How negative was your Sch J?

[ThreadsSnapping]

Just wondering how negative everyone was on their Schedule J. If you were more than about -$100 did you have any problems with reaffirming your cars. We would like to reaffirm both our cars that total $547 a month in payments. I would also like to be about -$200 on the Sch J in case the trustee disallows something but the lawyer had made a comment about just getting it close to zero. Haven't discussed it further with him yet.

So how negative was your Sch J? Any trouble reaffirming?

TS

[momof5]

We were originally -$3,000!!! yep you read that correct. But it was based on unemployment income w/ job expenses or what we were spending when we had credit cards.
The attorney changed the amounts right before filing to show my husbands new job income and then he played with the figures a little. They had us down for $800 for food in the begining which did not show that I am a serious couponer and spend no more than $100 a week.
The attorney had never said a word to us but the paralegal mentioned that he may not sign off for us to reaffirm our vehicle that had a payment. This freaked us out because we have already paid for nearly 3 years and I need my minivan!! So apparently our many phone calls of fear convinced them to help us out a little and they did.

When all was said and done we showed -$900. No questions asked at our 341. We have not heard from the credit union who holds our car loan about reaffirming as of yet.

[dragonnfly]

-1344. after ammendments. We did not reaffirm our vehicle but we did our house. Dragonnfly

[ThreadsSnapping]

Right now we are at about -$500. Will probably adjust it to about -$300 before we file. Just want to have some room if something is dissallowed.

You two have made feel a little better. We definitely want to keep both of the cars. Kind of have to when you live 15 miles from anything.

TS

[JRScott]

I had a slightly negative amount but my lawyer adjusted things such to show a slightly positive balance (less than 100 dollars).

[Cali]

I was positive 60$.

[hopeforus]

oh wow, i hadn't even considered this part! If my calculations are correct after adding things like IRA contributions etc then we will be like 1k at least negative. I was thinking it was better to get as negative as possible to leave no room for thinking there was more than enough extra money for disposable income. But i didn't even think about my van that I want to make sure we can reaffirm. Like you... I need my van. We have 4 children to cart around. Maybe we shouldn't do the IRA thing yet...

[B65]

mine shows

neg 749 but i just emailed the attorney as they had put my hubbys car at 45 a month instead of 90 a month, so it is probably more. I want to keep my house and 2 cars also..... 341 dec 10th.

[TEW]

I was really close with a positive $121 That's why I kept up the house and car payment. if i went down to 1 car and no house payment I would be working on my chapter 13 plan right now.
Hopeforus you can most likely keep your van without reaffirming it. that leaves your options open in the further.

[hopeforus]

I need to read more on that then... I am very confused about that. I didn't realize you could just choose to keep something unless it was exempt. Our van is worth more than the allowable amount ... it will cover my husband's car though.

[TEW]

I need to read more on that then... I am very confused about that. I didn't realize you could just choose to keep something unless it was exempt. Our van is worth more than the allowable amount ... it will cover my husband's car though.

By how much? it may not be enough for the trustee to bother with.
Cars are normally upside down as soon as you drive them off the lot.
In most cases you can just do a ride through on the car. Keep making the payments and they will leave you alone. It depends on who you have it finances with. CU’s can be bad I think somewhere on the board I was reading Ford wanted a reaf or they take it back. They are having a hard time selling new cars so chances are they are not going to take one back that is being paid for. It’s just not worth it for them. Look into it. Don’t sign unless you have to.

[hopeforus]

It's with Chrysler and we have never missed a payment. And I have no idea... I know they take the KBB value though and I can't imagine a 2003 minivan would be worth less than 3k.

[albacore44]

so am I reading here that if your chap 7 shows that you are too -(negative) after you file your schedule J, that the trustee can force you to give up house, car, etc. even if your paying and current on them, you have exempted them, have no equity, but plan to continue paying or re-affirm ?? have not heard of this before.

[Mi Bankruptcy]

-587.00 Reaffirming 2 cars, this also includes student loans. Now, if I get tax refund.. Then I will pay off one of the vehicles and make a significant payment on the next.

[JRScott]

so am I reading here that if your chap 7 shows that you are too -(negative) after you file your schedule J, that the trustee can force you to give up house, car, etc. even if your paying and current on them, you have exempted them, have no equity, but plan to continue paying or re-affirm ?? have not heard of this before.

If you are to negative in your Sched J then the court can decide a particular vehicle or home even is an undue hardship and thus not allow a reaffirmation of said property.

In many states though you can do what are called ride throughs. So long as you make the payments on time you can keep the vehicle or home in these states even without a reaffirmation.

Now some companies are really sticklers, Ford for instance if your state law doesn't allow ride throughs and you don't sign a reaffirmation agreement will reclaim the vehicle usually 9 out of 10 times.

Other companies don't do reaffirmations and so long as you continue to pay them they let you keep it. (I think some have mentioned Countrywide recently has adopted this policy).