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Law Pro
Law Pro, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 24870
Experience:  20 years experience in consumer advocacy, debt collection violations, contracts, construction
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Hello, I looked into my paperwork and I found a page called

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Hello, I looked into my paperwork and I found a page called Chapter 7 Individual Debtor's Statement of Intention. It says that in case of retaining the property(my car), I intend to reaffirm the debt. What can be done about that? Jana
Hi! Thank you for asking for me.

Did you sign a "reaffirmation" agreement with the vehicle lender?

You said before you didn't. But I just want to be sure.

Customer: replied 3 years ago.

I didn't sign any agreement with the lender. This form "Chapter 7 Individual Debtor's Statement of Intention" is part of my paperwork that I used to file the bankrupcty. I had 341 meeting but none of my creditors showed up.

Yes, that's usual that none of the creditors show up. It's basically a waste of time for large creditors to show up.

About the only creditors who do show up for the 341 meeting are friends who loaned the debtor money or vehicle or something and want to complain.

The law is - that although you stated your intentions to reaffirm the debt - the creditor must draft you sign a reaffirmation agreement.

Then the law is dependant on whether you signed the reaffirmation agreement:

If you cannot make the payments, they will take your car away from you.

If you DO sign a reaffirmation agreement then you default on your payments and they take it away from, they will SUE afterwards.

If you do NOT sign a reaffirmation agreement, then you default on your payments, they will take it away and they can NOT sue you afterwards.

If you do NOT sign a reaffirmation agreement, then even if your payments are current, they can repossess it anyway.

So, since you didn't sign a reaffirmation agreement - they can take the vehicle but can't sue you.

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