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Life after Chapter 7

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  • Life after Chapter 7

    My wife and I filed Chapter 7 in May 2017. We were a No Assets case and we decided to reaffirm our Mortgage (through Chase) and our 2 Leased vehicles (through GM Financial). In August 2017, we finally received our discharge! Our vehicle payments started reporting to the 3 credit bureaus almost immediately and our Mortgage started reporting in November. Our credit score through the 3 credit bureaus ranges between a 676 - 689. We have opened 1 Capitol One Credit card with a $2000 limit and no interest until August 2018. My car lease is over in January 2018 and we were terrified about going to the dealership and trying to get a new auto lease. Well, I went in on 12/19, and on 12/20, I signed a new lease on a 2018 Chevy Trax with a fantastic payment with $550 due at signing! My Home Owners insurance did not increase and my auto insurance increased by approximately $15 per month after adding her new Trax. Here is what I’m trying to get at. When we filed Chapter 7, we felt like crap and it was like the end of the world. We were worried That we were going to have many problems getting new credit. GM said they didn’t care so much about our bankruptcy but they did care that we always made our payments and reaffirming our leases was a HUGE factor in our credit approval. We are finally able to breathe again. We now live within our means and we pay off our 1 Credit Card monthly. So far, I haven’t seen any bad affects from our Chapter 7. Life is good!

  • #2
    How long did it take to get a reaffirmation agreement from Chase? I'm just curious if a mortgage reaffirmation takes a bit longer an a car. Our 2 vehicles have the agreements waiting to be signed by me at my lawyers office but we have yet to receive anything from our mortgage company. (The Money Source)


    • #3
      It took about 3 months for our Mortgage to start reporting. After speaking to Chase, they told me they had to investigate to make sure everything was complete. This didn’t really make any sense to me since my attorney sent them my discharge order. My 2 auto leases through GM we’re almost immediate.
      Good Luck!


      • #4
        Originally posted by offroader31 View Post
        How long did it take to get a reaffirmation agreement from Chase? I'm just curious if a mortgage reaffirmation takes a bit longer an a car. Our 2 vehicles have the agreements waiting to be signed by me at my lawyers office but we have yet to receive anything from our mortgage company. (The Money Source)
        Many lenders don't offer or will even send a reaffirmation agreement for a mortgage. We highly discourage entering into reaffirmation agreements anyhow (as they are typically not in the best interest of the debtor).

        In some cases, vehicles must be reaffirmed and there is no way to get around that accept through redemption (or surrender). I would never reaffirm a mortgage; it serves no purpose.

        Just to keep the terms straight, you would not have reaffirmed "leased' vehicles. That's simply called an "assumption" of the lease. Unexpired leases and executory contracts can be assumed (kept in place) or rejected (voided). Debtors must make the selection on Schedule G.

        I have posted several times that car payment history is the most important when purchasing a vehicle with a loan. There is a different scoring system used for vehicle loans and that's the "auto enhanced" scoring systems. They concentrate more heavily on recent vehicle installment loans than anything else. My auto enhanced score was always high and I always got Tier 1 financing, even 6 months after bankruptcy.

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          I do know that I signed 2 “Reaffirmation Agreements” for my Leased vehicles. Whatever they want to call the agreement after that is up to the finance company. I did not sign an “Assumption” of the lease. When speaking to my dealer, I was also told that Finance companies want to see “Reaffirmed” leases and loans. He said it looks good to the finance companies that you kept that particular loan out of bankruptcy and intend to pay it back. As for the Mortgage, I’ve seen where many say “Never reaaffirm your Mortgage”. I personally think it depends on the person. With me, I want my Mortgage reporting to the credit bureaus and I want my Mortgage company to see that I’m good for the loan. I plan on living in my home through retirement. Payments were never my problem. It was the credit cards for 20 years ago that I didn’t want to deal with any longer. Now that my chapter 7 discharged, I have the money to put $500 away monthly into my savings and $400 away monthly into my vacation jar. If you will still be strapped for cash after filing bankruptcy, I would probably Not reaffirm a Mortgage. With me, I have so much job security, I didn’t think twice.


          • #6
            I think that some districts require a reaffirmation agreement for a lease. I'm not in such a district, but I find it interesting. There's probably caselaw suggesting that not actually reaffirming a lease -- which is not a loan -- could make the lease unenforceable after discharge. Very interesting indeed.

            There are some cases where reaffirming makes sense. We just like to say that credit score is not a valid reason. If a debtor does have equity (more than 20%), or it is through a credit union, then reaffirming can be okay. One of the attorneys that posts here wrote a post (that is now sticky) on why you should never reaffirm. The debtor had no problem paying the mortgage, but then life happened. They were then put in a difficult position because they couldn't just walk and that caused a cascading affect.

            In your case, reaffirming the mortgage is certainly okay as a strategy. Few people meet the bar to reaffirm a mortgage for the right reasons. My mortgage company didn't even want a reaffirmation, so that's how important it was to Bank of America; they only wanted a modification.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.


            • #7
              Thanks for you input justbroke. It’s always nice to hear different opinions on different matters and I completely agree with what you are saying. You never know what life will throw at you. My attorney told us to take some time to think about it when we told him we wanted to reaffirm. He explained the pros and cons. With our income, the Judge approved it and we were very confident with our decision. Anyone that does reaffirm a loan, make sure you really understand what you are doing because the consequences can be very bad.


              • #8
                I'll keep that in mind if the mortgage company decides not to reaffirm. Job security and income aren't an issue here either "BUT" I do understand life does happen. I think my main reasons for wanting to reaffirm the mortgage was a peace of mind knowing the lender won't just decide to come take the home even though I'm making payments, and wanting my payment history reported. I've been told time after time that the lender WILL NOT foreclose unless of course you stop making payments. My reasons for filing were 95% credit card and a botched solar loan here in Louisiana promising 50% tax credits then the state deciding to end the program leaving people on the hook for the entire loan + interest that wasn't supposed to accrue.

                Not sure if I'm allowed to post links here but here's a news story on the whole issue here in LA. They've reactivated the program temporarily to help people out but it was too late for me as I was nearing default.



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