questions regarding do-it-yourself bk

[rammbh]

What is the name of your state? ms

Here are my questions:
when filling out the monthly budget, do you include the credit card payments that you are suppose to be paying?

when filling out the secured creditors schedule, do you put you want to reaffirm these loans if you want to keep them? and do you wait for the lenders to send you a reaffirm letter or do you fill one out now? have a mortgage and two gmac loans and want to keep paying on all three. the mortgage and one gmac loan are okay but the other gmac loan is not so good i owe 29,000 and its only worth about 23,000 according to kbb. what should i do on that one? do i need to contact these lenders or wait???

don't know what to do about sears account. owe about 4,000 and have paid 770.00. do i list these items as personal property and include on my personal exemptions or do i just list them as personal property without exemption? i do want to keep these items but don't want to pay the 4,000 that is owed. i have looked up several on e-bay and have found some of them for hundreds less from the sears outlet store. what do i do on this?

i have co-debtor on mortgage, which was refinanced by current creditor. it said in nolo that i should only put half of my ownership share. property is worth 63,500. owe 50,391. homestead exemption is 75,000. do i just put half of worth and half of what is owed??? or should i just put all of it???

guess that will do it for now. any help would be greatly appreciated. i'm sure you have answered my questions somewhere before but have looked and looked and looked till i just thought i would ask and if someone has answered before, sorry for the inconveinence

 

[Ladynred]

Actually, you should be able to find all these answers in the Nolo book if you've got it.

when filling out the monthly budget, do you include the credit card payments that you are suppose to be paying?

No. Your budget is for LIVING expenses.

when filling out the secured creditors schedule, do you put you want to reaffirm these loans if you want to keep them? and do you wait for the lenders to send you a reaffirm letter or do you fill one out now?

Somewhere in all that paperwork is a notice of intent - that is where you say you want to reaffirm the debts.

other gmac loan is not so good i owe 29,000 and its only worth about 23,000 according to kbb. what should i do on that one? do i need to contact these lenders or wait???

KBB MINUS 30% is the value you'd use - that would be close to the quick-sale value. You can do one of 2 things - you can reaffirm and keep paying, or NOT reaffirm, have the debt discharged and still keep paying if you want the vehicle. What that does is releases you from liability for the debt should you decide later that you don't want to keep it. The other possibility is that the Trustee may not LET you reaffirm or keep it if he feels its not conducive to your 'fresh start'.

Do not contact the lenders, they will contact you when the papers go out.

don't know what to do about sears account

What's the problem. You list the items with your personal property, at GARAGE SALE values and the debt on your schedules. The debt will be discharged. After being slapped down hard by the Feds, Sears is practically sheepish these days in BK courts.

it said in nolo that i should only put half of my ownership share. property is worth 63,500. owe 50,391. homestead exemption is 75,000. do i just put half of worth and half of what is owed??? or should i just put all of it???

What do the instructions in the book tell you ?You have a 50% interest in the EQUITY of the home. Even if you put down the whole thing, you have more than enough of an exemption to cover it.