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Roger, Attorney
Category: Bankruptcy Law
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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I file chapter 7 bankruptcy and went to the meeting of the

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I file chapter 7 bankruptcy and went to the meeting of the creditors 8/9/2013. The trustee said I would receive my discharge within 90 days. My question is I am going to reafirm a new car I purchased 5 months ago. The finance company sent me the paper work to sign and send back, but I don't like their agreement that they have. How do I file a motion to settle with them to get the payments lowered and possibly the price of the car. According to their letter my car is now worth $7000.00 less than what is owed on it. It only has 1200 miles on it and would love to keep it unless they will not work with me.
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  Roger replied 11 months ago.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for using JA! I'll be glad to assist.

You do have some leverage in negotiating the reaffirmation agreement because the lender knows that bankruptcy gives you the option of surrendering the car and canceling all liability. Lenders lose a lot of money on repossessions, so they have an incentive to cut you a better deal, such as reducing the principal of the loan to the car's current value.

Instead of signing and sending the agreement back, you can make contact with the lender and attempt to negotiate the terms of the agreement. All the lender can do is say "No." If the lender does say "No," you may want to consider surrendering the car at this point, and let the bankruptcy erase your liability for the remaining payments on the loan.

If you can reach an agreement to pay a lesser amount, you can amend the agreement to reflect the agreement and then submit that to the court for approval.
Customer: replied 11 months ago.

I'm sorry , but you didn't answer my question.My question was How do I file a motion with the Court.


Thank You


Larry

Expert:  Roger replied 11 months ago.
Sorry - You don't file a motion with the bankruptcy court. Instead, you negotiate the reaffirmation with the lender and the submit it for approval ONCE you've agreed. The bankruptcy will not get involved until then.This is ao because there's no legal right to reduce the loan amount - it's just something you'll have to negotiate. Thus, a motion is not necessary.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26126
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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