Future Concerns post filing

[Mik3]

Hello all, After a long road leading up to the understanding of my selection of chapter selection, I am about to file a ch. 7, mostly on short term cc debt. However I have a potential scenario that I don't completely understand the repercussions of and would like some feedback from those have either lived or guided other though a slimier situation.

I want to preface this with a comment in that my situation is somewhat complex, and has several background layers, so I'm going to try to keep this as concise as I can, and that I'm not being evasive.

Hypothetical scenario concern; I file ch.7, get through it as expected, and I loose my income (or the like), and I lose everything, business, home, cars...So, now I have filed, and cannot refile for a few to 8 years. Besides the obvious, what sort of concerns or problems might I not see coming until I can refile against the creditors I chose to keep alive from the first filing? The creditors look like and SBA loan, auto loans, mortgages on personal property.

Thank You
Mike

[keepmine]

The concerns are pretty obvious, if you reaffirm anything, and then default your creditors can sue you and if they win, get a judgment and then take whatever steps your state allows a judgment creditor to collect.
Don't keep any creditors alive post bk.
You need to read that thread that's a sticky titled, "why reaffirming a mortgage is a bad idea".

[LadyInTheRed]

Your worries are exactly why you shouldn't reafirm.

[ValleYum]

The concerns are pretty obvious, if you reaffirm anything, and then default your creditors can sue you and if they win, get a judgment and then take whatever steps your state allows a judgment creditor to collect.
Don't keep any creditors alive post bk.
You need to read that thread that's a sticky titled, "why reaffirming a mortgage is a bad idea".

The article mentioned by keepmine is located here: http://www.bkforum.com/showthread.ph...-very-bad-idea

[Mik3]

I actually did reaffirm a loan recently. Although I didn't understand the reaching affects when signing, it was something I had to do to modify a loan, and without said modification I would be in a worse position.


About the reaffirmation;

Scenario a:

I reaffirm a loan, file ch.7, lose income post discharge and then sued for loan I reaffirmed and defaulted on. At the time of suite I have enough income to be at means test standards.

What happens to lawsuit, won't most judges dismiss it, or will it be like a ghost in the closet until that day I hit the lottery?

Scenario b:

I reaffirm a loan, file ch.7, lose income post discharge and then sued for loan I reaffirmed and defaulted on. At the time of suite I have enough income to be at means test standards. same as above, except...Now I just refile in 8 years.

Although less than ideal, wont that problem go away?

M

[TXskyblue]

I don't understand your logic. Why would a judge dismiss a lawsuit just because you have no money? You reaffirmed the loan and are legally responsible for it if you default.

That is what reaffirmation means. It means a judge doesn't care or give even a second thought to the fact that you filed a BK. It's irrelevant.

[keepmine]

What exactly have you done?
In yout first post, you state you are about to file Chapter 7. Now, you talk about reaffirming a loan. You can't reaffirm unless, you have actually filed.
Honestly, I read a few of your old posts and you seem like the sort htat really likes to overthink the situation.
Just file the bk and be done with it.