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    #1

    Major Question!!!! Need Input

    Ok...brief review: I REALLY NEED SOME HELP WITH THIS GUYS....

    We orginally had a LINE OF CREDIT loan..which we used a car, camper, truck, & trailer as collateral for. A line of credit meaning we could pay the 1000 dollar payment and the principal part of that payment was available for us to use again...The LINE OF CREDIT LOAN was for our business and was set up to come due in full each year...however...they always re-financed the balance due..OK...

    So business Failed and we filed BK chapter 7...thought we were going to re-affirm...so bank draws up contract for a regular collateral loan...LIKE A CAR LOAN...ok..we SIGN THE AGREEMENT....

    NOW WE ARE CANCELLING that agreement...which we are well within our RIGHT to do...

    MY BIG QUESTION: When we drew up the re-affirmation...we signed new loan papers....does that mean we took a new loan after BK...and they can come back to us for the money after we surrender the property? It's the same debt and balance we filed in BK Petition..

    PLEASE SOMEONE HELP...
    Tags: None
    #2
    Possibly... What does the paperwork say for the new agreement? Does it say reaffirmation? If not-it could become an issue.
    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

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      #3
      I don't know if the paperwork says it is for the re-affirmation or not...I gave my only copy of the new loan papers to the trustee...he said I'd get them back when he was done with them....


      I AM FREAKIN OUT

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        #4
        Bump

        Comment

          #5
          well, have the trustee fax you a copy in the meantime instead if he really needs the original. take care of this situation right away.

          if you signed a reaffirmation agreement you can cancel it anytime before the discharge and maybe after as well up to 60 days (i think i read, not sure though)
          Im not an attorney or a trustee. You cant trust me either though!

          [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
          [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
          [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
          [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

          Comment

            #6
            Yes, get that copy as soon as possible....... look at it closely...
            If you signed a reaffirm - you will have to pay the balance on it in full - it cannot be discharged.......
            You have the right to cancel the reaffirm as long as you are not discharged......

            Do this NOW --- before it's too late.
            Minny

            "It's amazing the paths that our feet sometimes follow in life".

            My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

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