I really wanted to keep my expensive car when
I filed Chapter 7. So, I signed a reaffirmation agreement, but
now I’ve changed my mind. Is it too late for me to get out from under
this car? My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights; Maryland, Delaware, Pennsylvania, and Virginia, and depends on when you signed
that reaffirmation agreement on whether or not you can get out from under it. You have 60 days after you sign that reaffirmation
agreement to decide, you know what, changed my mind, I want to get out from under this
car and give it back to the lender. So, if you signed that reaffirmation agreement
a day before discharge, then you can get out from under it for 60 days after you file it
with the court. On the other hand, let’s say you signed that
reaffirmation agreement really early and the 60 days pass before you get a discharge. Good news. You can rescind that reaffirmation agreement
any time up until discharge and get out from under that car. The key is to really decide as soon as you
can to get out from under that car and to really know what you want to do with that
expensive car as soon as you can, because if you wait too long, you are going to be
stuck, and even though you have discharged all of your other debts and bankruptcy, you’re
still going to be stuck paying for that car if you reaffirmed it, and you don’t rescind
it in a timely manner. My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights, and if you have a question about whether you can get out from under a
car loan and bankruptcy, please pick up the phone and call me. I would love to hear from you.