We did a chap 7 and just had the 341 mtg yesterday! Much to my relief it went *very* quickly and painless. Even though I had read from others here that it went this way I didn't realy believe it could be that way! I was so worried especially if a creditor would show up, but no one did. And much to my surprise we were the only ones there, it was just us, the trustee, and our atty. It lasted like 5 minutes and he asked basic questions. He did ask 3 times if anyone owed us any money though, I guess to see if we would change our answer.
The bkforum has been so helpful and much needed during this difficult time. I thank you all that stick around to post and answer the same questions over and over for us first timers that are in shock and worry over this. The bkforum has provided much comfort during this time. Even though I have only a few posts I read so much on here. So again thank you!
Now to my questions! We have listed on the bk paperwork that we would reaffirm the house and our van. We listed the computer, washer/dryer, and tv as redeem and a money value is placed next to them. They are all about 18mths old. (They are secured debt from a store cc-- Best Buy, Home Depot, Sears.)
I do not understand this process even though I did ask our atty after the 341 mtg but I still don't get it and he was in a hurry to leave.
*Before* the 341 mtg we got from our atty paperwork to reaffirm the van from Wells Fargo and to *much* of our surprise (and without us asking!) they lowered the interest rate and mthly payment amount and balance due! We were shocked and happy of course because even with the bk we will be scrapping by. So far we have not heard anything from the house. We are current on our payments. We are hoping they would do like Wells Fargo did since we are upside down on the house by $15K.
Now what I don't understand is inregards to the secured debt (computer,washer/dryer, tv). We want to keep them only because like I said we have no money to go and by another if they are taken back and we absolutely have to have a washer/dryer in the house with 5 kids and can't do the laundermat. We only have the one tv and computer too so we would be without any. Early in the bk process when we met with the atty he asked us what they were worth. My husband guessed having no idea if it is really accurate. Now we find out on the bk paperwork the value he told the atty is listed as the price we would redeem the stuff for. So does the stores (BB, Sears, HD) see this price and of course will jump at taking the money for the stuff? Or was this part of the bk paperwork for the atty right now and we get to wait until *they* offer us something first? Right now we can not imagine how we will come up with $1000 to redeem those things and we only have 30 days to pay for them. Since we have not heard from them *before* the 341 does that mean they are not going to take any action and just let the products go? Thanks in advance for your help!
The bkforum has been so helpful and much needed during this difficult time. I thank you all that stick around to post and answer the same questions over and over for us first timers that are in shock and worry over this. The bkforum has provided much comfort during this time. Even though I have only a few posts I read so much on here. So again thank you!
Now to my questions! We have listed on the bk paperwork that we would reaffirm the house and our van. We listed the computer, washer/dryer, and tv as redeem and a money value is placed next to them. They are all about 18mths old. (They are secured debt from a store cc-- Best Buy, Home Depot, Sears.)
I do not understand this process even though I did ask our atty after the 341 mtg but I still don't get it and he was in a hurry to leave.
*Before* the 341 mtg we got from our atty paperwork to reaffirm the van from Wells Fargo and to *much* of our surprise (and without us asking!) they lowered the interest rate and mthly payment amount and balance due! We were shocked and happy of course because even with the bk we will be scrapping by. So far we have not heard anything from the house. We are current on our payments. We are hoping they would do like Wells Fargo did since we are upside down on the house by $15K.
Now what I don't understand is inregards to the secured debt (computer,washer/dryer, tv). We want to keep them only because like I said we have no money to go and by another if they are taken back and we absolutely have to have a washer/dryer in the house with 5 kids and can't do the laundermat. We only have the one tv and computer too so we would be without any. Early in the bk process when we met with the atty he asked us what they were worth. My husband guessed having no idea if it is really accurate. Now we find out on the bk paperwork the value he told the atty is listed as the price we would redeem the stuff for. So does the stores (BB, Sears, HD) see this price and of course will jump at taking the money for the stuff? Or was this part of the bk paperwork for the atty right now and we get to wait until *they* offer us something first? Right now we can not imagine how we will come up with $1000 to redeem those things and we only have 30 days to pay for them. Since we have not heard from them *before* the 341 does that mean they are not going to take any action and just let the products go? Thanks in advance for your help!