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  #1  
Old 01-06-2006, 01:35 PM
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Join Date: Jan 2006
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Any way out after vehicle reaffermation?

What is the name of your state? Illinois

I went through a Chapter 7 consumer bankruptcy in Feb. of 2004. I had my vehicle loan reaffimed because I thought that I could handle it. After months of missed payments and late charges, I am left with no option other than to turn it into the bank. I am upside down on the loan and don't have the money to pay the difference should I sell it. Is there any other way out of this short of the bank reposessing it and me still owing on it??

Thank you.
  #2  
Old 01-06-2006, 03:15 PM
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Join Date: May 2001
Posts: 6,450
How much is the difference? Can you borrow the difference in the form of an installment loan and back it back over a couple of years?
  #3  
Old 01-06-2006, 03:56 PM
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Join Date: Jan 2006
Posts: 2
The difference is too great. I would keep the vehicle if I could afford more payments. I take it that was a "no, you have no other option?"
  #4  
Old 01-06-2006, 07:48 PM
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Join Date: Feb 2002
Location: Nashville,TN
Posts: 15,706
Correct, the reaffirmation locked you in as if the debt never went thru the BK. You're quite stuck.
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