Reaffirmation worries

[nodough]

Hi all, I'm new to the forum but I've been reading a lot of the posts here in the past week. Everyone seems very helpful and I'm glad I found this site.
My husband and I are going to see a lawyer late next week but I'm worried about the whole reaffirmation process. I'm fairly certain we will be able to do a Ch. 7 as we don't have much in the way of assets. We are a sole proprietorship and our income has been low for a little while now due to the economy. We have a lot of credit card debt and a few secured debts that we would like to keep if at all possible. We want to reaffirm on our truck as it is a 0% loan through Ford and I'm sure we won't qualify for that rate again for a long time.
The other thing that is very important to us is our Honda Card with GE Money Bank. We have two dirtbikes on this card that belong to my son. He is 15 and he races motocross. This will most likely sound frivolous to a lot of people but if you happen to race or know someone that races you'll know where I'm coming from. This isn't just a hobby for him. He's a serious racer and he plans on racing professionally within a year or two. I can't imagine taking this away from him. Has anyone else had a situation like this and how did it work out for you?
Any advice would be appreciated.
Thanks

[AfraidOfBK]

i have heard on this forum that FORD is tough to deal with. Also, there are several people on here that deal with GE money bank, do a forum search.

As for the Honda card, is it a credit card through Honda? How much were the bikes,a nd is there any equity in them. THey are an asset but do you know what the exemptions are for N Calif in your district? are you current on the pmts for this card?

When you see the lawyer ask about:
1. tools of the trade (although I dont know how it works since its your son's tools and he's not filing)
2. wildcard exemption, and if you can use it for that


one you talk to the attorney you will feel much better. I think for a lot of us, the uncertainty is hardest to deal with. Good luck

[nodough]

i have heard on this forum that FORD is tough to deal with. Also, there are several people on here that deal with GE money bank, do a forum search.

Thanks. I did that but I didn't find much. I guess my main concern isn't whether GEMB will do a reaffirmation but if the BK court will allow it.

As for the Honda card, is it a credit card through Honda? How much were the bikes,a nd is there any equity in them. THey are an asset but do you know what the exemptions are for N Calif in your district? are you current on the pmts for this card?

It is a credit card through Honda and we owe 5K for each bike. I'm certain that they are not an asset because we couldn't get 5K in resale for each one, so no equity. Race bikes are ridden hard and they go down in value quickly. Yes we are current on our payments.
When you see the lawyer ask about:
1. tools of the trade (although I dont know how it works since its your son's tools and he's not filing)
2. wildcard exemption, and if you can use it for that

We will need these exemptions to keep our business so that we will have income and the bikes aren't really an asset anyway.

one you talk to the attorney you will feel much better. I think for a lot of us, the uncertainty is hardest to deal with. Good luck

I know. The uncertainty is killing me. Thanks