You are here:

Bankruptcy Law/Court Does Not Approve Reaffirmation Agreement

Advertisement

Expert: - 12/14/2008


Question
If the court does not approve a car loan reaffirmation agreement in a chapter 7 case, what happens if the debtor continues to make regular payments on the loan? Can the creditor repossess the vehicle?

Answer
Technically, without a reaffirmation agreement, the lender would have the right to get the collateral back.  The lender may choose to work with you, especially if you are current, but they don't have to, and they could repossess the vehicle even if current.

Bankruptcy Law

All Answers

Answers by Expert:

Ask Experts

Volunteer

Terry Leeders

Expertise

Handles Chapter 7 and Chapter 13 bankruptcy cases.
10 years of extensive bankruptcy experience. Filed over 3000 cases
Chicago Bankruptcy Lawyer website
"One On One Personal Service You Deserve"

Experience

I have been practicing bankruptcy law for 10 years. I have helped over 3000 consumer bankruptcy clients in that time.

Organizations
Chicago Bar Association Illinois Bar Association

Publications
author of Chicago Bankruptcy Blog
Chicago Chapter 13 Bankruptcy Blog
Illinois Bankruptcy Law Blog
Fresh Start Partners

Education/Credentials
University of Illinois Thomas M. Cooley Law School
Chicago Bankruptcy Lawyer website

©2012 About.com, a part of The New York Times Company. All rights reserved.