Keep Your Vehicle without Reaffirming Its Loan?

Wasson and ThornhillVehicle Loans

Can you keep your vehicle without signing a reaffirmation agreement and putting up with the risks of owing a debt after a future repossession?   Last week we discussed keeping your vehicle in Chapter 7 by entering into a reaffirmation agreement with your vehicle lender. Through this agreement you exclude your vehicle loan from the discharge (legal write-off) of your debts. In … Read More

Vehicle Loan: Reaffirm or Cramdown?

Wasson and ThornhillVehicle Loans

Here’s an example of when it’s better to reaffirm or cramdown a vehicle loan, to use a Chapter 7 case or a Chapter 13 one.   We’re in a series of blog posts about choosing between Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts.”  Along these lines two blog posts ago we outlined when to reaffirm a secured … Read More

Do I Have to Go to a Reaffirmation Hearing?

Wasson and ThornhillBankruptcy Procedure

You only need to go to a reaffirmation hearing if you don’t have a lawyer, or he or she doesn’t sign the reaffirmation agreement.   Reaffirmation Agreement If you want to keep the collateral on a debt usually you have to exclude that debt from the legal write-off (“discharge”) of your debts that you receive in a Chapter 7 “straight … Read More