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mmeier79
Registered User
Last Activity: Yesterday, 03:02 PM
Joined: 05-11-2017
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  • mmeier79
    replied to Preparing for Chapter 7
    Thanks much! I think these contracts are intentionally written so that no normal person can fully understand what the clauses really mean. It will still be interesting to see how Wells Fargo wants to handle things. Cant wait......
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  • mmeier79
    replied to Preparing for Chapter 7
    I found this language in the contract.

    "Holder is authorized to apply any payment made by Buyer hereon to any other indebtedness of Buyer to holder, whether arising under the contract or otherwise."

    Is that significant? I honestly don't know....
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  • mmeier79
    replied to Preparing for Chapter 7
    Sorry to be a bother but can somebody clue me in on what the cross-collateralization clause would look like in the loan documents? I found the contract but the language is so difficult to parse that I am unsure of what I am looking for. Will it actually say cross-collateralization or will it be more...
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  • mmeier79
    replied to Preparing for Chapter 7
    Thanks, I will have to dig up the documents. I wish you could access them online. Be so much easier.

    I swear that this process is going to drive me crazy. First I was worried about my credit card usage so I decided to wait 90 days and received reassurance from the folks here. So feeling...
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    Last edited by mmeier79; 05-22-2017, 08:39 PM.

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  • mmeier79
    replied to Preparing for Chapter 7
    This has me worried. Can anybody tell me how common this would be? I could ultimately just walk away from both vehicles I suppose but that hurts me and I don't really see how it helps Wells Fargo. I did not know secured loans could have cross-collaterization with each other. I am trying to locate my...
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  • mmeier79
    replied to Car Loan Reaffirmation and Wells Fargo
    I will have to get with my attorney. Ultimately the ball feels like it is sort of in my court. Worst case scenario is I pay off the full amount on the second car and surrender the first. Given where I know sit, that sounds like a heck of a deal. If they are willing to work with me on things then it...
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  • mmeier79
    replied to Car Loan Reaffirmation and Wells Fargo
    Wow, thanks for the information. Hopefully it all runs smoothly in my case. I am probably being generous in saying $2500-$3000, it is a 2012 with almost 160,000 miles on it and in need of a lot of repair work-mainly body and interior work but also some suspension. It runs fine but has seen better days....
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  • mmeier79
    replied to Car Loan Reaffirmation and Wells Fargo
    I have a question about the redemption loan you mentioned. I keep hearing about people getting the loan amount reduced to fair market value in a reaffirmation. Does anybody have an opinion on whether or not Wells Fargo would be willing to do that on my smaller car loan, even though I am surrendering...
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  • mmeier79
    replied to Paying out in an asset case
    Thanks so much Des, that is great news. I wish my attorney had explained it that clearly. It also makes me feel better because I am back in college after many years away. I have been finishing up some misc. courses at a junior college and will be transferring to a 4 year university to finish my degree....
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  • mmeier79
    started a topic Paying out in an asset case

    Paying out in an asset case

    I just had a quick question about an asset case. My attorney said that due to Illinois having really tight exemptions that I will end up owing some money to the trustee. Somewhere between $1500-$2500. (he is going to try and keep it closer to $1500). This is due to the value of my personal property,...
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  • mmeier79
    replied to Car Loan Reaffirmation and Wells Fargo
    Thank you for the explanation. I guess I was just unclear on exactly what Wells Fargo was allowed to do and how cross collateralization worked. I thought that surrendering the one vehicle could make it impossible to reaffirm the other one. I have no other accounts with Wells Fargo, no checking, savings...
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  • mmeier79
    started a topic Car Loan Reaffirmation and Wells Fargo

    Car Loan Reaffirmation and Wells Fargo

    I currently have two separate car loans-both with Wells Fargo. Vehicle A has about $10,000 dollars still owed on it and the car is only worth $2500-$3000. Vehicle B has about $5500 owed and is worth about $4000. My plan has been to surrender Vehicle A as it is so upside down and reaffirm Vehicle B....
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  • It makes me feel better to read through what other people have experienced and managed to survive. It almost raises the question of how bad somebody has to screw up to make a credit card company take action. It seems like it requires massive purchases of clearly luxury items within that 90 day window...
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  • Glad you asked this question as it had occurred to me as well. Are there any statistics on how common an objection actually is in a consumer bankruptcy and for who files them? I would imagine they are much more common in a corporate bankruptcy where there are a lot of assets and a lot of creditors....
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  • LOL, I know I am probably over thinking stuff. I just don't wanna be "that guy" that a creditor makes an example of. My attorney even told me that beyond 90 days there is almost never any action taken by a credit card company unless it is for big money that they are 100% sure they can recover....
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  • I think I am just in information overload right now. Things started to get tight back in January but I was able to hold it together until now. Never dreamed it would get to the point of discussing a BK. I really knew very little about the process before going to an attorney and the issue of the credit...
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  • Thanks Justbroke. I assumed it was something like that. Although I had no idea the cost of filing an AP was so high for a creditor. I would say my purchases are a mix of luxury and non but we are talking low numbers. If they want to go back farther I guess they can find more luxury purchases but I'm...
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  • Thanks everybody for the input. I know I am probably being paranoid but I am just so worried about any problems along the way. I know 90 days does not make me immune to an AP but my hope is that if they look back 6 months and see those numbers, it wont be worth it to the CC companies to file against...
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  • New to this forum and Chapter 7-Nervous about chances of an AP

    I just joined the forum today after meeting with an attorney on Tuesday of this week regarding my bankruptcy options. It looks like we are going to be filing Chapter 7. Frankly scared to death as this is not something I had ever considered doing (but who does I guess?). My biggest concern is the possibility...
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