Hello all,
Before I filed bankruptcy you were all very helpful so I am asking
your advice again. My car loan was included in my bankruptcy. I was
told as long as I kept the payments up I didn't need to reaffirm. My
"discount" lawyer seemed to think this was the best way to go.
However, I'm a little worried because without reaffirming, if
something stupid would happen, like I forget to pay (w/o reaffirming
they cannot send me statements) they might immediately repossess.
Below is my lawyer's advice:
No you do not have to reaffirm in order to keep your car. I would
advise
you not to, but it is up to American General. I do know that as long
as
your payments are current they will most probably not repossess.
Because
if they repossess, upon resale, they will lose. They make money by
keeping you paying as long as possible. Given that you only owe about
$3000 and that the value of the vehicle is about the same, I feel that
you would lose by turning in the vehicle and getting another, and
which
course of action I do not think you want. At any rate, keep and the
car
and keep paying. If you reaffirm and then stop paying, you will owe
them
something. You did not file Chapter 7 to retain debt.
My discharge date is August 15th so I need to make a decision soon.
Any advice would be appreciated.
Thanks
Buckwheat
08-04-2003, 04:30 PM
Eyzhveit wrote:
<snip>
I'm a little worried because without reaffirming, if something stupid would happen, like I forget to pay (w/o reaffirming they cannot send me statements) they might immediately repossess.
I never recommend reaffirming debt unless there is some good reason. If
you want to avoid missing payments, I suggest setting up an automatic
payment from your bank.
Brett Weiss
08-04-2003, 07:50 PM
Unless you live in a state where you are required to reaffirm to
keep secured property, there is virtually no benefit to you in
reaffirming.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************
"Eyzhveit" <eyzhveit@yahoo.com> wrote in message
news:4814b98f.0308041507.3ec0b468@posting.google.c om... Hello all, Before I filed bankruptcy you were all very helpful so I am
asking your advice again. My car loan was included in my bankruptcy. I
was told as long as I kept the payments up I didn't need to
reaffirm. My "discount" lawyer seemed to think this was the best way to go. However, I'm a little worried because without reaffirming, if something stupid would happen, like I forget to pay (w/o
reaffirming they cannot send me statements) they might immediately
repossess. Below is my lawyer's advice: No you do not have to reaffirm in order to keep your car. I
would advise you not to, but it is up to American General. I do know that as
long as your payments are current they will most probably not
repossess. Because if they repossess, upon resale, they will lose. They make money
by keeping you paying as long as possible. Given that you only owe
about $3000 and that the value of the vehicle is about the same, I
feel that you would lose by turning in the vehicle and getting another,
and which course of action I do not think you want. At any rate, keep and
the car and keep paying. If you reaffirm and then stop paying, you will
owe them something. You did not file Chapter 7 to retain debt. My discharge date is August 15th so I need to make a decision
soon. Any advice would be appreciated. Thanks
K Kim
08-04-2003, 09:53 PM
Hi Mr Weiss
What about reaffirming the debts just to establish some kind of new
credit history? Does that work?
Thanks.
"Brett Weiss" <lawyer@erols.com> wrote in message news:<pWudnfm8w_wPhrKiXTWJkg@comcast.com>... Unless you live in a state where you are required to reaffirm to keep secured property, there is virtually no benefit to you in reaffirming. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Eyzhveit" <eyzhveit@yahoo.com> wrote in message news:4814b98f.0308041507.3ec0b468@posting.google.c om... Hello all, Before I filed bankruptcy you were all very helpful so I am asking your advice again. My car loan was included in my bankruptcy. I was told as long as I kept the payments up I didn't need to reaffirm. My "discount" lawyer seemed to think this was the best way to go. However, I'm a little worried because without reaffirming, if something stupid would happen, like I forget to pay (w/o reaffirming they cannot send me statements) they might immediately repossess. Below is my lawyer's advice: No you do not have to reaffirm in order to keep your car. I would advise you not to, but it is up to American General. I do know that as long as your payments are current they will most probably not repossess. Because if they repossess, upon resale, they will lose. They make money by keeping you paying as long as possible. Given that you only owe about $3000 and that the value of the vehicle is about the same, I feel that you would lose by turning in the vehicle and getting another, and which course of action I do not think you want. At any rate, keep and the car and keep paying. If you reaffirm and then stop paying, you will owe them something. You did not file Chapter 7 to retain debt. My discharge date is August 15th so I need to make a decision soon. Any advice would be appreciated. Thanks
