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Why Does Ride-Through Matter in an Arizona Bankruptcy?

By Joseph McDaniel, Esq.

Well, here's why: reaffirmation on a car is a very, very bad idea. Even though you need the car.

Example: when I was a baby lawyer, back when dinosaurs roamed the earth, a beautiful girl had a beautiful car and had a beautiful job with her boyfriend, so nothing could possibly go wrong.

And she asked me to obtain a reaffirmation agreement for her on the very, very expensive car that she could only pay for because of the great job with her boyfriend's business.

Do you see where this is going?

So I got her the reaffirmation on the beautiful very expensive car and then she lost her beautiful job because her boyfriend found a new beautiful girl.

And then she was sued for a deficiency after her very expensive car was repossessed.

So then I had to find a way to make the debt go away, because I felt bad.

They call it the practice of law for a reason.

Most of the Bankruptcy Judges display unexpected compassion in connection with automobile reaffirmations. 

 

Full post as published by Arizona Bankruptcy Attorney Blog on January 29, 2011 (boomark / email).