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Old 10-26-2004, 06:42 PM
cjbowman
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Is Reaffirmation the only option to keep secured property?

What is the name of your state?What is the name of your state? CO

Under Chapter 7, if a debtor wishes to keep a financed vehicle, is reaffirmation the only option or can a debtor do a "retain and pay" and simply continue making payments without risk of repossession?
The Trustee for my current Chapter 7 recommended that I do this instead of reaffirming.
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Old 10-26-2004, 07:06 PM
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There is a 3rd option - redeem it. That means you pay the creditor the current market value and you own the car outright, probably for far less than what you owe.

Colorado does NOT require reaffirmation to keep secured property - I'd take the Trustee's advise, its good.
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