reaffirm the debt?

[EVIE3BME]

What is the name of your state (only U.S. law)? virginia,hello i am filing chapter 7,i want to keep my truck as of now that's my only transportation.i want to know should i negoiate a price with the company,or should i just wait to see if they offer me a good deal.because if they don't then i will not sign the reaffirm agreement,because i may have financial trouble and can't pay.i am 1 month behind in payments

 

[bigun]

I don't know what you're thinking but, that's not how it works. Nobody is going to offer to negotiate with you. If you can't get current in a hurry, your lender will file for relief from stay and repo the truck.
If you can't afford it comfortably-give it up.
Have you spoken with your lawyer about this problem?

 

[Who's Liable?]

I don't know what you're thinking but, that's not how it works. Nobody is going to offer to negotiate with you. If you can't get current in a hurry, your lender will file for relief from stay and repo the truck.
If you can't afford it comfortably-give it up.
Have you spoken with your lawyer about this problem?

X2...

What is the name of your state (only U.S. law)? virginia,hello i am filing chapter 7,i want to keep my truck as of now that's my only transportation.i want to know should i negoiate a price with the company,or should i just wait to see if they offer me a good deal.because if they don't then i will not sign the reaffirm agreement,because i may have financial trouble and can't pay.i am 1 month behind in payments

If you think you will have financial problems paying in the future, than WHY would you re-affirm the loan? Do you understand the term and what it entails?

 

[EVIE3BME]

reaffirm the debt

X2...


If you think you will have financial problems paying in the future, than WHY would you re-affirm the loan? Do you understand the term and what it entails?

hello,yes i understand what reaffirm the loan means,i don't have a lawyer i filed myself,i don't want another contract unless it was a great deal on my truck,i am paying more than it's worth,.i will continue to pay until i decide on what to do, they sent me papers to sign for the agreement but i haven't sign.

 

[bigun]

hello,yes i understand what reaffirm the loan means,i don't have a lawyer i filed myself,i don't want another contract unless it was a great deal on my truck,i am paying more than it's worth,.i will continue to pay until i decide on what to do, they sent me papers to sign for the agreement but i haven't sign.

You made a huge mistake. You need to get things like transportation taken care of before you file.
If you're in default now, that truck is as good as gone.
As a pro se filer, any reaffirmation agreement will need to be approved by the bk judge assigned to your case. A hearing will be scheduled on the matter.

 

[EVIE3BME]

reaffirm the debt

You made a huge mistake. You need to get things like transportation taken care of before you file.
If you're in default now, that truck is as good as gone.
As a pro se filer, any reaffirmation agreement will need to be approved by the bk judge assigned to your case. A hearing will be scheduled on the matter.

thanks very much for your advice sir,but do you think that if i contiune to make payments without making a agreement do you think that would be ok.

 

[bigun]

None of us can speak for your lender.
Contact the lenders bk dept. and see if something can be worked out.

 

[EVIE3BME]

reaffirm the debt

None of us can speak for your lender.
Contact the lenders bk dept. and see if something can be worked out.

okay thank you very much you have a blessed day!

 

[diy4law]

A general rule is even in bankruptcy is if you want to keep something you have to pay for it. Basically, if you can't afford your vehicle you need to negotiate with the lender to see if they can reduce your payments. If the vehicle is upside down they might be willing to negotiate. In this economy most lenders don't want vehicles back. If you're filing chapter 7 right now and think you might not be able to pay for this it would be best just to include it in the bankruptcy and give it back. This would eliminate any future liability with this vehicle.

 

[EVIE3BME]

Reaffirm the debt?

a general rule is even in bankruptcy is if you want to keep something you have to pay for it. Basically, if you can't afford your vehicle you need to negotiate with the lender to see if they can reduce your payments. If the vehicle is upside down they might be willing to negotiate. In this economy most lenders don't want vehicles back. If you're filing chapter 7 right now and think you might not be able to pay for this it would be best just to include it in the bankruptcy and give it back. This would eliminate any future liability with this vehicle.

thank you very much sir,that information is very helpful,i am just getting a little nervous i have to go to the creditors meeting soon,and i really did not want to get rid of my truck,they sent me a letter wanting me to sign the reaffirm agreement,but i didn't sign it.i think i will call them up to see about the payments,and at the present time i am behind one month,i just wanted to see if i could file the truck and keep paying the payments without the agreement.what did you mean when you said if the vehicle is upside down.

 

[Indiana Filer]

Well, if you had an attorney, you might have been able to cram down the loan. You can do it pro se I'm sure, but you'll have to figure out how to do it (if it's not too late.)

 

[bigun]

Well, if you had an attorney, you might have been able to cram down the loan. You can do it pro se I'm sure, but you'll have to figure out how to do it (if it's not too late.)

A cramdown is available only in a Chapter 13 filing and you have to have owned the vechicle for over 910 days.
You're likely think of a 722 redemption
722 Redemption Funding, Inc. may have some info. I'm not sure if US Bank requires a petitioner to use an attorney.

Upside down means, you owe more than the truck is worth.

 

[Indiana Filer]

A cramdown is available only in a Chapter 13 filing and you have to have owned the vechicle for over 910 days.
You're likely think of a 722 redemption
722 Redemption Funding, Inc. may have some info. I'm not sure if US Bank requires a petitioner to use an attorney.

Upside down means, you owe more than the truck is worth.

I thought it could be done in both. I learned something new today. Thanks.