lower car payment after BK capt 7

[Anonymous]

Hi, I haven't actually filed yet for Capt 7, but i'll be doing that in a few months. I have a car payment with GM but I'm behind. By the time I file, if im still behind, will they repo the car? My atty was explaining to do a reaffirmation. But, the payment is over $500 a month, and it currently unaffordale for me. If I reaffirmed, would they lower the payment by renegotiating the contract?  If I cannot afford the payment now, how would it change after discharge?

[Anonymous]

Once you file they cannot touch the vehicle until after the discharge, or if they file for a motion for relief of stay during the bankruptcy. If you cant pay after the discharge, they will take the vehicle. The BK unwinds your legal requirement to pay the note, but does not give you the vehicle. They can and most likely will reposess it. 

Reaffirmation isnt gauranteed. They dont have to offer it to you or even lower your payment if you do. Talk to your attorney about this. 

[Anonymous]

Unless you have substantial equity in the vehicle, file, and drive it while you're waiting for discharge and save that $500/month payment x 3 months to buy a $1500 car for cash.