Quitman, GA Bankruptcy Law Firms & Lawyers

In the bankruptcy you had the option to reaffirm, surrender or return the vehicle. You comments indicate that you signed a statement of intent stating that you intended to reaffirm the debt. Signing this form does not reaffirm the debt. As you were told, to reaffirm the debt a reaffirmation agreement that is about 14 pages long needs to be completed, signed by the creditor and you and then filed with the court. It is my practice to request these forms from the creditor because I usually do not have the specifics of the loan such as interest rate. In Wisconsin however, the Consumer Protection Act provides some protection to debtors who have a car loan but do not sign a reaffirmation agreement. Depending on the value of the vehicle, the creditor would need to repossess the vehicle in state court. To do this you have to have missed payments. In some other states creditors have repossessed the vehicle for failure to file a reaffirmation agreement but I have not heard of a creditor succeeding in WI for this reason alone. The creditors punish you for not filing the reaffirmation agreement by not reporting the account as current even though you are making payments and sometimes not sending a bill. I leave it to my clients as to whether or not the costs out weigh the benefits in filing a reaffirmation agreement. Without a reaffirmation agreement on file, the creditor can only take the vehicle if you stop making payments but cannot obtain a deficiency judgment. If there is a reaffirmation agreement is filed and you get your car repossessed then they can take the care and get a deficiency judgment (difference between what you owe and what they sell it for). Everything is fact specific but I hope you can apply this to your situation.

You cannot receive a discharge in chapter 13 unless you file a subsequent case after 2 years from the date of discharge. If you are not eligible for a discharge you can still file a case. For example, if you have a secured judgment lien on your house or home arrears you can pay these debts in a subsequent chapter 13 without receiving a discharge of debts. Once the debts are paid the case will be closed.