CU, Car note, CC, personal loan, checking

[bkfl2005]

I am thinking about filing a chapter 7 and here is my concern. I currenty have a car not (upside down about $7K) that I would like to reafirm, a visa with a balance of $5K, which I DO NOT want to reafirm and a personal line of credit $500 balance, which I DO NOT wish to reafirm. I also have my checking account with the same credit union. What a bundle..

Will they give me difficulty in reaffirming the vehicle loan? The balance on the vehicle is $21,000 and as I said earlier I am upside down $7K due to a bad trade in which was upside down. I would assume that they would be loosing too much if they did not allow me to rafirm the car note.

[HRx]

You first want to determine if you qualify for Chp7. What's your DTI (Debt to Income) ratio?

[whtsamada]

Todd ~

What is the appropriate DTI to file Ch. 7?

[missy2]

I never figured out my DTI but that was because I was at least $300 in the hole each month - and that doesn't cover expenses beyond the norm. Like birthdays, medical prescription, car maintenance etc. I had the same issue but I didn't reaffirm any of the debt. I voluntarily surrendered my car....

[HRx]

If you're beyond 40% you'll be a good candidate for BK.........Keep in mind that other factors such as assets, play a big role.

Click HERE for good information regarding DTI and to use the DTI calulcator.

Good Luck!

[bkfl2005]

Although this is my first post I did quite a bit of reading on the board and I am confident that I fall within the threshold of a chapter 7. I am about $250 - 300 in the hole every month.

Has anyone been in this type of a situation? Your replies are appreciated.

[bkfl2005]

bump...please advise. thank you.

[tinroofrusted]

Yuppers.

First of all, your credit union may have some stipulations that if you re-afffirm one thing, then you must re-affirm all. You can't just pick and choose at most.

Secondly, be prepared for your credit union to be shutting down your accounts as well. They normally dont' keep people who have filed bankruptcy on them.

So, with that said, good luck, 'cause you'er probably going to need it!