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What happens i file chapter 7 bankruptcy and judge denies my…

What happens i file chapter...
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
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Answered in 1 hour by:
12/17/2017
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 21,703
Experience: B.A.; M.B.A.; J.D.
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Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Your creditor would only want to repossess your car if you are late making your payments. It is not in the best interest of the creditor to take back the car if you are making payments.

Also, if you have a co-signer, the co-signer would also be able to keep the car. Again, it is not in the best interest of the creditor to repossess the car when you are making payments.

Finally, reaffirmation is often not in the best interest of the debtor no matter what the creditors and their representatives tell you. Reaffirmation nullifies the benefit of your bankrupt protection for the reaffirmed date. You would still be owing on the debt even if you receive a Discharged Order from the Court. This means that if you are late making payment on the reaffirmed debt, the creditor can repossess the car and also come after you for deficiency after the auction. This would not happen if the debt is not reaffirmed because your personal obligation on the note would be wiped out. Also, a reaffirmed debt can never be claimed in future bankruptcy filings.

Best wishes,

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Customer reply replied 5 months ago
Thanks because i was a little worried a judge might rule against it becsuse..I sated i only have $47 to my name after all bill including the vehicle
Customer reply replied 5 months ago
Im in California also

Thank you for the information.

My response stands. I know you are in California before answering the question.

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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 21,703
Experience: B.A.; M.B.A.; J.D.
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Phillips Esq.
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Category: Bankruptcy Law
Satisfied Customers: 21,703
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Experience: B.A.; M.B.A.; J.D.

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