I am going to file chapter 7 on my cc debit which is around 25,000.00. I have a car that I bought new in 2003 so basically what I owe is what it is worth. I want to keep my car but I owe 26,000 on it. Can I reaffirm it and pay on it. I am not sure what state exemptions to use? I lived in Texas 2004-2006 and moved to louisiana temporary from September 2006 til December 2006. I now live in the UK. Not sure on what to do for exemptions.
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If you live in the UK, where do you plan to file? -
In the states when I go home...Comment
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Since you've moved around so much you'll probably fall under Federal Exemptions.
Most people that have moved, lived in one State for a while and moved to another State. Attnys told us, we had to be here at least 6 months before we could file BK. That's even using the Old State's exemptions.
Because so many people were displaced by Katrina, and moved several more times, they really did not have a State to claim for residence purposes. The Federal Gov't came in and said, "If you don't qualify for exemptions from any State, then you can use Federal Exemptions." Since you did not have an established residence for at least 2 years prior to moving, AND you didn't live in the same State for at least 6 months after moving, my guess is your attny will apply Federal Exemptions to your case.
Here's a link to the Federal Exemptions:
http://www.bankruptcyinformation.com/exemp-fed.htm
If you don't have a Homestead to protect, you can apply the unused portion to any property as a WildCard. Looks like you should be able to keep your car.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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credit cards
In chapter 7 do you have to take all of your cc debt? What if you are a cosigner on a cc for someone or a secondary on a cc do you have to take it in bankruptcy. I don't want to affect anyone elses credit. I thought the only way it would affect anyone else is if someone had cosigned for me and that has not happened.Comment
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I thought the only way it would affect anyone else is if someone had cosigned for me and that has not happened.
Your post is confusing. You must list all creditors. If nobody has cosigned a debt, they have no liability.
If you cosigned for someone, a bk will elimenate your liability for the debt but, the other party on the account will still be on the hook.
I think this is what you're asking.Comment
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__________________________________________________Originally posted by keepmine
Yes thank you. If I am a secondary user on someone elses card and they have defaulted does that affect me?Comment
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If you are a cosigner it affects you. If you are an authorized user, you have no liability.Comment
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