and the docs from the attorney dealing with my bk 7 in gerneral, and it appears, that as long as I pay on the car, they won't take it back. They can take it back if i default, which according to my contract i signed when i bought the car, is not paying, not keeping insurance on the car, or breaching any other part of the contract, which says NOTHING about BK etc. So it seems, it's in my best interest NOTO to reaffirm becasue I think in a year or two, I may go get something better, but for the same amount of money..... Not sure if in 2 years, i could trade out the car and break even. thanks again for your experience...

me...