update: paperwork completed!

[jal1129]

Went to the lawyers office this morning and got it all done! It was much less painful then I had imagined!

Hopefully (fingers crossed) my tax refund will be DD tonight, we will take the online counseling tomorrow and will pay the lawyer the first of the week. As long as they have our counseling certificate the lawyer said they will file the bk the day they get the money!

Our income showed a deficit of $1300/month and thats without even putting in all of our expenses. I want to reaffirm our GMAC loan and wondered if the huge deficit would pose a problem and she said no GMAC does'nt want the car (its upside down). Tax refund is exempt (it's less then $2000) and there is still a nice amount of wildcard exemptions left over for anything unexpected that comes up.

The sun is shining for the first time in weeks, in a matter of days I will be able to answer my phone again and over all I feel good!
Hope the feeling lasts!!

[manglicmot]

Won't the trustee object to reaffirming your car loan if you have such a huge deficit?

[jal1129]

I asked that same question and she did'nt think it would be a problem. I checked this law firm out on pacer before hand. It is a very small (1 lawyer) firm and they file on average of 20 bk a month.

I would like to keep the car because it is at 4% interest which I know I won't see again for awhile. But it is also upside down so I am not going to fight with them over it. If it becomes an issue they can have it back.

The reason for our huge deficit is my husband was in an accident a few months ago and has been unable to work and has 0 income. We hope he will be back at work within the next 6 weeks, so by the time of our 341 he should (again fingers crossed) be working.

To be sure I'll ask her about it again when I go to pay. How much of a deficit has anyone else had who reaffirmed a car loan?

[NowOrNever]

We had to go to a reaffirmation hearing before the judge because Ford thought our payment would cause undue hardship because we had so little disposable. Without digging out my papers, I'm thinking it was like $15 per month. Our lawyer was truly concerned that the judge wouldn't approve the reaffirm. I was concerned because we really needed the car. It was certainly another Kleenex moment for me.

We got a family member to write a letter guaranteeing that the payment would be made each month. We gave that to the judge and after much discussion, he approved our reaffirm. His words were something to the effect that we really needed the car and he didn't want to have to play chicken with Ford.

In the end, we've been discharged, can still make our car payments and the sun is shining here, too. Things are SO MUCH better, and they will be for you, too. I don't want my story to make you nervous, just be prepared in case you do have a bump in the road. And you're right - it's great to be able to answer the phone!