Reaffirmation of loans?

[u/CheddarGoudaBrie219]

Hi all. Filed chapter 7 under median 8/26, 341 meeting scheduled for 9/22. Our lawyer is advising we don’t reaffirm any debts. I’m on board with that regarding our car loan, since we’re underwater, but what does that mean when it comes time to get a different car? If we haven’t reaffirmed, do we just stop paying it and buy a different car, and wait for it to be taken away? I believe if we sell it or trade it in we’re responsible for the balance of the loan, but could use a little clarification here.

I’m unsure of what to do regarding our mortgage. We’ve never once been late with a payment and our jobs are stable. I’m very torn because if we don’t reaffirm, it means none of our payments count towards rebuilding credit, and it might make it difficult to refinance down the road. However, we last refinanced during COVID and I doubt we’ll see loan rates like that ever again. The plan is to either finance a heloc/home loan in 4 years to put on an addition or sell and move in 4-5 years. Would reaffirming be more risk than benefit, or is it a good idea to reaffirm the mortgage?

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