[CNYBBA-LISTSERV] Reaffirmations.

[Ted Araujo]

Further Query:  If the reaffirmation agreement is signed and timely received (within 45 days after the 341 meeting) but does not contain the schedule "D" information is the creditor allowed to repossess the collateral if the payments are current?

 

Theodore Lyons Araujo
Attorney at Law
Bodow Law Firm, PLLC
1925 Park Street
Syracuse, New York 13208

Telephone (315) 422-1234
Facsimile (315) 422-9113

taraujo at bodowlaw.com

www.bodowlaw.com

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From: cnybba-bounces at cnybba.org [mailto:cnybba-bounces at cnybba.org] On Behalf Of Ruth Babbitt
Sent: Thursday, June 08, 2006 3:05 PM
To: Central New York Bankruptcy Bar Association
Subject: Re: [CNYBBA-LISTSERV] Reaffirmations.

 

Father need not sign reaffirmation agreement because son's discharge will not affect father's obligation. Section 524(e). I assume your concerns here are founded on Sections 521(a)(2)/362(h)(1) and Section 521(a)(6), which when read together with Section 521(d) give life to insolvency/bankruptcy ipso facto clauses and effectively eliminate the so-called "fourth" (Boodrow) option on obligations secured by personal property. However, if the debtor reaffirms within the time (30 days?/45 days?) so limited, those provisions are defused.

Query. Suppose son is willing to reaffirm for the full car loan amount, but refuses to sign the reaffirmation prepared by lender's counsel because it adds lender's counsel's attorney's fees to the loan amount. Is son protected by Section 362(h)(1)(B) provision that reads: "unless such statement [of intention] specifies the debtor's intention to reaffirm such debt on the original contract terms and the creditor refuses to agree to the reaffirmation on such terms." ? In other words, is the creditor's request for attorney's fees something beyond the original contract terms - even if the contract contains an attorney's fees clause in lender's favor? 

-Ed Crossmore

 

Ruth Babbitt 
Secretary to Edward Y. Crossmore, Esq. 
The Crossmore Law Office 
115 West Green Street 
Ithaca, New York  14850 
Tel.:  (607) 273-5787 
Fax:  (607) 273-0291 

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	-----Original Message-----
	From: cnybba-bounces at cnybba.org [mailto:cnybba-bounces at cnybba.org]On Behalf Of TampaStomp at aol.com
	Sent: Wednesday, June 07, 2006 4:43 PM
	To: cnybba at cnybba.org
	Subject: [CNYBBA-LISTSERV] Reaffirmations.

	Question:

	 

	    Father and son are on title to car and are co-obligors.  Father files Chapter 7 Bankruptcy.  Does father need to sign reaffirmation agreement?  Son is in possession of car and is making the payments.  If father does not sign reaffirmation agreement, may lender repossess the car from the son?

	 

	    Your thoughts are appreciated.

	 

	Russell

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