That really depends on how your bank is handling the issue. If you’ve been making payments all along and they haven’t asked you to sign a reaffirmation agreement, chances are they’re ok with you doing what’s called a “ride through” and let you keep the car as long as you’re current with payments. Creditors tend to be very strict about ride-throughs and will sometimes repossess the property after only one missed payment.
If your bank wants you to sign a reaffirmation agreement but you fail to do so within 30 days from the date set for your 341 meeting, the bank can repossess the car 15 days later when the automatic stay terminates automatically. They don’t always jump on a repossession as soon as they’re legally allowed to do so, and instead often wait until the discharge is entered. But, they don’t have to, so make sure you keep an eye on the calendar.
Either way, once the discharge is entered, reaffirmation is no longer possible. And, if you haven’t heard from the bank yet, then chances are you’re able to keep the car as long as you pay off the loan under the original loan terms.
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