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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Should I keep my high interest 2007 mitsubishi outlander with

Resolved Question:

Should I keep my high interest 2007 mitsubishi outlander with payments of 354.00/ month or reaffirm it in my chapter 7?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
Did the company give you the indication they would take back the car if you do not re-affirm the loan? (Most car loan companies will not take back the car if you do not re-affirm as long as you continue to make the payments on time.)
Customer: replied 5 years ago.
They are waiting for me to reaffirm. They are not willing to lower the interest rate or the terms .
Expert:  cfortunato replied 5 years ago.

They want you to re-affirm so that the car loan will pass through the Bankruptcy without being discharged. This means you will remain liable for paying it. If something happens, and you can no longer pay, they will be able to garnish your wages and bank accounts.

Re-affirmation is rarely a good idea.

 

I think this is what you wanted to know. If not, please let me know.

Thank you!

cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
Thanks
Expert:  cfortunato replied 5 years ago.
You're welcome! And thank you for accepting my answer!