Question about reaffirming debts

[glwallace]

We have 2 debts that we will be re-affirming after the discharge. A Citifinancial loan so they won't take both of our computers, a
tv, stereo, my piano and then there is our car loan with GMAC. Citifinancial told us we could just leave them off of the backruptcy completely and continue on with them like nothing happened but what I have read contradicts that. Don't you need to disclose all of your debts wether you are going to reaffirm them or discharge them? I read somewhere that you could get in legal trouble if you did not disclose all of your debts. Anyone know if that is true and if the companies we have our loans with say don't worry about adding them to the bankruptcy should we listen to them?

Thanks,
Lara

[CATCHMEIFYOUCAN]

We have 2 debts that we will be re-affirming after the discharge. A Citifinancial loan so they won't take both of our computers, a
tv, stereo, my piano and then there is our car loan with GMAC. Citifinancial told us we could just leave them off of the backruptcy completely and continue on with them like nothing happened but what I have read contradicts that. Don't you need to disclose all of your debts wether you are going to reaffirm them or discharge them? I read somewhere that you could get in legal trouble if you did not disclose all of your debts. Anyone know if that is true and if the companies we have our loans with say don't worry about adding them to the bankruptcy should we listen to them?

You do need to list EVERYTHING, chances are the creditor wouldn't want the goods (like the computer/stereo) back and chances are you could get the loans discharged so I would wait your BK out and see what happens. Without having to reaffirm that loan. The car is a different story, since some states don't allow "ride through," you may have to sign reaffirmation papers for the car!

Best of Luck, CMIYC

[SinkingFast]

You have to list all debts. You cannot pick and chose amongst your Creditors who you list and who you don't.

You can choose to "officially" pay Creditors by reaffirming your debts. You can choose to Reaffirm certain debts.

The Reaffirmation Agreement(s) have to be signed by both parties, Debtor(s)/Filer(s) and Creditor, and be filed with the Court before Discharge occurs. Otherwise, there is no Reaffirmation of the debt(s).

[ilovemycaitybug]

You need to list everything on your b/k... but you can reaffirm what you want. However, I wonder (I apologize if this has already been asked, it's late and I didn't read all of the posts).. why would you want to reaffirm a computer debt? I understand not wanting to lose your computers, but their values depreciate so fast... would you be better off letting them go and getting new ones?

[glwallace]

The citifinancial loan was secured by the computers, tv, stereo and piano which are all paid for. When we got the loan we also secured it with our house but we sold it in 2005. Needless to say they are not very happy with us and that is why they said that they would take those items if we did not reaffirm our debt with them. I was so hoping I could get out of a few pages of the paperwork. Dang the bad luck! Thank you for all of the responses and confirming what I thought.

Lara

[CATCHMEIFYOUCAN]

computers .. stereo .. tv

The citifinancial loan was secured by the computers, tv, stereo and piano which are all paid for. When we got the loan we also secured it with our house but we sold it in 2005. Needless to say they are not very happy with us and that is why they said that they would take those items if we did not reaffirm our debt with them. I was so hoping I could get out of a few pages of the paperwork. Dang the bad luck! Thank you for all of the responses and confirming what I thought.

Just GUESSING I highly doubt they would come after the computer, stereo, tv .. its more of a pain for them to set up someone to come confiscate those items than it is just to "let it go," IM BETTING if you don't reaffirm with them, they won't want those items back .. maybe even the piano (but that is a big item!) and depending on what type of TV you purchased. In the long run I wouldn't reaffirm those and if they object well you already said that you were willing to reaffirm. I would take the chance and not reaffirm. When I filed BK back 12 years ago I had some stereo equipment I bought from Sears, I just told them I sold it - they wanted to know who, I said I dunno I let it go in a garage sale, WHAT can they DO ! ! !

Best of Luck, Catchmeifyoucan