BK question.

[NoDebt4Me2]

I have a consultation next week. But have an important question. Would include more back story but I'm doing this through mobile and it freezes after a couple min or so. Wifi is shut off. After several layoffs I'm so under water I really have no choice. Main question is how often do CU's reject reaffirmation for autos? I'm in AZ and read most judges reject reaffirmation. Problem is I work as an Uber driver at the moment. Had no choice but to drive after last layoff to stay afloat. Savings wiped out after last 2 layoffs. But CU has cross collateralization provisions. No car, no job. Am I basically screwed? 

[FireMedic1]

Welcome @NoDebt4Me2 

Its been said to close all CU checking savings accounts so CC doesnt happen. Open a new checking/savings at another bank. As far as reaffirmation. What CU are you talking about?

[MileHigh96]

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@NoDebt4Me2 wrote:

I have a consultation next week. But have an important question. Would include more back story but I'm doing this through mobile and it freezes after a couple min or so. Wifi is shut off. After several layoffs I'm so under water I really have no choice. Main question is how often do CU's reject reaffirmation for autos? I'm in AZ and read most judges reject reaffirmation. Problem is I work as an Uber driver at the moment. Had no choice but to drive after last layoff to stay afloat. Savings wiped out after last 2 layoffs. But CU has cross collateralization provisions. No car, no job. Am I basically screwed? 

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All CU's are different, but I had no problem re-affirming my auto loan with the CU that I had my truck financed with.  In fact, when they sent over the paperwork to my lawyer, they even lowered the interest rate on the loan.

Not sure why the judges in AZ would be against affirmation?  Unless there's something hinkey, that should be between you and your lawyer (mine made me sign an affadavit saying that I was re-affirming against her advice) and the financial institution holding the note.

[NoDebt4Me2]

I read and watched and heard from multiple AZ lawyers across the web that 99% of AZ judges deny affirmation agreements. Instead they on occasion issue an order to prevent repossession aka what used to be "ride through". So I am very concerned. In my consultation I told my lawyer which CU and situation and he said there shouldn't be an issue. But until I see it for my own eyes it's heresay.

[NoDebt4Me2]

I don't want to say just yet. I'll just say it's one of the holy grails people try to join here. Yes, I did open another checking account at a different bank. Gradually switching deposits to there. And you're right. At one of them I did have a 7 day late payment. On day 6 they wiped my checking account with no warning. So I'm not concerned about the checking account or savings. Just the car. I don't have any 30 day lates. I just know I cannot continue. Haven't had a day off in 7 months. It's killing me

[NoDebt4Me2]

@FireMedic1I have a question for you. I did open a new checking account that I have no relationship with. So I can switch my deposit accounts. It is "Chase". But I am reading that Wells Fargo and Chase will freeze my checking account as soon as I file BK. Whether or not I have products with them, which I don't except this new checking acct. Is this accurate? Should I find a different bank? Was planning on filing Monday but need to secure a way to get paid so I can pay bills. Freaking out.

[NoDebt4Me2]

Nothing hinky, just cross collateralization. CU is Penfed, I have CC and loan with, loan half paid off... I have literally searched the web for about a month now. And very little info regarding Penfed and what similar outcomes were. At this point I'm thinking I'm going to lose my car and will have to rent, which will be about $1600 a month. My car is my income. So pretty stressed and scared would be the right word.

[FireMedic1]

I was with Chase thru the entire thing. No problems. Glad you got out and kept what you have.

Tip. The post you want to answer directly. Click "Reply" on that post. Then click "Quote" top right. Type below the left side grey line.

[Lurker22]

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@FireMedic1 wrote:

I was with Chase thru the entire thing. No problems. Glad you got out and kept what you have.

Tip. The post you want to answer directly. Click "Reply" on that post. Then click "Quote" top right. Type below the left side grey line.

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Ditto - zero issues with Chase,

pre-during-after my 13 (and I hit them hard in the 13)