What will happen if I am unable to reaffirm by debt on my car?
Full Question:
I have just been discharged Chapter 7. I was notified by BMW post petetion to reaffirm my lease. My lawyer advised not to. I tried to get a new car but was unable to. I could have gotten a used car that I would have to pay 20-24% interest and put down a large down payment that I did not have. My lawyer would not sign off on the reaffirmation. Since I would be paying as much for a used car that I am paying now and that I only have 6-7 months left on my lease I reaffirmed sent the agreement back to BMW and have been notified by the trustee that he has set up a meeting of BMW, my lawyer, and myself. My question is: What will happen ?
04/21/2009 |
Category: Bankruptcy |
State: New Jersey |
#16069
Answer:
To approve a reaffirmation agreement, the trustee will want to make a determination that it won't pose an undue hardship on you, that the agreement was made in an informed and voluntary manner. I suggest talking to your attorney about the specific details that apply to your case.