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When Will an Auto Lender Decline to Reaffirm a Loan in Bankruptcy

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  • 12-08-2015, 05:26 PM
    JoseFlores
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    Ajusterjack! I think on a couple cards I might of forgot to put the date sdebt was incurred!! Oh no do you think they will dismiss case??? I know I did majority may have forgot 2 or 3 cards to write when was incurred
  • 12-08-2015, 05:54 PM
    jk
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    Quote:

    Quoting flyingron
    View Post
    That's up to the creditor. You can still make payments, post discharge, if they'll accept it.

    The debtor has no right to retain the vehicle. The creditor may allow it but it is by permission of the creditor.
  • 12-08-2015, 07:03 PM
    flyingron
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    Quote:

    Quoting jk
    View Post
    The debtor has no right to retain the vehicle. The creditor may allow it but it is by permission of the creditor.

    This is the most incorrect and stupid thing I have heard. He has the RIGHT because he is the titled owner of the vehicle. He has no obligation on a discharged, non-reaffirmed loan but it is his until the lender exercises the right of repossession, which they can't/won't do if the payments are current.
  • 12-08-2015, 08:39 PM
    adjusterjack
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    Quote:

    Quoting JoseFlores
    View Post
    Ajusterjack! I think on a couple cards I might of forgot to put the date sdebt was incurred!! Oh no do you think they will dismiss case??? I know I did majority may have forgot 2 or 3 cards to write when was incurred

    Here's an article about filing amended forms:

    http://www.nolo.com/legal-encycloped...tcy-forms.html

    Read it. Then check the court website (where you filed) and look for specific instructions and forms. If you can't find anything on the website go to the courthouse and ask for it.
  • 12-08-2015, 08:53 PM
    JoseFlores
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    What happens if it's not ammended? Will the trustee question it or just leave it?
  • 12-08-2015, 08:57 PM
    adjusterjack
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    Quote:

    Quoting JoseFlores
    View Post
    What happens if it's not ammended? Will the trustee question it or just leave it?

    I don't know.

    It's best that you file the amendment so you don't have to face that question later.
  • 12-08-2015, 08:59 PM
    JoseFlores
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    Ok. I know this is going off topic, but box 4 on the petition, is that only for if you have owned or operated a buissness?
  • 12-08-2015, 09:04 PM
    adjusterjack
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    Quote:

    Quoting JoseFlores
    View Post
    Ok. I know this is going off topic, but box 4 on the petition, is that only for if you have owned or operated a buissness?

    You mean Item 4 - Any business names and Employer Identification Numbers (EIN) you have used the the past 8 years?

    If you haven't you check the box that says "I have not used any business names or EINs.

    If you have, you list them.
  • 12-08-2015, 09:14 PM
    JoseFlores
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    I mean, I'm employed and when I file for taxes, it ask for my employers ein.... I'm just confused what that is referring to. Is it referring to if I owned a buissness and have an WIN or not?

    - - - Updated - - -

    Ein
  • 12-08-2015, 09:52 PM
    jk
    Re: Is It Common for Auto Loan Company to Not Reaffirm Loan
    Quote:

    Quoting flyingron
    View Post
    This is the most incorrect and stupid thing I have heard. He has the RIGHT because he is the titled owner of the vehicle. He has no obligation on a discharged, non-reaffirmed loan but it is his until the lender exercises the right of repossession, which they can't/won't do if the payments are current.

    The debtor does not have the right to retain the car. You said so yourself so in calling my response stupid and incorrect you have essentially said the same thing of yourself. (Post #9)

    if the debt is not reaffirmed, the creditor does not have to allow the debtor to retain the vehicle and the creditor is not required to accept payments since the contract obligating the debtor has been terminated.


    The creditor can repossess the vehicle simply due to the fact the contract has been terminated. Whether they will or won't repossess it is entirely up to them. The debtor still has no rights to retain the vehicle. If he should wish to retain possession of the vehicle, it is only by the creditors agreement to allow it.


    So while a creditor may continue to act under the terms of the contract if they so choose, it is not a right the debtor can exercise should the creditor refuse to allow it.
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