Legal Question in Bankruptcy in New Jersey

Re: Car Loan was NOT reaffirmed

Your car loan is different than credit card debts because the lender has a lien on your car. When you do not reaffirm a car loan, some lenders will repo even if you are current with your payments, since failing to reaffirm entitles them to do this. Other lenders won't bother to repo as long as you are current with your payments. It seems that this was the case with your lender.

You indicated that you have not made a payment in 8 months. Therefore, the fact that you did not reaffirm is a very good thing, not a bad thing. It means that if your car gets repoed, you cannot be sued for any amount remaining due on the loan.

If they have not repoed your car after 8 months, you should consider yourself lucky that you are driving a car for free, though you will be looking over your shoulder until it is repoed.

The tax write off is irrelevant even if it is true.

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