TK1978 Posted April 23, 2012 Report Share Posted April 23, 2012 HiMy bankruptcy was discharged in NOV 2011. I reaffirmed my auto loan, which I thought was the best thing to do at that time. Although I have continued to make payments ON TIME, the lender still reports to credit bureau as "included in bankruptcy", with a ZERO balance. Because I am trying to rebuild credit, I purchased a new car. I did not trade in the existing car because I was upside down which would have added more costs to my new loan. I no longer need the "old" car. I have thought about doing a Voluntary Repossession. If the lender has already reported as "included in bankruptcy", can they legally change that reporting status if I do a Voluntary Repossession? My credit score is improving and I do not want to do anything to negatively impact that, however I need to get rid of the "old" car.Please help! Link to comment Share on other sites More sharing options...
willingtocope Posted April 23, 2012 Report Share Posted April 23, 2012 You really ought to check with your BK attorney on this one. By reaffirming, you agreed to pay it off even though it was IIB. I think the trustee is likely to want some money... Link to comment Share on other sites More sharing options...
LadynRed Posted April 23, 2012 Report Share Posted April 23, 2012 Technically, the car was included in your bankruptcy, regardless of the reaffirmation. Post-bankruptcy, the voluntary repo is probably a bad idea, it can go on your CR as a repo. Link to comment Share on other sites More sharing options...
TK1978 Posted April 24, 2012 Author Report Share Posted April 24, 2012 Thank you both for the replies Link to comment Share on other sites More sharing options...
jq26 Posted April 28, 2012 Report Share Posted April 28, 2012 You can be sued personally for any deficiency post-reaff. Link to comment Share on other sites More sharing options...
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