Chapter 7/cosigner
My husband and I have filed Chapter 7 in PA and we having our hearing tomorrow - my question is that we decided not to put our cars and house in the bk, but we recently leased a car with my mom as co-signer. We have a reafirm agreement from the car co. and we are going to continue paying them on time - will this affect her credit rating?
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Here is the problem, the trustee will most likely ask you "Have you listed all your assets", but you didn't list your cars or house, and then you have just shot yourself in the foot. You are required to list all your assets and liabilities when you file BK, its one thing to leave out an obscure credit card or credit union account, but not listing your car and house...???? You are going to have to amend your BK to at least list those assets.
Remember, you can keep your house and cars (assuming your current on payments) and do reaffirmation agreements with those creditors.
If the trustee objects to discharge and your case is dismissed, you may not be allowed to file BK on any of the debts you listed. -
Chapter 7/cosigner
We did list all the cars and mortgage -Comment
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I am concerned for my mom's credit rating since she co signed for us. Also - how does the reaffirmation agreements work - we are techinically one payment behind on one car - we have a payment book that says we are on time - they say because I sent them a letter 3 years ago asking to change the payment date (got no reply from them at all in this regard) we were to assume they changed it so our payment book means nothing - never even got a bill from them or anything in writing stating anything was change and in the past 3 years I sent them the payment coupon. Finally they called us and that was when we first found out. So would we have to catch up on that payment first before the discharge??Comment
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The bankruptcy shouldn't affect your mom's credit, but any late payments could be reported on her credit report.Comment
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