Can I renegotiate my interest rate and car payment? 16 Answers as of June 11, 2013

I filed Chapter 7 bankruptcy and my car lender wants me to sign a reaffirmation. I am current on my car payment. Can I renegotiate my interest rate and car payment? The current amount I am paying is to expense but I would like to keep my car. Please let me know what steps I need to take regarding this reaffirmation. Thank you.

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Law Office of D.L. Drain, P.A.
Law Office of D.L. Drain, P.A. | Diane L. Drain
You can try.
Answer Applies to: Arizona
Replied: 6/11/2013
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
You can try. Many things are negotiable. Start by contacting your lender.
Answer Applies to: California
Replied: 6/11/2013
Michael B. McFarland, P.A. | Michael B. McFarland
You can't force the lender to change anything in a chapter 7 reaffirmation agreement, although you can decline to reaffirm without the changes. You may want to talk to an experienced bankruptcy attorney about converting to a Chapter 13, where you can adjust the interest rate and, in some cases, reduce the balance.
Answer Applies to: Idaho
Replied: 6/11/2013
A Fresh Start
A Fresh Start | Dorothy G Bunce
Most reaffirmation agreements don't provide for changes in terms, but there is never any harm in asking.
Answer Applies to: Nevada
Replied: 6/11/2013
Law Office of Robert Sisson | Robert Sisson
Give it a try.
Answer Applies to: Wisconsin
Replied: 6/11/2013
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    Contact an attorney to give you your options. But you can try.
    Answer Applies to: Florida
    Replied: 6/11/2013
    Stuart P Gelberg
    Stuart P Gelberg | Stuart P Gelberg
    It takes 2 to negotiate. Ask for a lower rate as part of a reaffirmation agreement. Look into a company called 722 Redemption?
    Answer Applies to: New York
    Replied: 6/11/2013
    Law Office of Thomas C. Phipps | Thomas C Phipps
    You can try to renegotiate the terms. If they don't, you can tell them that you are surrendering the car. You may want to have your attorney do this for you.
    Answer Applies to: Missouri
    Replied: 6/11/2013
    Aronoff & Linnell, PLLC | Erik C. Stein
    Yes, but the creditor would have to agree to it. You may also want to explore a redemption under 11 USC 522.
    Answer Applies to: Michigan
    Replied: 6/11/2013
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    In ch 7 you have little choice but to accept the existing terms. If you do not sign the reaffirmation they will repo car even if you are current.
    Answer Applies to: California
    Replied: 6/11/2013
    Sanford M. Martin, P.A. | Sanford M. Martin
    Of course, you may renegotiate your reaffirmation agreement with the lender, however it must be acceptable to your lender. Generally, the lender is willing to reaffirm but not to make changes in balance, payments, or interest rates. Contact the lender when you review the terms of the reaffirmation agreement prepared by your lender. There is a time limit to file a reaffirmation agreement.
    Answer Applies to: Florida
    Replied: 6/11/2013
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    I find that most lenders do not negotiate the interest rate but you can ask them.
    Answer Applies to: New York
    Replied: 6/11/2013
    Troutman & Napier
    Troutman & Napier | Gregory A. Napier
    Typically this kind of negotiation in a Chapter 7 is beyond the scope of your attorney's representation, but there is nothing preventing you from attempting it. There is no requirement that the lender cooperate, though. Some lenders will and some will not.
    Answer Applies to: Kentucky
    Replied: 6/11/2013
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    If the loan is too expensive, do not sign a reaffirmation agreement.
    Answer Applies to: Colorado
    Replied: 6/11/2013
    Heineman Law Office
    Heineman Law Office | Jeff Heineman
    You can always attempt to renegotiate. However, the lender is under no obligation to change interest rates or monthly payments in a Chapter 7. Also, there is no defined "steps" one takes with negotiation. The negotiation is based on making an offer to the lender that is more attractive than repossessing the car and losing more money than negotiating a new price and interest rate with you.
    Answer Applies to: Idaho
    Replied: 6/11/2013
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Could you negotiate? Yes. Will they negotiate. Most likely not.
    Answer Applies to: Michigan
    Replied: 6/11/2013
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