Re: bankruptcy

Posted by LadynRed (68.52.127.174) on May 10, 2004 at 20:11:30:

In Reply to: bankruptcy posted by Migs on May 10, 2004 at 19:30:44:

First, you must include ALL debts, dept store cards and all. That also means you must include the loan on which you are a co-signer.

The dept store cards, if they have a zero balance, MIGHT stay open once you file for bankruptcy. Most creditors will close an existing account, even if it has no balance, once they see the bankruptcy on your credit report. You *could* ask to reaffirm or keep a dept store card, but reaffirming UNsecured debt is not usually approved by the BK court. Besides, its just not a good idea. You'll get plenty of CC offers after your bankruptcy, but don't be anxious to jump back into that pool.

It is very unlikely your car will be taken from you, particularly if it is financed. However, FL has a mere $1000 exemption for equity in vehicles, so if your equity is greater than $1,000, you could end up paying the Trustee the difference to keep the car. Then there is always redemption where you can redeem the car for value (NOT what you owe or even fair market value).

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