Reaffirmation Agreement

[coreym1970]

Due to medical bills and a lawsuit from Bank of America, I am filing pro se Chapter 7. I want to keep the house and car which both are exempt. My question is can I send the reaffirmation agreements in when I originally file or wait until after I have filed before submitting reaffirmation agreements. Thanks!

[ValleYum]

I would wait. Are you planning to reaffirm your mortgage? If so, why?

[AngelinaCat]

You might want to read through this thread before answering VY's question:

http://www.bkforum.com/showthread.php?62833-Why-reaffirming-a-mortgage-is-a-very-very-bad-idea

ETA: Welcome to the Forum.

[ValleYum]

Thanks Fairy Modmother! I am on my tablet and can't link.

[coreym1970]

Here's the deal. We are in Missouri. The house we are living in is worth $70,000 and $56000 is owed on it. The car is the same way, worth $5300 with a $3000 balance on it. The payments on both are current. What would you suggest?

[ValleYum]

Personally? I would reaffirm the car. Not the mortgage - I would just make sure I paid it on time every month. 56k is a lot of money to come up with if you lose your job or get hurt and have to be on STD, LTD or SSDI. Speaking of which, do you have disability insurance? (no, I don't sell insurance, I just wish I had had it when I fell down all 13 of our stairs at home a few years back).

Read the thread AC posted. Stuff like this ^^^ does happen.

Good luck!!

[coreym1970]

Thanks for the info! The wife has disability insurance but I am self-employed and do not. So I guess the main question is on the Statement of Intention where it asks if I want to retain the property, which I do, would I check reaffirm or check "other" and explain in that space?

[coreym1970]

After reading through the thread, this is what I did on the Statement of Intention. Check marked both where it says Reaffirm and the Other boxes and where it says explain wrote "debtor will continue to make payments." I did that on both car and house spaces. Any opinion?