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    Future Concerns post filing

    Hello all, After a long road leading up to the understanding of my selection of chapter selection, I am about to file a ch. 7, mostly on short term cc debt. However I have a potential scenario that I don't completely understand the repercussions of and would like some feedback from those have either lived or guided other though a slimier situation.

    I want to preface this with a comment in that my situation is somewhat complex, and has several background layers, so I'm going to try to keep this as concise as I can, and that I'm not being evasive.

    Hypothetical scenario concern; I file ch.7, get through it as expected, and I loose my income (or the like), and I lose everything, business, home, cars...So, now I have filed, and cannot refile for a few to 8 years. Besides the obvious, what sort of concerns or problems might I not see coming until I can refile against the creditors I chose to keep alive from the first filing? The creditors look like and SBA loan, auto loans, mortgages on personal property.

    Thank You
    Mike

    #2
    The concerns are pretty obvious, if you reaffirm anything, and then default your creditors can sue you and if they win, get a judgment and then take whatever steps your state allows a judgment creditor to collect.
    Don't keep any creditors alive post bk.
    You need to read that thread that's a sticky titled, "why reaffirming a mortgage is a bad idea".

    Comment


      #3
      Your worries are exactly why you shouldn't reafirm.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


        #4
        Originally posted by keepmine View Post
        The concerns are pretty obvious, if you reaffirm anything, and then default your creditors can sue you and if they win, get a judgment and then take whatever steps your state allows a judgment creditor to collect.
        Don't keep any creditors alive post bk.
        You need to read that thread that's a sticky titled, "why reaffirming a mortgage is a bad idea".
        The article mentioned by keepmine is located here: http://www.bkforum.com/showthread.ph...-very-bad-idea
        ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
        Not an attorney - just an opinionated woman.

        Comment


          #5
          I actually did reaffirm a loan recently. Although I didn't understand the reaching affects when signing, it was something I had to do to modify a loan, and without said modification I would be in a worse position.


          About the reaffirmation;

          Scenario a:

          I reaffirm a loan, file ch.7, lose income post discharge and then sued for loan I reaffirmed and defaulted on. At the time of suite I have enough income to be at means test standards.

          What happens to lawsuit, won't most judges dismiss it, or will it be like a ghost in the closet until that day I hit the lottery?

          Scenario b:

          I reaffirm a loan, file ch.7, lose income post discharge and then sued for loan I reaffirmed and defaulted on. At the time of suite I have enough income to be at means test standards. same as above, except...Now I just refile in 8 years.

          Although less than ideal, wont that problem go away?

          M

          Comment


            #6
            I don't understand your logic. Why would a judge dismiss a lawsuit just because you have no money? You reaffirmed the loan and are legally responsible for it if you default.

            That is what reaffirmation means. It means a judge doesn't care or give even a second thought to the fact that you filed a BK. It's irrelevant.
            Chapter 7, above median, no asset. Discharged with no UST involvement.

            Comment


              #7
              What exactly have you done?
              In yout first post, you state you are about to file Chapter 7. Now, you talk about reaffirming a loan. You can't reaffirm unless, you have actually filed.
              Honestly, I read a few of your old posts and you seem like the sort htat really likes to overthink the situation.
              Just file the bk and be done with it.

              Comment

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