Loans, Debt & Credit - View Single Post

JohnCampbell08 · 12-23-2008, 03:15 PM

I haven't given up all hope for my loan mod, but I think I should look ahead and prepare for some possibilities..I have researched a little through the forum, but have a few more questions.

The house, and many of our debt is carried by me and my wife combined. If I file BK, I am presuming it must be by both me and the wife? I am not sure how it would work with only me.

If one were considering BK, would it make sense to wait to the very last minute, expend all avenues of credit, save as much money as possible, and then drop the hammer...or does it benefit you if you file before you are actually delinquent on your accounts?

If you bought something with line of credit, TV or furniture for instance, then filed BK, they could come after it? Or is that depending on the type of BK?

Does a car loan show as a repo if it is combined in the BK? Or just as paid or settled for less than the balance?

And I know a lot of it depends on the BK that one would file, but how does the debt get distibuted? I am presuming the lawyer calls the debtor, negotiates a smaller amount or none at all, and then that smaller amount of debt gets repaid over a term?

I think I have given up the idea of the possibility of keeping the house, and maybe a fresh start would benefit me...that includes the cars and the small amount of debt that I have incurred over the last few months after my reserve went dry.

Thank you for your advice.

12-23-2008, 03:15 PM	#1 (permalink)
JohnCampbell08 Senior Member Join Date: Dec 2008 Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	BK questions and advice... I haven't given up all hope for my loan mod, but I think I should look ahead and prepare for some possibilities..I have researched a little through the forum, but have a few more questions. The house, and many of our debt is carried by me and my wife combined. If I file BK, I am presuming it must be by both me and the wife? I am not sure how it would work with only me. If one were considering BK, would it make sense to wait to the very last minute, expend all avenues of credit, save as much money as possible, and then drop the hammer...or does it benefit you if you file before you are actually delinquent on your accounts? If you bought something with line of credit, TV or furniture for instance, then filed BK, they could come after it? Or is that depending on the type of BK? Does a car loan show as a repo if it is combined in the BK? Or just as paid or settled for less than the balance? And I know a lot of it depends on the BK that one would file, but how does the debt get distibuted? I am presuming the lawyer calls the debtor, negotiates a smaller amount or none at all, and then that smaller amount of debt gets repaid over a term? I think I have given up the idea of the possibility of keeping the house, and maybe a fresh start would benefit me...that includes the cars and the small amount of debt that I have incurred over the last few months after my reserve went dry. Thank you for your advice.