Legal Question in Bankruptcy in Arizona

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.

Asked on 7/10/13, 11:57 pm

1 Answer from Attorneys

Brian Strickman Strickman Law Office, PLLC
0 users found helpful
0 attorneys agreed

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.

Read more
Answered on 7/11/13, 4:42 pm

Related Questions & Answers

More Bankruptcy Law questions and answers in Arizona

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Bankruptcy Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now