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02-10-2017 09:57 AM
I have a car loan with MTB bank that I had to reaffirm ( filed for chapter 7 and already had my 341 meeting) it's the only car I have and the loan will most likely be paid off next year. I noticed on the transunion and equifax reports via creditkarma that they are now shoing a $0 balance even though I owe $8,753 on it. Should I file dispute or just leave it alone?
02-10-2017 10:46 AM
Was your reaffirmation approved by the court already? an does the account shows $0 balance and under remarks (CLOSED included in bankruptcy)?
02-10-2017 06:24 PM
I reaffirmed my car and it showed that way on my reports until after discharge. My car loan began reporting again about a month after discharge. I have read on this board tgast some lenders never report after that, but mine did.
02-11-2017 06:07 AM
Paperwork was done on Monday, so still waiting to get ok on that. TU shows a $0 balance chapter 7 bankruptcy and EQ shows bankruptcy chapter 7, bankruptcy petition, fixed rate.
Did your reaffirmation agreement state that the bank would report your payments to the credit reporting agencies? Always good to get that in writing, might not be too late if that wasn't on your reaffirmatin agreement. Some banks don't report even if reaffirmed.
02-11-2017 11:23 AM
02-11-2017 01:40 PM - edited 02-11-2017 01:41 PM
I owe $8,753.
But what is the car worth, such as the resell value indicated on kbb.com (Kelly Blue Book)
TXinandout asked about your equity in the car, equity = resell value-loan balance. If you don't have at least several thousands of dollars of equity in the car, it's not a good idea to reaffirm. If you have financial problems down the road & can't make the payments if they repossess the car you could be on the hook for $$$ if they sell the car for less than you owe. If you don't reaffirm all they can do is take the car.
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