new to this.....tons of questions

[thomas12t]

hi everyone.. We are filing chapter 7 . My husband was temporary layed off and my salary and unemployment just don't cover all our bills. We have stopped payments on our truck, medical bills, and our house (we plan to go thru forclosure eventually, we are upsidedown on our mortgage)......we have a second mortgage also. Our lawyer told us to stop paying on whatever we want to get rid of. First question is how long once we stop payment on our truck will it get taken away....?? Another question, is we have a camper. It is on a permanent site at a local campground. We have not stopped camper payments as we really would like to keep it.....lawyer said there is a chance we may be able to keep it, depending on the trustees. We owe about $75000 in mortgages, house not worth that, so we are just going to let it go. All this is so confusing, and the paperwork we have to fill out is way over our head. What suggestions does anyone have for us? Thanks! (we are from MN)

[keepmine]

Sounds like your lawyer is giving good advice. Making payments on debts you'll discharge is wasting money.
How long you can keep the truck depends on how aggressive your lender is. Nobody can give an answer to that question.

[ska]

I agree with the previous poster, it sounds like your lawyer gave you good advice.

A week after we decided that there was no other way out except BK, our 2006 Mustang decided to give us all kinds of problems, 2,000 over warranty and Ford would not help us. So, we let the car go. It took them less than 2 months to come get the car.

At the end of our BK, we had a lease that ended 2 weeks prior to discharge. We had made all payments on time in hopes that the bank would provide us with a loan to purchase the vehicle. BUT, NO... Oh how frustrating. We had not signed a reaffirmation agreement, so we changed our intentions to include it in the BK. It took them almost exactly 2 months to pick up the car.

So, from my experience, I would say it may be around 2 months by the time they pick up your truck. However, it does depend on the lender, so it may even be longer.

My suggestion to you is "Stay Strong." I know it is hard, but you will get through this and it will all be in the past. Plus, you will more than likely be much happier without all of the debt hanging over your head.

[thomas12t]

Thanks for the quick responce. We have so many questions about our papers, but it would take way too much space here to ask them all.