As you regular readers of my posts know, I have a car loan I plan on reaffirming. Right now, I'm upside-down on the vehicle (it's a fairly new loan) but it's my only means of getting to work. Anyway, I have two quick questions.
1. Exemptions: Do I still need to list the vehicle as exempt, even if I have no equity? How would I list that?
2. Amount owed: When I'm listing what I owe for the car on the various schedules, do I use the current payoff amount, or the amount I will have paid at the end of the contract, which includes many more months of interest payments? I'm assuming that, on the reaffirmation agreement, I use the full contract amount (unless we negotiate something different during the process.)
1. Exemptions: Do I still need to list the vehicle as exempt, even if I have no equity? How would I list that?
2. Amount owed: When I'm listing what I owe for the car on the various schedules, do I use the current payoff amount, or the amount I will have paid at the end of the contract, which includes many more months of interest payments? I'm assuming that, on the reaffirmation agreement, I use the full contract amount (unless we negotiate something different during the process.)
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