My Chapter 7 BK was discharged last December. I did not sign reaffirmation papers on the auto I was driving but I continued to make the payments. Now I can't afford the payments and am looking at letting the auto go back to the bank. Since I did not sign ther reaff. papers , can they legally require me to repay the balance of the loan after they sell the vehicle at auction or will it be considered as part of the BK? It is not shown on my credit report as part of the BK.
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I'm assuming you filed under the old laws? If so, then you shouldn't be responsible for any deficencies. I filed 10/12/05, was discharged on 02/16/2006 and let my vehicle go (no re-affirmation...ride through) in May 2006. I was not responsible for anything afterwards. The loan was included in the BK, but I chose to retain the property and continued to make payments, but technically, the loan was discharged.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.
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