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Regarding my chapter 7 ProSe on the Reaffirmation $2000

Regarding my chapter 7 ProSe on...
Regarding my chapter 7
ProSe on the Reaffirmation
$2000 behind on payments, $6000 equity in car
Obviously, we don't want to be Repo'd with all that equity.My husband went to the reaff hearing today and the pro se legal advice guy said we should extend and try to negotiate with the lender. If I was there, I would have move forward and hoped for a denial but I wasn't so this is where we are.When I try to talk to the people at Ascension Capital who do Cap1's bankruptcies, they say they can't give legal advice. Even though I am just trying to negotiate this payment plan so that we don't have to pay back the 2 grand immediately. I AM NOT asking for advice, I am saying - "Can I pay you 2 months payments today and then begin paying monthly?" And they say "we can't give you legal advice"I WANT to trade it in but want the option to keep the car if we cant get a decent loan. Our car is only 2 years old with a good interest rate, so I'd be happy to keep it BUT what I don't want is for the reaffirmation to be approved and them to immediately take our car because we are behind.Any advice on HOW to negotiate with these folks and get them to extend the length of the loan and let us restart payments?I know that as soon as the chapter 7 is discharged, they can repo. My lawyer says I can't apply for new financing until the chapter 7 is discharged. So I guess if they don't negotiate,
my only option is to
1. rescind the reaff
2. wait for discharge (I know they cant repo until discharge)
3 sell or trade in the car STAT after discharge before they can REPO
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Answered in 15 hours by:
10/20/2017
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,952
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified

Thank you for your question. Did the creditor refuse to reaffirm unless you are current? Or are you just concerned about default.

Read the terms of the reaffirmation again. You can request that they include a provision to waive the default. You may need your attorney to write them a letter that they are not representing you on the reaffirmation as well. Lenders are often willing to negotiate if they don't want the vehicle back. Easier to keep you on the hook then deal with a depreciating asset. They'd rather get the loan balance with the interest! If there's equity (Rare in a car loan unless you made a big trade in or down payment) then that changes the game. Once your lawyer sends them notice that they don't rep you for the reaf, the lender should talk with you.

Any questions?

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,952
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
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Customer reply replied 7 months ago
Thank you for your thorough response.
The creditor (ascension capital) is aware we are pro se but has been super unhelpful and won't answer questions like "can we negotiate this overdue amount" He responds "I can't offer you legal advice"
The husband is going to try today and I am hoping he will get a better response using your language and the fact that he is not female.
There is THIS in the reaff-----------------------------
Optional --- At the election of the creditor, a repayment schedule using one or a combination of the following may be provided:
Repayment Schedule:
Your first payment in the amount of $ 499.90 is due on 06/26/2017, but the future payment amount may be different. Consult your reaffirmation agreement or credit agreement, as applicable.
--- Or ---
Your payment schedule will be: 24 payments in the amount of $499.90 each, payable monthly on the 26th day of each month unless altered later by mutual agreement in writing.
--- Or ---
A reasonably specific description of the debtor's repayment obligations to the extent known by the creditor or creditor's representative.
------------------------------------------------
Which sounds like they have left room for the possibility.
So I should ask for an modification to the reaffirmation agreement to waive the default amount and restart payments?
And they would have to file this with the court?

yes, it sounds like they can reset the payments moving forward, just make sure it's a part of the final reaffirmation. yes, the reaffirmation is filed with the court,and the judge may hold a hearing on it if pro se. thanks, ***** *****

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Customer reply replied 7 months ago
The original reaffirmation is already filed and our court date is set for 11/7. So no big deal to file an adjustment like that?
Annnnd, if they refuse. How do I "cancel" the reaffirmation which is already signed and filed? The reaff is the only thing holding up my discharge and my atty says we cannot sell the car or take financing for a replacement car until discharge.
So the plan will be to STAT sell the car as soon as discharge to payoff the loan.

Yes, the changes need to be filed.. if the court denies the reaf, that's it, its dead. otherwise you can file a 1 page rescission and serve it on the parties. follow instructions in reaf, and watch your deadlines. thanks

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Customer reply replied 7 months ago
Does the rescission need to be notarized or just a simple letter, typed and mailed with certified mail?
Customer reply replied 7 months ago
That^^ might buy me a couple of days to sell the car. I can hand deliver to the court and snail mail to Ascension Capital.

rescission does not have to be notarized, timely is the key.

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