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

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: 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: 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!

By: Dennis Morgan

Dennis Morgan — Tue, 21 Apr 2009 13:31:33 +0000

On november 09 my Bankrupcy case was discharge. My atterny did not send in my reaffirmation info. My mortgage company delayed everything needed to be done to this house, what can i do?

By: James

James — Thu, 09 Apr 2009 21:27:15 +0000

To Jayme: To the credit report company that gave you the good new of showing as open, active and current; get two or three copies of this credit report, and send it to the other two most major credit report companies, TransUnion or Experian, Etc let them know of this so they can up-date their credit report record on you. Each time you get a notice that you cleared up something, send all three of these major credit report comancies a copy of your notice.

By: Debbi

Debbi — Tue, 31 Mar 2009 01:50:59 +0000

I was supposed to sign a reaffirmatin on my vehicle and come to find out the lawyer did not have us do this. The bankruptcy is discharged and on the credit report it shows we filed it in the bankruptcy.However we have always paid on this loan and been on time, they tell us that we will get the title as usual when paid in full,but will not send any papers saying this. Is this something I should worry about or should I just tell them to come get the vehicle. On our credit report it shows we are paying on time,but also notes that it was included in the bankruptcy. Chase bank told us that they would not report this on the credit fil because it was included in the bankruptcy.Please help!

By: Jayme

Jayme — Thu, 05 Mar 2009 22:24:58 +0000

My Chapter 7 was finalized on 01/2006. I signed a Reaffirmation Agreement to keep my car. I have never been late on the payments since I got the car. I ordered all three credit reports, and two out of three show the account status as being closed with a zero, or no balance. One of them shows the account as open and active with the current account balance. How is this affecting my score? Shouldn't they be showing as open and active since I'm still paying on the debt? Any good reporting on my records should be a good thing – should I dispute the record and state that it should be showing as open, active, and current??

By: TLK

TLK — Mon, 16 Feb 2009 15:48:36 +0000

Help please, I signed a reaffirmation agreement (under Chapter 7 bankruptcy, 14 months ago) on my vehicle and now i can't afford it. If it goes back to the bank can they sue me for the difference after it's auctioned off?