Legal Question in Bankruptcy in Washington
Loan Re-establishment after bankruptcy
I have filed for bankruptcy. All debts including a car loan and visa which were serviced by the same bank were discharged. The debts for the car and the visa cross-colateralize each other. I have continued paying for both so that the car would not be repossesed. I never signed the forms which were sent to me, re-establishing the loan. If I stop payments of the loans and return the car, will the bank have any recourse?
1 Answer from Attorneys
Change of mind regarding secured debts
You have 60 days after the reaffirmation agreement is filed to change your mind. If you have not signed the reaffirmation agreement, you can amend your Notice of Intent to reflect surrender of the collateral and turn in the car. The bank has no recourse. So, you can go ahead and stop payment, if there is time.
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