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Re-affirmation Agreements

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District Court (Mich.) Reverses Bankruptcy Court’s Rejection of Auto Finance Company’s Re-affirmation Agreement and Bankruptcy Court’s Imposition of Judicially Created “Ride-through”

by Scott J. Hyman |

In Ford Motor Credit Company v. Hall, No. 16-13333, 2017 WL 3084373 (D. Mich. July 20, 2017), Judge Borman found that the bankruptcy court exceeded its authority by sua sponte rejecting an auto finance company’s negotiated reaffirmation agreement and, instead, imposing conditions on the finance company that resembled a judicially created “ride-through”. Appellant challenges the Bankruptcy Court “Order Disapproving Reaffirmation… Read More

Bankruptcy Court (Nev.) Finds Ipso Facto Clause in Automobile RISCs Did Not, Alone, Allow Repossession; Accordingly Finds Re-affirmation Agreements Not in Debtors’ Best Interests

by Scott J. Hyman |

In In re Henderson, 2013 WL 3356128 (Bkrtcy.D.Nev. 2013), the Nevada Bankruptcy Court found the ipso facto clause in the standard form automobile RISC did not allow repossession merely due to the filing of bankruptcy and, accordingly, rejected debtors’ reaffirmation of their automobile RISCs as not being in the debtors’ best interests under Nevada law. A creditor's right to repossession… Read More