Legal Question in Bankruptcy in Iowa

Re: Reaffirmation of auto loan

Have you hired a lawyer yet? If not, you do NEED to do so. Bankruptcy is a complex legal proceeding that has serious and potentially dire consequences if you muck it up by trying to handle it yourself. You need an attorney in your corner. You can get a referral from one of the Iowa bar associations.

Reaffirming a debt in bankruptcy means that Debtor agrees, with the Court's permission, to repay the reaffirmed loan under the original terms of the note. It is essentially a new, and enforceable even after bankruptcy discharge, contract to pay the debt off.

As to your question about keeping your car, your answer depends on your individual circumstances; your attorney can answer it for you.

Good luck.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.