If I filed Chapter 7 and my 341 hearing is next month and I want to reaffirm my car note, will my creditors wait until the 341?

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If I filed Chapter 7 and my 341 hearing is next month and I want to reaffirm my car note, will my creditors wait until the 341?

Asked on April 2, 2012 under Bankruptcy Law, Ohio

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The creditors will wait until the 341 hearing.  The creditors may or may not appear for the 341 hearing.  Creditors who are present at the 341 hearing may offer you the opportunity to reaffirm a debt, but you are under no obligation to accept and reaffirm the debt.  Usually when creditors are present at the 341 hearing and offer to have you reaffirm a debt, they may give you better terms (lower payments, etc) than your original terms.

You can file an amendment to your bankruptcy to reaffirm the debt now, but it would be preferable to wait until the 341 hearing because the creditor may offer you better terms, lower payments, etc. as an inducement to reaffirm the debt.  Again, you are under no obligation to reaffirm the debt.


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