When reaffirming vehicles - when is first payment typically due?

[Anonymous]

I realize that this will vary case by case, but I'm just trying to get a general idea so that I can plan. Is the first payment date usually based on the BK file date? discharge date? reaffirm date? At what point in the BK process do you normally sign the reaffirmation? Is there any chance that I'd get a month or two to go by without having to pay (without being late, either, of course)? If it matters, the car notes will be current when I file.

Edit to add: If it matters any, these loans are with a credit union, not bank.

Thanks in advance for any comments/experiences.

[gdale6]

---

@Anonymous wrote:

I realize that this will vary case by case, but I'm just trying to get a general idea so that I can plan. Is the first payment date usually based on the BK file date? discharge date? reaffirm date? At what point in the BK process do you normally sign the reaffirmation? Is there any chance that I'd get a month or two to go by without having to pay (without being late, either, of course)? If it matters, the car notes will be current when I file.

Edit to add: If it matters any, these loans are with a credit union, not bank.

Thanks in advance for any comments/experiences.

---

I would advise you to not miss any payments and continue them on schedule.

[Wizdog1]

I reaffirmed my car that was through GE credit union and was told they were going to freeze my 10k visa and line of credit until BK was discharged, they closed them both down as soon as I was discharged. I had a long, perfect history with 0 balance. My attorney advised this would probably happen and my response was " not my credit union". Listen to your attorney when you hire one, they will advise you to keep current on auto and home if you intend to reaffirm. Good luck to you.

[DaveInAZ]

---

@Anonymous wrote:

I realize that this will vary case by case, but I'm just trying to get a general idea so that I can plan. Is the first payment date usually based on the BK file date? discharge date? reaffirm date? At what point in the BK process do you normally sign the reaffirmation? Is there any chance that I'd get a month or two to go by without having to pay (without being late, either, of course)? If it matters, the car notes will be current when I file.

Edit to add: If it matters any, these loans are with a credit union, not bank.

Thanks in advance for any comments/experiences.

---

Any secured debt you plan to keep you need to remain current on the payments before filing, during BK, and after discharge. "Keep" means reaffirm or retain, retain meaning you stay current of the payments and retain the property without reaffirming the debt. During BK you normally sign the reaffirmation within 60 days after your creditors meeting.

[DaUsMsB]

Ask your attorney.  They will give you the right answer.  I want to say we were so bad off, that we had to miss a couple payments and it was not an issue.  We finished paying it off while in the plan and received the title months after discharge.

[ezdriver]

---

@Anonymous wrote:

I realize that this will vary case by case, but I'm just trying to get a general idea so that I can plan. Is the first payment date usually based on the BK file date? discharge date? reaffirm date? At what point in the BK process do you normally sign the reaffirmation? Is there any chance that I'd get a month or two to go by without having to pay (without being late, either, of course)? If it matters, the car notes will be current when I file.

Edit to add: If it matters any, these loans are with a credit union, not bank.

Thanks in advance for any comments/experiences.

---

Once you indicate your intention to reaffirm that auto debt, the creditor will produce a reaffirmation agreement that contans all details of the surviving debt obligations. The format of the reaffirmation agreement is predefined. You, your attorney, the trustee and the debotor will all sign the agreement. Your trustee has the authotity to accept or not accept the reaffirmation agreement. If not current, the agreement will address how to go about making the account current.

By the way, it is a good opportunity to ask the debtor for concessions [eg: rate or principal reduction] when the agreement is being prepared. Most people don't know that they can ask. That agreement will supercede any previous loan agreement ... make sure that is also stated in the agreement.