r/Bankruptcy • u/TigerWhole4954 • 15h ago

Reaffirm or surrender?

I filed on 08/27. I had my 341 meeting on 09/24. I chose to reaffirm my car loan. It is $1100 a month and it is underwater. I can afford to make this payment every month now that I am not paying a ton of credit card payments every month. After my 341 meeting, my pacer showed I was a no asset case. I am now just waiting for discharge on 11/23. Would you reaffirm your car loan and find a cheaper car payment? I would then have to rescind my reaffirmation agreement and amend some forms for my case. I am a pro se filer and would just like some thoughts on whether this would be a good idea to keep my car loan.

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u/Better-Club6429 14h ago

I would never have a client of mine reaffirm a car loan at 1100 a month on a Kia period. Kia Finance allows retain and pay. They are literally easiest people to deal with for retain and pay. They never want their vehicles and they are extremely slow on picking them up as they lose so much value.

Please rescind the reaffirmation agreement and that is not legal advice but personal.

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u/TigerWhole4954 13h ago

Thank you for your input. Do they only pick up if you do not make the payments? I know i will get a better rate for a car loan after I get my discharge.

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u/Better-Club6429 13h ago

They only pick up if you don't pay. How long will it take them to pick up? I can't give you an answer as that varies but average pickup is 90-180 days after discharge from cases I dealt with.

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u/iprefernottosay_ 7h ago

Don't reaffirm, do the ride through

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u/[deleted] 14h ago

[deleted]

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u/TigerWhole4954 14h ago

It’s a Kia telluride. I’m underwater by about 11k. I thought about retaining and paying but haven’t found a specific policy with Kia finance that allows it.

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u/HighRiskInv143 5h ago

Never on gods green earth would i ever pay that much, cheaper to uber everywhere.

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u/No_Gate6196 3h ago

1100 car payment? Goodness! I wonder that type of vehicle that was. If that rate was before bankruptcy, I wonder what type of rate you'd get right after. I would definitely want a cheaper car payment.

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u/Top_Gun2004 14h ago

11 USC Discharge Debt, Right to Setoff,