I am going to file my papers for bankruptcy as soon as I get my court filing fee paid, My question is......when I list a secured debt in bankruptcy, like my vehicle but I want to reaffirm it, does the creditor contact me and would I be able to get a lower payment on my vehicle since my payment for my vehicle is $509/mo or do they just come to take the vehicle? I am confused. Thank you so much.
1 Answer from Attorneys
The reaffirmation itself occurs as part of a reaffirmation hearing at the federal bankruptcy court. Often times creditors are willing to negotiate if the end result means that you will reaffirm the debt. However, the trustee can object to a reaffirmation if that reaffirmation is beyond your means. There is certainly no guaranty to a lower payment.
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