How long after filing BK7 do you have to decide or return secured loan items

What is the name of your state? TX


ABout to go file for BK7. How long after filing for chapter 7 do I have to decide to reaffirm or return autos/furniture or other secured items loans if I am not reaffirming or unsure of reaffirming. Is it until the 341 or the discjharge is complete or at time of filing?

[Ladynred]

If you're going to reaffirm, you note that on your statement of intent on your BK papers. Once you have your 341 meeting, and the Trustee approves your reaffirmation, you should get papers from the lenders. You have up until your discharge, generally, to reaffirm.

So in theory, you can;

File for BK7,
Keep driving my autos that I am financing, but not paying.
Then after the discharge, return them to the bank, if you decide not to reaffrim.

I ask because I want to give up my cars in the BK7, but I am trying to purchase another used one that I will reaffirm. But all the banks keep turning me down because of my debt/income ratio, and they are asking that I trade one of my upside down loans in. The financial advice given to me was that I would have a better chance of approval after my discharge of BK7...

[Ladynred]

Just one catch.. if you stop paying for the vehicle, the bank will likely file a motion for relief from stay so that they can repo the car. If the court grants it, you lose the car.. period.

If you don't want to reaffirm, but you want to turn in the cars post-discharge, then you keep paying thru your bankruptcy, do not reaffirm, then after your discharge you turn in the vehicles and walk away w/o any liability. Post-discharge you can get a car loan, but the interest rate is going to be a killer.

That is the solution to my dilema

Thanks Ladynred!!!!!!!!!!

Originally posted by Ladynred
If you're going to reaffirm, you note that on your statement of intent on your BK papers. Once you have your 341 meeting, and the Trustee approves your reaffirmation, you should get papers from the lenders. You have up until your discharge, generally, to reaffirm.

Hello
I'm new to the board. I live in Washington D.C.
I'am doing a Chapter 7 (pro se) I was wrecking my brain wondering what would happen to my car. I'm aware of the reaffirmation (it was included with the do it yourself kit).
I'am going to try to keep this short & sweet
I file...go home....a couple of weeks later I'll get a notice of when to appear for 341 meeting..... after that !! Do "I" get in touch with the car lenders meanwhile & let them know of my actions or when I go for my meeting, would the trustee have done this? Then I just sign the reaffirmation?
I'am sorry for sounding so dense, but its my first time I have to be explained to like a two year old I just don't want ot lose my car !!

[Ladynred]

Once you file, the lender will be notified by the court and they will know of the 341 meeting. The lender should contact you, if you're pro se, with a reaffirmation agreement.

Thank You !!!! Simply said !!!