Legal Question in Bankruptcy in New York

I did not file a reaffirm on my car but have continued to make payments on time. can they take my car because i didnt file a notice to reaffirm

Asked on 10/21/12, 5:36 pm

2 Answers from Attorneys

Charles Andersen Charles Andersen, Atty

Legal Answers Not as long as you make every payment on time in the correct amount and you were current at the time you filed. Otherwise, falling behind or being late in any payments would be sufficient to allow them to pick it up without notice. That's the disadvantage of !reaffirmation.

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Answered on 10/21/12, 5:55 pm
Nancy Delain Delain Law Office, PLLC

I agree with Mr. Anderson. I would add, though, your account with the finance company or bank is now red-flagged as a bankrupt account, which means that they cannot send you new coupons if you pay by coupon book. I tell my clients to photocopy their last coupon before sending it in and send in the photocopied coupon month after month as they continue to pay the loan.

I stress, with Mr. Anderson: do NOT fall behind in these payments if you want to keep the car; even a day late can trigger a repossession without a reaffirmation agreement.

THIS POST CONTAINS GENERAL INFORMATION AND IS INTENDED FOR ENTERTAINMENT PURPOSES ONLY. IT DOES NOT CONSTITUTE LEGAL ADVICE, NOR DOES IT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP. FOR LEGAL ADVICE ON YOUR PARTICULAR MATTER, CONSULT YOUR ATTORNEY.

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Answered on 10/21/12, 6:00 pm


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