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Old 07-16-2009, 03:51 AM
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Default Re: Reaffirmed a vehicle and now I can't afford it....

I am pretty sure you can rescind this prior to discharge.
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Old 07-16-2009, 03:51 AM
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Default Re: Reaffirmed a vehicle and now I can't afford it....

Yep you can rescind. Gotta do it quick!



Here's the code language:



(4) the debtor has not rescinded such agreement at any time prior to discharge or within sixty days after such agreement is filed with the court, whichever occurs later, by giving notice of rescission to the holder of such claim;



And the explanation:



“Your right to rescind (cancel) your reaffirmation agreement. You may rescind (cancel) your reaffirmation agreement at any time before the bankruptcy court enters a discharge order, or before the expiration of the 60-day period that begins on the date your reaffirmation agreement is filed with the court, whichever occurs later. To rescind (cancel) your reaffirmation agreement, you must notify the creditor that your reaffirmation agreement is rescinded (or canceled).



Here's the link to the part of the BK code: http://www4.law.cornell.edu/uscode/h...4----000-.html
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