Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

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
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 15 hours by:
10/20/2017
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,918
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: 2,918
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
Terry L. and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Customer reply replied 3 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, ***** *****

Ask Your Own Bankruptcy Law Question
Customer reply replied 3 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

Ask Your Own Bankruptcy Law Question
Customer reply replied 3 months ago
Does the rescission need to be notarized or just a simple letter, typed and mailed with certified mail?
Customer reply replied 3 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.

Ask Your Own Bankruptcy Law Question
Ask Terry L. Your Own Question
Terry L.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,918
2,918 Satisfied Customers
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

Terry L. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,918 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I live in IL and filed bankruptcy chapter 7 on my own (i do
I live in IL and filed bankruptcy chapter 7 on my own (i do regret it now), was going to reaffirm my car loan but did not sign any documents. Case was dismissed and the following week i amended my sta… read more
Phillips Esq.
Phillips Esq.
MBA
18,626 satisfied customers
I am filing chapter 7 in Delaware all my debts are Auto
I am filing chapter 7 in Delaware all my debts are Auto draft they are non secured debts, My Attorney advised till I pay her off close checking and get another is the only way to stop creditors, is th… read more
Ray
Ray
Lawyer
Doctoral Degree
31,321 satisfied customers
My husband and I filed chapter 7 bankruptcy March of last
My husband and I filed chapter 7 bankruptcy March of last year. And approximately four months later, we were sent our discharge papers. Approximately 3 months after our discharge papers were received … read more
Phillips Esq.
Phillips Esq.
MBA
18,626 satisfied customers
If a husband files Chapter 7 bankruptcy, can the husband
If a husband files Chapter 7 bankruptcy, can the husband borrow money from the wife, after the 341 hearing but before the chapter 7 is discharged? … read more
Phillips Esq.
Phillips Esq.
MBA
18,626 satisfied customers
If you file for chapter 7 and you own a condo, have owned it
if you file for chapter 7 and you own a condo, have owned it for 15+ years, your equity is about 50%, and you keep up your payments on time throughout the process, is the condo still yours when the pr… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,036 satisfied customers
This is a Chapter 7 question...Do you place/list a leased
Hello...This is a Chapter 7 question...Do you place/list a leased car on the A/B property schedule or just on the G leased property schedule? Thank you in advance for your assistance.… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,036 satisfied customers
I want to rescind a reaffirmation agreement for a leased
I want to rescind a reaffirmation agreement for a leased car, a car i am up to date on payments, i plan to keep the car, but want to leave the option open to give the car back since it was covered in … read more
Phillips Esq.
Phillips Esq.
MBA
18,626 satisfied customers
What happens i file chapter 7 bankruptcy and judge denies my
Second opinion] What happens i file chapter 7 bankruptcy and judge denies my reaffirmation agreement...will they repo my car or will the co signer be able to keep it… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,036 satisfied customers
What happens i file chapter 7 bankruptcy and judge denies my
What happens i file chapter 7 bankruptcy and judge denies my reaffirmation agreement...will they repo my car or will the co signer be able to keep it… read more
Phillips Esq.
Phillips Esq.
MBA
18,626 satisfied customers
I am probably going to need to file a Chapter 7 bankruptcy
I am probably going to need to file a Chapter 7 bankruptcy in Minnesota because Geico is suing me for $100K for personal injures sustained by someone else that was involved in an accident. I am fighti… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,036 satisfied customers
I have a chapter 7 in process in las vegas, nv. I have a
I have a chapter 7 in process in las vegas, nv. I have a court date set for a reaffirmation agreement for my mortgage. I would like to change my court date to a more current date. What motion with the… read more
Phillips Esq.
Phillips Esq.
MBA
18,626 satisfied customers
I filled chapter 7 and discharged a mortgage with Wells
I filled chapter 7 and discharged a mortgage with Wells Fargo in 2009. I did not reaffirm the mortgage but I continued making payments for these eight years. I requested a payoff from Wells Fargo and … read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,036 satisfied customers
Rescinding a reaffirmation You've helped with this before
Rescinding a reaffirmation You've helped with this before but I'll give a quick update. 2000 behind on payments with 3000-6000 equity (depending on who you ask) ProSe for Reaff only, dealing with Asce… read more
Terry L.
Terry L.
Attorney
2,918 satisfied customers
Regarding my chapter 7 Reaffirmation hearing tomorrow,
Regarding my chapter 7 Reaffirmation hearing tomorrow, husband is going without me. $2000 behind on payments, 6000 equity in car. When I try to talk to the people at "ascension capital" who do Cap1's … read more
Phillips Esq.
Phillips Esq.
MBA
18,626 satisfied customers
We filed chapter 7 bankruptcy in California with the intent
We filed chapter 7 bankruptcy in California with the intent on reaffirming the car.We are 90 days out with a report of no distribution and "awaiting discharge" on Pacer.We have $6000 equity in the car… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,036 satisfied customers
This is a Chapter 7 question. The Debtor was unemployed for
This is a Chapter 7 question. The Debtor was unemployed for 4 of the last 6 months, having worked the last 2 months. Her currently monthly income amount is above the local median, but averaged over th… read more
Terry L.
Terry L.
Attorney
2,918 satisfied customers
This is a Chapter 7 case. The Debtor signed a reaffirmation
This is a Chapter 7 case. The Debtor signed a reaffirmation agreement less than 60 days ago and now wants to rescind it...the case is about to close, discharge was ordered but case is open for adminis… read more
Terry L.
Terry L.
Attorney
2,918 satisfied customers
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed,
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed, but only by the husband. The wife never signed. Does this mean that the loan company now has lost consent? In her not reaffirming the loan … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x