Questions

[dhar2112]

Hello!

Have some questions (I'm in Missouri).

Preparing Chpt. 7, pro se. I co-signed on an unsecured note for my daughter. It was school-related, but is NOT a student loan, no FAFSA, not subsidized/unsubsidized, etc......just a private note. She makes the payment. How do I list it and do I need to indicate that she is reaffirming the debt? Obviously, she does not want to damage her credit and has no problem making the small payment, but does not have the money to pay it off entirely before I file.

Also, I am upside-down on the house and it is currently being reviewed for a modification. My intention is to possibly try to keep, even though I am fine walking away. As it's in modification, I will need to show it on Form 8 as being reaffirmed. I was looking at a friend's Petition and his attny listed his upside-down house on the Sch C with 0.00 entered as the Value of Claimed Exemption. Was this overkill since there's no equity? I assume perhaps the attny did this in case the Trustee disagreed with the value of the property?

Same question for upside-down vehicles. Do I need to list them on Sch C if there's no equity with 0.00 as the Value of Claimed Exemption and then on Form 8 as reaffirmed? Or if it's not necessary to exempt them, then I just list them on Form 8 as reaffirmed, but check "Not Exempt," correct? Obviously, the Trustee isn't going to mess with a vehicle that's upside-down (I would imagine).

Cell phone contract. I will honor my contract and keep our phones and my buddy did the same thing, but nowhere did his attny even mention it. I thought it had to be listed on Sch G saying the debtor intends to honor the contract. Is it necessary to do that?

I believe that's it for now. Thanks!

[JoeBankrupt33]

For your daughter's loan, you include the debt on schedule F. Also, include your daughter and the debt on shedule H indicating that she is a codebtor. Since she is not going through the bankruptcy, the debt will be her sole responsibility and she does not need to reaffirm it.

For secured property with no equity, I definitely recommend putting it on schedule C with either $0 or $10 (they both indicate that you don't have equity in the vehicle). I listed an upside down vehicle on schedule C for $10. Also, on schedule 8, I checked "claimed as exempt."

The cell phone contract does go on shedule G, but this schedule does not permit you to state whether or not you want to keep it. I think, if you don't want it, you tell the trustee. I had another cell phone that I did not want to keep, so I cancelled it before filing, then included the past due bill and cancellation fee on schedule F.