Legal Question in Bankruptcy in New York

Re: bankruptcy car loans

A reaffirmation agreement is an agreement made with the approval of the Trustee and the bankruptcy court that the debtor will repay the loan that is reaffirmed. If the loan is secured by collateral (house, car, boat, airplane, piano, intellectual property...) and the debtor fails to make payments as agreed in the reaffirmation contract, the lender can indeed repossess the collateral.

As to your particular matter, you should speak with your attorney. If you do not have an attorney, you should hire one promptly; your life will be easier if you hire one who is geographically close to you. Referrals are available through many county bar associations or through the New York State Bar Association (www.nysba.org). If you really cannot afford an attorney, call your county's Legal Aid Society; they may be able to render free or reduced-cost assistance to you if you meet their requirements. (Legal Aid is NOT charity, btw, nor is it funded by taxes. The attorneys are paid through the interest collected by the State on attorneys' escrow accounts).

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.