Reaffirmations Impose Impossible Demands on Bankruptcy Counsel

By Cathy Moran, Esq. (Redwood City, CA)

When BAPCA gutted the ipso facto clause, reaffirmation was left as the only way a debtor could be assured of retaining his wheels.

Car lenders took sides back then, then changed sides, on whether they would automatically repossess a vehicle when the debt was not reaffirmed. Some wanted the in terrorem effect of losing the car to spur reaffirmations and the full panoply of legal . . .

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