Don't reaffirm your car loan with Apple FCU – So she reaffirmed the car loan. When you "reaffirm" a loan you take it out of the bankruptcy. Later on, if you can’t pay, they can repossess the car, sue you, and garnish you. Under the 2005 Bankruptcy Reform, if you don’t reaffirm your car loan, they can repossess your car-even if you are current.
Reaffirm Car Loan After Bankruptcy? – Bankrate.com – Many lenders will not do this unless you reaffirm the loan. You will get some warnings from the lender when you fall behind on payments. Some lenders are very aggressive. If you fail to sign a reaffirmation agreement and fall behind on the payments after your case is over, the lender will repossess the car quickly.
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Reaffirming vs Not reaffirming car loan. Failure to Reaffirm a Loan: The debtor must work out any reaffirmation with the creditor. While a creditor isn’t forced to accept an agreement, in most cases, the creditor would favor a reaffirmation over repossession or foreclosure. If the creditor misses the 60-day deadline,
This means that if you reaffirm the loan and six months down the road you lose your job, and can no longer afford your payments the lender can repossess the vehicle. The lender will then sell the car at an auction for the value amount and you must pay the deficiency.
A Fresh Start on Your Vehicle Loan through "Reaffirmation" Wasson and Thornhill January 8, 2016 Vehicle Loans Make keeping your vehicle much easier by writing off your other debts and signing a reaffirmation agreement with your vehicle lender.
Rescinding a Reaffirmation. If you reaffirm your vehicle loan but later change your mind, you may be able to rescind – or take back – your reaffirmation. However, you must rescind prior to the time when your Chapter 7 discharge is entered by the court or within 60 days after you file the reaffirmation with the court.
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For more information on reaffirming an auto debt through chapter 7, you may contact my office at 847-520-8100. My office will be happy to sit down with you or have a conversation over the telephone to advise you of your rights and obligations under Chapter 7 of the bankruptcy code.