Rebuilding from Chapter 7

[Anonymous]

According to the letter I received from Lexus, to keep it short and sweet, it stated they wont report it and/or send statements until reaffirmation is finalized. Im literally a few weeks into discharge and have had made 2 payments over the phone "willingly" as they put it. Now that you mentioned your situation should I double check or give it some time IE wait to see if statements start coming?

[StartingOver10]

Reaffirmation is a very formal process. It must be completed and signed off by the debtor and the creditor prior to discharge in order to be an official reaffirmation.

Look at your reaffirmation paperwork to see if you have the creditors signature as well as yours. If you don't have it, check with your attorney to see if he has a copy. If he doesn't then you probably don't have an official reaffirmation.

An unofficial reaffirmation is where you continue to make payments and the tradeline reports as iib and zero balance. This is also called a "ride through". 

Some lenders, notoriously FORD Credit, will repo your vehicle if you don't have an official reaffirmation on file - even if you are current. The BK is considered default.  I don't know about Lexus, but check your paperwork first.

[Anonymous]

Wow thanks for clearing that up. I did sign reaffirmation paperwork that was to be sent off to Lexus well prior to discharge, and that was the last I heard of it. I wouldnt have known those were the circumstances. I will be contacting my attorney in regards to it. He advised it would continue to report to the CBs but that was from the get go. The way you put it, seems like this is more in Lexus's hands. Fingers crossed its just all still being finalized seeing how the discharge was very recent and the creditor has signed off

[Anonymous]

Sounds like a pretty rough alternative :-(  Good luck!

[StartingOver10]

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@Anonymous wrote:

Wow thanks for clearing that up. I did sign reaffirmation paperwork that was to be sent off to Lexus well prior to discharge, and that was the last I heard of it. I wouldn't have known those were the circumstances. I will be contacting my attorney in regards to it. He advised it would continue to report to the CBs but that was from the get go. The way you put it, seems like this is more in Lexus's hands. Fingers crossed its just all still being finalized seeing how the discharge was very recent and the creditor has signed off

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Yes, it's in the hands of the creditor. From what I have seen, most BK attorney's don't really get involved with the proper credit reporting after BK - unless you have something severe like a violation of the discharge order. There is nothing in the law that can force them to report, but if they do report, they have to report correctly.

 Did you see a reporting requirement in the reaffirmation? I am sure its not there automatically (in the standard form). You will need to check your reports anyway for accuracy since you have been recently discharged. When you check your other accounts, check to see how Lexus reports. Contact them directly if they don't report correctly. Good luck.

[Anonymous]

I did confirm that the creditor signed the reaffirmation and it is all filed. My lawyer advised the 2 payments Ive made wont report because they were done willingly before  offical discharge, and it will take some time before they start reporting as he put it "its still very early, but start setting up for rebuild". I also intend to double check with Lexus. As far as I can tell it should * fingers crossed* Itd be a shame to finish off the rest of the loan and not get it reported. As of now it seems to be in order with the reaffirmation being offical signed by credior and the notice I received from Lexus indicating they wont report to CBs until reaffirmation is completed. Thanks again StartingOver