Comments on: Reaffirmation Agreement in Bankruptcy. What Is It?

By: PKB

PKB — Sun, 10 Jan 2010 04:35:55 +0000

I filed chapter 7 in December 2009. I need to reaffirm my vehicle for work, I contacted a attorney and he told me after owniubg a vehicle 2 1/2 years the creditor has to drop the loan down to blue book. Is this true? The bank just sent me paperwork and did not drop down one cent.

By: Bertha

Bertha — Sat, 09 Jan 2010 23:39:17 +0000

I my bankruptcy hearing is this Monday. I’m not sure what to expect. Before signing the reaffirmation, I called citifinanicial auto and asked to refinance the car. Lower payment by $100.00 and a lower interest to 12%. I’m confused. Who does the reaffirmation benefit? And what is the reaffirmation suppose to prevent?
Thanks, Bertha

By: Russ

Russ — Tue, 24 Nov 2009 17:25:41 +0000

My car was repossed, by my creditor even thought I have never been late nor missed a payment.They said it was because I did not reaffirm the car.My attorney said I did not have to reaffirm and is working to get my car back. Its been a week now.Is this legal

By: Renee

Renee — Fri, 20 Nov 2009 02:46:10 +0000

I just had my bankruptcy hearing this past Tuesday everything went well I think. I now need to sign a reaffirmation agreement for my vechile I am really concerned because my step dad co-signed on my car and I do not want my bankruptcy to affect his credit. I need to know if it will and how it works. Please help, I need clear answers as I feel so confused right now!

By: Jan

Jan — Tue, 10 Nov 2009 16:21:17 +0000

I have signed a reaffirmation agreement for two medical bills, I am not discharged yet, the medical facility has now turned it over to collections and they say that they can pursue the debt because it is not part of the bankruptcy. I thought that everthing was put on hold until the judge actually agrees to the reaffirmations and that they were not allowed to pursue any debt. They are trying to tell me it is not part of the bankruptcy because of the reaffirmation.

Anyone have any ideas on this?

By: Erin

Erin — Sat, 24 Oct 2009 12:27:56 +0000

I lent about $2050 to a friend (married couple), they still owe me $950. We had a signed contract and almost a year later, they decided to file a chapter 7 and included this loan in it. I still have text messages that they still will pay me back and only included it in the loan so it would add to their debt. Can I do reaffirmation of this? There’s no physical property involved. But I did take out $1500 from my 401K to lend to them with 6% interest (and they know this)and $500 cash. Again, they still owe me $950. Is there any chance of me getting the rest of my money back? Or is it gone forever?!

By: M. j. J. Viaros

M. j. J. Viaros — Sat, 24 Oct 2009 10:18:47 +0000

I filed a Chapter 7 bankruptcy in Florida 20 months ago and signed a reaffirmation agreement for an automobile with a credit union. The agreement was signed by both debtor( me) and creditor (credit union. I owed to the same credit union around 12,000.00 dollars in credit card debt which was discharged in the bankruptcy. The car was just paid off but the credit union doesn’t want to grant me title to the vehicle. They say I must satisfy the credit card debt. I said the reaffirmation agreement with them , signed at bankruptcy court with the judges approval, mandates title and sole ownership of the car to me when the lien is free and clear.

Where do I stand?

By: Laurie

Laurie — Thu, 06 Aug 2009 15:01:32 +0000

It is my understanding that if you DO sign the agreement, that from that point on you credit is to show closed with a Zero balance. It is not suppose to remain open or active with a current balace. So, one of the creditors has made a mistake, which only works in your favor. None of them should say ” open and active” because the agreement is made through the bankruptcy court, and the agreement means that from the day you sign it, it becomes a new agreement (a new loan). The old financing deal you made at the very beggining of purchasing the loan, becomes null and void. Also, if for some reason you should not be able to make your .payment from the time of signing the agreement, they will take the car and you will be responsible. It will not be picked up under the bankruptcy. There is no reason for you to dispute the record, because you will not win. In fact that may cause the third one to realize it’s mistake and change that one as well.

By: Donw

Donw — Sat, 11 Jul 2009 04:05:10 +0000

I’m filling chapter 7. Lots of c.c debt, motor home etc. I met the means test for chapter 7. My attorney did all of this for me. Creditors meeting today, none showed up. Need to keep my 2 trucks because they are used for my business. Also wish to keep a boat. I am up to date on all of these payments, never been late. All 3 are worth less than I owe on them. My attorney tells me today the creditor on the boat is balking about signing the reaffirmation letter. I assume if they do not sign it then they take the boat?? Why would they want to do this as its worth at least $5,000 to $10,000 less than i owe on it. Its only 2 yrs old and they depreciate LOTS the first few yrs. Like I said, I’m up to date on payments, without all the other unsecured debt the payments on the boat are no problem. I could understand if it was worth MORE than I owe.

By: Denise

Denise — Tue, 12 May 2009 16:07:11 +0000

I had a 3-year ARM mortgage which was 6.5% at first, then changed to 3.5% in January.

When I signed my reaffirmation agreement in November 2008, it was still at 6.5%, as it was not scheduled to reset until January. I got my mortgage bill last week, which reflects the 6.5%. The mortgage company is telling me that when I signed my reaffirmation agreement, I promised to pay at the 6.5% and now I am locked in at that rate. This is a $400 difference. I am losing my job in June and cannot afford the 6.5% payment. Is the mortgage company lying to me about locking in at this rate? They are telling me that all I can do now is sell my house or refinance (can’t do that for 2 years now!). Pleaase help!