Keeping items to be reaffirmed current

[adviceplease]

We are behind several payments and we are trying to get the home and cars current and get the money to retain the lawyer.

What happens if you are current on everything when you retain and then fall 1-3 days late on the payments you want to affirm before 341? My lenders are cool and do not report being late until at least 15 days but how does that affect the BK? If it is current before the 341 am I okay?

My mom is lending me some money to get some of the stuff current but it looks like I will still be 1 day late on the mortgage for October and 3 days late on a vehicle payment (last one before paid off) for October because of the way my husband is paid for the month. After the middle of October we will be fine and have money to pay the lawyer off and pay all of our bills that are left on time, it is just that 1 month that we are stuck.


Thanks.

[OhioFiler]

If you're concerned don't file until late October.

[justbroke]

What happens if you are current on everything when you retain and then fall 1-3 days late on the payments you want to affirm before 341? My lenders are cool and do not report being late until at least 15 days but how does that affect the BK? If it is current before the 341 am I okay?

It needs to be current before discharge. Otherwise, the lender will ask for relief from the stay to pursue their foreclosure options.

Why are you reaffirming your home and car debts? Are you underwater on them? Seems like you can't pay for them now. What will change that would allow you to afford them later? (These are questions the Judge, as a reaffirmation hearing, may ask you.)

[adviceplease]

We can afford them without the credit cards. We had to live off the credit cards for a while when my husband was on a disability for several years and have not been able to get caught up on them. Everything went spiraling on them because we were late on a few payments at it made the interest rates go really high and we could not make up for all the extra finance charges. He has been back to work for almost 2 years but the damage has been done. One of the vehicles only has 1 payment left so we will have that less a month to pay. We are only 25 days late on the vehicles because we were trying to make all the credit card payments which was up to $1300 (which we did not have) a month in min payments. The vehicles are being paid tomorrow for last month and next week for this month but that makes it tight for October because this month is 2 payments in 1 month.

The vehicles, mortgage, and second mortgage will all be current before we retain. The mortgage will be 1 day late and the last payment on the vehicle will be 3 days late in October just because of the way the pay period falls and the check will not go in until Friday and the payments are due Tues and Thurs.

After mid October there will be no problem making all left over bills before the due date it is just the catch up and paying the lawyer that is hard on us right now. We have to retain as soon as we can because the credit card companies are already blowing up my phone,

It needs to be current before discharge. Otherwise, the lender will ask for relief from the stay to pursue their foreclosure options.

Why are you reaffirming your home and car debts? Are you underwater on them? Seems like you can't pay for them now. What will change that would allow you to afford them later? (These are questions the Judge, as a reaffirmation hearing, may ask you.)

[justbroke]

If you are really going to be filing for Bankruptcy, you need to stop paying those credit cards. Unless you have recent charges and are ensuring that you're attempting to pay the cards... I don't see why you are paying them. You are throwing good money away.

Perhaps you need a consultation now... which would help you with the "don't pay the credit cards anymore" decision?

[adviceplease]

I just went for a consultation about a week ago so my credit cards are just now coming due (1-2 weeks late) for the month and I stopped paying them after I talked to the lawyer but I had really good intentions of trying not to file. The car company was giving us problems for being late and that was just it. I can not pay $1300 a month in credit cards and everything else. My mom talked me into filing because she went through it when I was younger and she said that i need to file and start over with just the few bills we have left. It really hurt my pride to admit that I can not fix this but the CC companies raising my interest from 6-9% to 28+ for being late takes way more than our income. If we are able to file BK we will have enough money for the bills and expenses easily.

[justbroke]

It really hurt my pride to admit that I can not fix this but the CC companies raising my interest from 6-9% to 28+ for being late takes way more than our income. If we are able to file BK we will have enough money for the bills and expenses easily.

Dont' feel bad. This is a business decision. When the credit card companies jack up the rates to 28% from 6-9%... when you are already being late... how do they expect you to pay? The usury rates charged these days are astounding... 29%, 30% or more! Compounded monthly! Based on Average Daily Balance (not balance at the statement run). Wow.

[adviceplease]

Chase and others hit me really hard for being barely late. Chase was the worst though I called them and they offered to drop it down to 18% instead of 28% if I stay current forever, if I was even 1 day late it went back up. That is why I paid the cards last month over the vehicles because the car lenders do not raise my rate if I am late like the CC did.

I sat down and wrote all the bills down through the rest of the year by weekly paychecks and once I get through all the catch up and lawyer fees it is amazing. Everything is paid way in advanced and we actually have a little left for emergencies and extras that may come up. I can't remember the last time I even went to the movies, probably about a year ago on our anniversary. We have not had money for luxuries like going to the movies or eating out because of the CC debt in a long time. It is really pathetic that my child looks forward to going to the inlaws house once a week just to get pizza that is not made at home.