Reafferming?

[eli4625]

What is the name of your state (only U.S. law)? IN

I am considering filing a chapter 7. I would like to keep my car, can I reafferm that debt? I owe more on it then the bluebook by about 3000, so selling it to pay off debts isn't an option.

 

[Gregeney]

Reaffirmation depends on your ability to pay your living expenses and your car payment. If you show the income available to make the payments, you should be able to reaffirm. You also might think about redemption rather than reaffirmation.

 

[eli4625]

What is redemption

What is redemption?

 

[Gregeney]

Basically, you pay the creditor the value of the vehicle and the remainder of the debt is discharged.