Chapter 7 questions...

[downtowngirl]

I am getting ready to file Chapter 7 and I have a few questions...Let me give you some background-I am married and unemployed for the past year and a half. Main reason for filling is the home loan (in my name only) that we cannot afford anymore-we are behind in payments for 4 months but the bank just sent us a Loan Modification...no official foreclosure papers (yet)...In addition to this our Condo Association is going after us for a garage fine plus some past due assesments. My questions are:

-Is the Condo Association debt dischargeable in Chapter 7?
-Will I by doing Chapter 7 avoid a potential deficiency judgment for the condo (once the foreclosure starts and the condo is auctioned off)? (I live in Illinois I know that state laws vary)
-My hubby is the primary signer on a car loan but I co-signed. We want to keep the car-can I not include it on the Chapter 7 and does he have to reaffirm the loan? We finance with Toyota...

Thanks so much for your help...
I am sooo glad to have found this forum online!

[Trixie007]

-Is the Condo Association debt dischargeable in Chapter 7?
-Will I by doing Chapter 7 avoid a potential deficiency judgment for the condo (once the foreclosure starts and the condo is auctioned off)? (I live in Illinois I know that state laws vary)

Yes & Yes

-My hubby is the primary signer on a car loan but I co-signed. We want to keep the car-can I not include it on the Chapter 7 and does he have to reaffirm the loan? We finance with Toyota...

You likely can keep the car, just make sure that it makes sense to do so! From reading on this forum, if you can do a ride through and not reaffirm, that seems the better way to go. If you are current and never miss a payment, there's no incentive for Toyota to take your car. I don't know the laws in different states though, maybe someone else here knows if ride throughs are allowed in your state.

[downtowngirl]

What are ride throughs that you are reffering to? I checked another post in this forum for people who finance with Toyota and it seems that they are not being pressured to return the cars. Does it matter which kind of car you own? Or does it matter more which company you finance with?