Bryant filed a Chapter 7 petition on January 7. On March 8, she filed an application to reaffirm an indebtedness owed to General Motors Acceptance Corporation (GMAC) on her Cadillac automobile. Bryant was not married, and she supported two teenage daughters. She was not currently employed, and she collected $771 a month in unemployment benefits and $150 a month in rental income from her mother. Her monthly house payments were $259. The present value of the Cadillac was $9,175; she owed $7,956.37 on it, and her monthly payments were $345.93. Bryant indicated that she wanted to keep the vehicle because it was reliable. GMAC admitted that Bryant had been, and continued to be, current in her payments. GMAC said that the car was in no danger of being repossessed but that, absent reaffirmation, it might decide to repossess it. Under the law at the time, permission of the court was required for a reaffirmation agreement. Should the court grant Bryant's petition to reaffirm her indebtedness to GMAC?
Answer to relevant QuestionsWhile attending college, Barbara Barrington obtained a student loan from the New York State Higher Education Services Corporation. Barrington had depressive illnesses all her life, as had previous generations in her family. ...Wiley, Tate & Irby, buyers and sellers of used cars, sold several autos to Houston Auto Sales. Houston wrote out the order for payment on the outside of several envelopes. He signed them and they were drawn on his bank, ...Charles Alcombrack was appointed guardian for his son, Chad Alcombrack, who was seven years old and the beneficiary of his grandfather's life insurance policy. The insurance company issued a check for $30,588.39 made payable ...Mrs. Gordon Neely hired Louise Bradshaw as the bookkeeper for a Midas Muffler shop they owned and operated as a corporation, J. Gordon Neely Enterprises, Inc. (Neely). Bradshaw's duties included preparing company checks for ...On August 16, Frederick Ognibene went to the ATM area at a Citibank branch and activated one of the machines with his Citibank card, provided his personal identification code, and withdrew $20. When he approached the machine ...
Post your question