What about automobiles that are currently being financed? Do I need to reaffirm any of my debts? If you car note is current, you are not under an obligation to reaffirm. Said further, one is never under an obligation to reaffirm any debt, and, generally it is not in the debtor's best interest to reaffirm debts. Reaffirming a vehicle, based debt is not a good deal, if the vehicle is current. Most states will not permit repossession just because of a bankruptcy. Once again, local counsel should be consulted since the rules may change from one area of the country to another.