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Ch. 7 filed today. Feeling a weight starting to get lifted!

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  • Ch. 7 filed today. Feeling a weight starting to get lifted!

    Chapter 7 was just filed today. 341 is set for 12/26. Wow, that was quick! I hope that means good things.

    Under median
    100k unsecured debts
    50k student loans

    I'm reaffirming my vehicle loan (owe 5k, worth 5k) because of cross-collateralization with my CU. I was planning on reaffirming on my motorcycle (owe 6k, worth 6.7k) but then I wised up and decided that locking myself back into being on the hook for an unnecessary vehicle is not a smart idea (I ride it in good weather to save gas and enjoy my commute, but not enough to consider it a needed item). I plan on trying to work out a "ride through" with the finance company, but will surrender it if they won't play ball.

    Here's hoping the 341 goes well and the 60+ days afterward are uneventful.

    Thanks to everyone on here who have contributed to the great wealth of info that is available to make this process easier. You've put my mind at ease on going through with this. My only regret is that I didn't do this sooner!

    Good luck to all who are going through similar situations!

  • #2
    Congratulations and good luck!
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


    • #3
      Good luck! It sounds like you have everything in order, so the 341 meeting should go smoothly. After that, it's just the matter of waiting for that discharge letter in the mail.

      Comment


      • #4
        I'm new here and I've seen credit union 'cross-collateralization' mentioned several times. What does that term mean?

        Comment


        • #5
          Originally posted by ChelseaMike View Post
          I'm new here and I've seen credit union 'cross-collateralization' mentioned several times. What does that term mean?
          Most credit unions (CUs) have a clause in their lending promissory notes that allows them to use any-other-property (for which you have a loan) as collateral for any other credit product. In other words, your car serves as security for your credit card, mortgage or other secured debt (boat, motorcycle, another car)... and vice versa.

          Of course, these other credit products must be serviced by the same bank. So if you have your mortgage and your credit card at ABC Credit Union and don't pay your credit card, then ABC Credit Union can come after your home. That is cross-collaterialization... each loan provides collateral for the other loan.

          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

          Comment


          • #6
            Thank you. I have a credit card with a large balance on it with my credit union who also holds my auto loan. I'm upside down on my car so I guess this only really comes into play if I had equity in the car?

            Comment


            • #7
              Yes, it would come into play when there is equity. But, it could also come into play if you don't bay your credit card, and the bank takes the car even though it has no equity. I would say that taking a car with no equity is something done out of spite. I can't predict how any particular credit union (CU) would behave given any situation. The cross-collaterailzation is what allows CUs to be a discretionary lender (less strict than institutional lenders like big banks).
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                Originally posted by HeyRay2 View Post
                Chapter 7 was just filed today. 341 is set for 12/26. Wow, that was quick! I hope that means good things.

                Under median
                100k unsecured debts
                50k student loans

                I'm reaffirming my vehicle loan (owe 5k, worth 5k) because of cross-collateralization with my CU. I was planning on reaffirming on my motorcycle (owe 6k, worth 6.7k) but then I wised up and decided that locking myself back into being on the hook for an unnecessary vehicle is not a smart idea (I ride it in good weather to save gas and enjoy my commute, but not enough to consider it a needed item). I plan on trying to work out a "ride through" with the finance company, but will surrender it if they won't play ball.

                Here's hoping the 341 goes well and the 60+ days afterward are uneventful.

                Thanks to everyone on here who have contributed to the great wealth of info that is available to make this process easier. You've put my mind at ease on going through with this. My only regret is that I didn't do this sooner!

                Good luck to all who are going through similar situations!
                Congratuations! We filed Chapter 7 this year and it was discharged in May. It was the best decision of our lives. I can't tell you how much happier we are. It's stressful while you are going through it because of the unknowns. When you come out on the other side it's life changing. I agree my biggest regret is not doing it sooner.

                Comment

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