341 was Tuesday, this on Pacer today...

[Shanfish]

Chapter 7 Trustee's Report of No Distribution: I, Xxxxxx X. Xxxxxxx, having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. Pursuant to Fed R Bank P 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee. Section 341 Meeting of Creditors held on 3/22/2011. Declaration of Electronic Filing Provided. Tape No. 17. Key information about this case as reported in schedules filed by the debtor(s) or otherwise found in the case record: This case was pending for 1 months. Assets Abandoned(without deducting any secured claims): $68000.00, Assets Exempt: $2810.00, Claims Scheduled: $183556.78, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment(without deducting the value of collateral or debts excepted from discharge): $183556.78. (TEXT ONLY EVENT)(Xxxxxx, Xxxxx) (Entered: 03/22/2011)

This is good right?

I know we were a no asset case and that everything ended well, but am still so nervous something awful will happen before discharge!

I am confused since the claims scheduled include $74k of student loan debt... nothing happens with those right? Also, included in that is a truck payment that we are keeping. How to I make sure that isn't discharged? The trustee knew we were keeping it and it was marked to be reaffirmed in our petition. Do we have to do anything else to reaffirm it? Thanks!!!

[free2breathe]

Yes, a Report of No Distribution is definitely a GOOD thing. On the truck, did you sign reaffirmation papers? On the student loans, they fall under the (without deducting the value of collateral or debts excepted from discharge) clause, because the student loans debts are excepted from discharge....so yeah, nothing happens to them other than having to pay them back.

[Shanfish]

Thanks for the reply - makes me feel much better. And that makes sense about the student loans now that I re-read it.

I have not yet signed a reaffirmation agreement. When should I expect this? Who will send it (the lender, my attorney?). The loan is through a small local credit union. We are trying to stay in good graces with them in the hope that in a few years they might let us get a mortgage or another car loan when we are ready. When we paid the truck payment earlier this month, they did make my husband sign a paper that said they were not forcing us to make the payment, that we were doing so voluntarily. I am guessing it is so we didn't try to claim they violated the stay, but they still said nothing about reaffirmation. We need this vehicle for work...as much as I would love to find something else I doubt that would be happening in the middle of a BK! It is upside down and we have always been current on those payments, so I am hoping they have no interest in keeping it!!

[free2breathe]

Most people here say do NOT sign a reaffirmation. Most of the time, as long as you are staying current with the payments, they aren't going to repo your vehicle.

You're exactly right about them having you sign saying they aren't forcing you to make the payment. If they send you anything requesting a payment during the stay, it is definitely an expensive violation for them. Search the forums for other posts about ride through or keeping your vehicle through bankruptcy. You'll find a lot of posts regarding this very thing, as well as info about who is more or less likely to repo due to bankruptcy. I've heard credit unions are usually decent about letting you ride through without a reaffirmation. Ford Motor Credit? not so much.

[Shanfish]

Hmm, what exactly is ride through? I've seen the term here and there, it just seemed most of those people were waiting for the vehicle to get repo'd. I know I got a mailer that said something about 722 redemption and lowering what you owe on a vehicle, but it seemed like a scam. I couldn't find any good info on that here. We have a 4% interest rate on the truck. Back in July the credit union allowed us to extend our term which lowered our payment $180/mo so that we could still afford it and we got to keep the 4% interest rate. I guess I would only give it up if we were able to get something newer under warranty for the same money we pay now. Our other vehicle is lien free but has 234k miles on it; I'm waiting for it to croak any month now and no way can we swing 2 payments. I commute 70 miles round trip every day, so one reliable vehicle is necessary, lol.

[free2breathe]

A ride through is just basically where the debt is discharged through the bankruptcy, but you continue to pay the monthly payments as normal, and the creditor lets things stay on track. They aren't actively pursuing the payments, but since you are paying them, they let you keep the vehicle and when it's paid off, you get the title, just as you would have before.

The difference between ride through and reaffirmation is that a reaffirmation puts you back on the hook for the debt. If you reaffirm, you have to pay without any sort of future relief. If you allow the debt to be discharged, but continue to pay your payments (provided the credit union will allow it, which if they are small, they probably will) then you keep the car, but if something happens and finances take a further nose-dive, you could let them pick up the car and they couldn't come after you for the debt.

I'm not positive, but if the credit union hasn't said anything about a reaffirmation agreement, they probably won't. You could always be up front and ask them.

[AngelinaCatHub]

I would not ask them anything. Leave it be as is. Ride through for added peace of mind. Reaffirmation may cause your automatic discharge added time as the Trustee just asked the Court to let him be released from your case. You will pull him back in since the reaff has to be cleared with the Courts. You're in count down mode now and doing better than some. Slide right through and the CU certainly is not in the used car business. Just keep current. 'Hub