Legal Question in Bankruptcy in Illinois

Repo after reaffirmation?
Hi! I'm just emailing because I'm lost. My bankruptcy was discharged in august 08. I did reaffirm the car I currently have, but I stupidly misunderstood what I was doing. Now I have better credit, but I can't refinance because my interest rate is so crazy and the car isn't worth as much. I'm trying to trade it in, but they are asking for 5k down...impossible. The dealer who claims to be familiar with Bankruptcy says since I bought the car before I filed my bankruptcy, reaffirmed the debt and its listed on my credit report currently as ''CH 7 BK Reaffirmed'' I can supposedly turn my car in and tell ford I can't afford it and he said they can not take action against me.

Is it me or is this NOT true? I just want to be sure before I do something crazy or stupid. He is saying I can turn it back in no problems and they will not mark ''repossessed'' on my credit report. I just need help understanding all of this.

Asked on 5/05/09, 9:14 pm

Lesley Hoenig Lesley A. Hoenig, Attorney at Law

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Re: Repo after reaffirmation?

If you reaffirmed the vehicle, the debt is not discharged, you would still be liable for the deficiency.

Answered on 5/05/09, 9:17 pm

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