Legal Question in Bankruptcy in Texas

Re: Reaffirmations/Bankruptcy

If you reaffirmed the debt properly, you are liable on the loan. You would be responsible for the difference in what is owed and the value of the car. Teh procedure for reaffrimation must be carefully followed in order for the debt to be reaffirmed. Larry Maun 713.266.2560

Re: Reaffirmations/Bankruptcy

Most reaffirmation agreements have a clause written in the agreement which states the agreement can be withdrawn within 60 days after the date the case is completed (the date of "discharge" as it appears on the Judge's order). If the sixty days have not elapsed then you can withdraw your reaffirmation. Notify GMAC in writing perferably by certified mail. If the sixty days have already elapsed then you are legally obligated for the debt. You could voluntarily return the vehicle or essentially perform a voluntarily repo. However, most of the time if this occurs the car will be auctioned and sold for less than the loan amount. You can be sued for the difference. If you are still in bankruptcy notify GMAC that you intend to withdraw the reaffirmation by letter and file a copy of this letter with the bankruptcy clerk.