Confirmation

[JMICH31320]

I have been reading this forum allot and wanted to have someone confirm my understanding of a few items. Michigan

Plan: File CH7, Do Not Reafirm Primary Home(Upside down about 65k), Reafirm Motorcycles and one car, Do Not Reafirm Rental Home(Upside down about 100k), and have 5-6k in Credit Card debt. No assets except house items and van worth about $2000. I did not refinance these homes with money out just balance owed.


#1. If I keep current with payments on Primary home and decide to walk away in a few years can they sue me for the definciancy or add to my bad credit rating? Do they still have to follow the same foreclosure process?

#2. My wife is currently not working but going to school. Can they look at future earnings? (Done in 1 yr) How do they look at stafford/school loans during BK process?

#3. Can I reafirm motorcycles that have zero equity and keep paying?

#4. If I stay in current home and keep current with payments and sell in 3 years, am I allowed to make a profit?

I appreciate all information posted on this site and this is helping tremendously with my decision making process.

[AngelinaCatHub]

I have been reading this forum allot and wanted to have someone confirm my understanding of a few items. Michigan

Plan: File CH7, Do Not Reafirm Primary Home(Upside down about 65k), Reafirm Motorcycles and one car, Do Not Reafirm Rental Home(Upside down about 100k), and have 5-6k in Credit Card debt. No assets except house items and van worth about $2000. I did not refinance these homes with money out just balance owed.


#1. If I keep current with payments on Primary home and decide to walk away in a few years can they sue me for the definciancy or add to my bad credit rating? Do they still have to follow the same foreclosure process?
No they cannot sue you, but they can report this to your Credit score.
#2. My wife is currently not working but going to school. Can they look at future earnings? (Done in 1 yr) How do they look at stafford/school loans during BK process? They won't care after your discharge and they won't look to your future. I have no idea about Stafford School loans.

#3. Can I reafirm motorcycles that have zero equity and keep paying?
I would pay through and not reaffirm anything.
#4. If I stay in current home and keep current with payments and sell in 3 years, am I allowed to make a profit?
Yes you are. You own that home now and then. Until they proceed with a repo, you can do what you wish.
I appreciate all information posted on this site and this is helping tremendously with my decision making process.

Thanks from all of us. 'Hub