Well...we're off....

[shark]

We filed today..... Meeting on 8/7....

[liz417]

Whooa hoooo! You are on your way! Congrats!

[Help!]

"Congrats" always seems like a weird thing to say. But it's the end of a long, painful struggle usually, so congrats!

[epiphany]

Good Deal---be sure to let us know how your 341 goes!

Good luck,
ep

[shark]

I wonder what my attorney does to make sure we keep our house and car?? You know attorneys...i sent him an email asking this ? and get an auto response"out now and the week of the 14th... .......imagine that!!!

[liz417]

Shark, are you under the median income for your area?

[shark]

Shark, are you under the median income for your area?

No...we were over, but have very high monthly medical expenses that passed the means test.

[keepmine]

I wonder what my attorney does to make sure we keep our house and car?? You know attorneys...i sent him an email asking this ? and get an auto response"out now and the week of the 14th... .......imagine that!!!

This is not your lawyers reponsibility. It's all up to you. You have to be current and, stay current if you want to keep secured assets.
I'm assuming of course that the equity in both is below what your state exempts.

[shark]

This is not your lawyers reponsibility. It's all up to you. You have to be current and, stay current if you want to keep secured assets.
I'm assuming of course that the equity in both is below what your state exempts.

What i mean is, I am current on all secured debt. Do we have to do anything special to keep our mortgage and car financing? I am making payments. I dont want them to pick my only car up just because we filed.

What's funny is we were current on all debt before we filed. Wife is now disabled at 38 and we saw the ship was going to sink fast...

Newbie...more dumb questions to come.....

[keepmine]

If you're current, you're fine. The bk filing comes with an automatic stay against any collection activity. Nobody can repo your car.
Depending on your district, you may have to sign a formal reaffirmation agreement. If your dustrict allows a ridethrough, you do nothing. Your lawyer will advise you.

[PoorGrammyinBK7]

If you're current, you're fine. The bk filing comes with an automatic stay against any collection activity. Nobody can repo your car.
Depending on your district, you may have to sign a formal reaffirmation agreement. If your dustrict allows a ridethrough, you do nothing. Your lawyer will advise you.

Keepmine (or anyone) - we just filed this week too. On the page where we had to select what we do with the cars and house, in the blank, the lawyer had put "debtor will retain collateral and continue making payments", without checking anything else. Now, I know this is a suggestion of a "ride through" - don't know if its officially allowed here but he does a lot of BK's and says he has never had anyone lose a house this way. We were about to talk more about cars

[Cali]

Congrats and Good Luck!!

[laurannm]

Keepmine (or anyone) - we just filed this week too. On the page where we had to select what we do with the cars and house, in the blank, the lawyer had put "debtor will retain collateral and continue making payments", without checking anything else. Now, I know this is a suggestion of a "ride through" - don't know if its officially allowed here but he does a lot of BK's and says he has never had anyone lose a house this way. We were about to talk more about cars

Our lawyer also put "debtor will retain collateral and continue making payments" for our house and cars, as we do not plan on reaffirming. Poking around on Pacer I had noticed that this appeared to be standard practice in our area.

Our lawyer also mentioned that we could reaffirm one mortgage and not the other.

Seems like majority of the major finance companies are allowing ride-throughs on cars (although I think Ford may be an exception to this). Depending on your state repo laws, they cannot take your car unless you are late with payments (such as in MA, but it may vary in other states), even if you don't reaffirm. Your lawyer can best advise you in this area.

I personally do not belong to a CU, but I have read on these boards that credit unions can be a PITA when it comes to reaffirm agreements.

[Help!]

I wonder what my attorney does to make sure we keep our house and car?? You know attorneys...i sent him an email asking this ? and get an auto response"out now and the week of the 14th... .......imagine that!!!

Welcome to my world. NEVER get my calls returned.

We're surrendering our secured debt property so I can't help you there. I will tell you that if you are above median and passed the means test because of medical expenses you should start getting together the past 6 months' medical bills/EOB's/receipts and make sure your calcs. are accurate.

[PoorGrammyinBK7]

[QUOTE=laurannm;175083]Our lawyer also put "debtor will retain collateral and continue making payments" for our house and cars, as we do not plan on reaffirming. Poking around on Pacer I had noticed that this appeared to be standard practice in our area.

Our lawyer also mentioned that we could reaffirm one mortgage and not the other.
QUOTE]

Hmmmnn - good to know that this may be fairly standard. Also a ray of hope as to reaffirming one mtg and not the other.... Makes me feel a lttle better!
Thanks laurannm!