S
satiebird
Guest
Florida: Northern District
My husband and I are filing a joint petition. We recently purchased a wrecked 2nd vehicle and own it outright (although its value is low b/c of the damage). We also have only one secured creditor [all others are unsecured and we have no assets]. Our secured creditor is a bank and the debt is an auto loan that is secured & under lien for more than its book/loan value. We are current on all payments, insurance,etc. My questions are:
(1)Do we list both the owned 2nd vehicle and the secured auto on our exemption schedule? --or just the 2nd owned auto b/c we don't have to exempt the one under lien? (because we don't own it--it is not our property--correct?)
and (2) After listing the secured auto on the "secured, nonpriority creditor" schedule, do we need to make a reaffirmation agreement with the creditor concerning the debt or not? Do we have to do anything besides put it on the proper schedule and continue to make payments? (I think NOT b/c it will not be a dischargeable debt due to the fact that it is under lien but I am not quite sure)
Please give any advice you can.
Thanks!!
My husband and I are filing a joint petition. We recently purchased a wrecked 2nd vehicle and own it outright (although its value is low b/c of the damage). We also have only one secured creditor [all others are unsecured and we have no assets]. Our secured creditor is a bank and the debt is an auto loan that is secured & under lien for more than its book/loan value. We are current on all payments, insurance,etc. My questions are:
(1)Do we list both the owned 2nd vehicle and the secured auto on our exemption schedule? --or just the 2nd owned auto b/c we don't have to exempt the one under lien? (because we don't own it--it is not our property--correct?)
and (2) After listing the secured auto on the "secured, nonpriority creditor" schedule, do we need to make a reaffirmation agreement with the creditor concerning the debt or not? Do we have to do anything besides put it on the proper schedule and continue to make payments? (I think NOT b/c it will not be a dischargeable debt due to the fact that it is under lien but I am not quite sure)
Please give any advice you can.
Thanks!!