reaffirming

[p3bjt5]

What is the name of your state? co
I am going thru divorce and intend to file chap 7. I am trying to sell the house, and hope to break even on that. everything was in my name. i am unable to pay about 15,000 in cc and misc debt, can barely make the house and car pymnts alone. My question is what do i need to reaffirm on? i have gotten conflicting info. the lawyer i consulted says you only reaffirm when the debt is new. other people and net info i have read says you reaffirm on whatever you want to keep. I am selling the house, but meanwhile I would like to continue living here until it sells. also would like to keep my car. also, i would like to keep a low balance cc and not claim that. the lawyer says i have to claim EVERY debt. People have told me to keep one card. What if I don't claim every debt? and what do i reaffirm on? thank you!!

 

[bigun]

You must list all creditors. That is the law.
You may request to reaffirm debts but, the final determination is up to the trustee and judge. If they feel it will not be in your best interest ,{imperil your fresh start} it won't be approved.

No way you should reaffirm the house. If it doesn't break even, you will then be liable for the difference. If you're way upside down in the car, don't reaffirm. Just stay current and the auto company will let you keep it. Ask yourself this question. Say the loan balance on the car is $12K but, the value is only $8K. You have a wreck and it is totaled. You would be liable for the $4K difference if you reaffirmed. Just don't do anything that could jeopardize a new beginning.

 

[p3bjt5]

thank-you bigun for the info-that helps!!