Already Discharged,what Happens If I Turn Over A Reaffirmed Secured Loan?
I was discharged in July and signed a reaffirmation agreement on an RV that I had financed through a bank. I owe 12 more years on a 15 year loan on it. I just got laid off and I am in Ohio. What happens if you just call the bank and tell them to come and get something and take it back,that you can't pay for it anymore? Do they take it and just make you pay the difference for what they sell it for? Do they let you do payments to pay it back? Just curious..
Answer:
Assuming your reaffirmation agreement was properly filed with the court and approved by the judge... The debt wasn't affected at all by the bankruptcy. The creditor can do whatever your state's laws allow it to do to collect on a deficiency. This can range from nothing to getting a judgment agaisnt you and garnishing your wages and bank accounts.
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