I am new here. Great forum, lots of info!
We are planning to file a chapter 7 in September and are in the info gathering stage. I need to set up an appointment with a lawyer but first i have a few questions I was hoping someone may be able to help with.
We have 2 cars. One we are definately giving up(high miles, way upside down with 3 years left on it) and the other is very close to the end of it's loan. The loan will be done 12/09 but because of late fees piggybacked onto it and us defering a payment once a year so it totals 5(which at the time seemed like a good idea....) I will owe between $2500-3000 when the loan is up from my estimate. How does something like that work? Do I need a new loan? Will they expect payment in full before discharge of the ch 7? In my state we must reaffirm loans on cars and houses.
Question 2...How easy is it to reaffirm a mortgage? We are current and are paying on time.
Thank you in advance!!!!
We are planning to file a chapter 7 in September and are in the info gathering stage. I need to set up an appointment with a lawyer but first i have a few questions I was hoping someone may be able to help with.
We have 2 cars. One we are definately giving up(high miles, way upside down with 3 years left on it) and the other is very close to the end of it's loan. The loan will be done 12/09 but because of late fees piggybacked onto it and us defering a payment once a year so it totals 5(which at the time seemed like a good idea....) I will owe between $2500-3000 when the loan is up from my estimate. How does something like that work? Do I need a new loan? Will they expect payment in full before discharge of the ch 7? In my state we must reaffirm loans on cars and houses.
Question 2...How easy is it to reaffirm a mortgage? We are current and are paying on time.
Thank you in advance!!!!
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