Patty Lynn Wisecup's Answers

How to reafform auto loan in pro se chapter 7 bankruptcy

Wait to see of the company holding your loan sends you a reaffirmation agreement. If they don't continue to make your payments on time and it is unlikely they will repossess. If they do, call them and ask if the reaffirmation agreement is absolutely required to keep the vehicle. It is also likely that they WILL NOT send you monthly statement anymore due to the filing...you have to remember to make the payments. Be very careful about reaffirming a loan. These agreements are not in your best...

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We are filing chapter 7 due to loss of job due to bad economy.we have mortgage & equity loan... what happens to equity loan?

The lien will remain on your property until the loan is paid off. Since it is a second mortgage, it is unlikely that they will be able to force a foreclosure of the home. That right is usually reserved to the first mortgage holder. Unless you walk away from the home completely, the lien will remain. If you have not filed the Chapter 7 yet, you might want to talk to an attorney about a Chapter 13 with the possibility of stripping the lien of the second mortgage.

What is the difference between chapter 7 and chapter 13 bankruptcy?

Chapter 7 is a total liquidation bankruptcy where everything is discharged. You are able to continue making payments on secured things, like a house and car, and therefore able to keep them. Some creditors for vehicles require a reaffirmation agreement in order for you to keep the vehicle. These are never a good idea and i don't ever recommend to my clients that they sign them. Student loans are NOT dischargeable except under extreme hardship circumstances and then you will likely need an...

What schedule do you use to list federal student loans in a chapter 7 bankruptcy?

Federal student loans are listed on Schedule F as a unsecured non-priority debt with an indication that they are student loans. As far as discharging student loans, this is an extremely difficult task and one with many pitfalls if not done correctly. I recommend you look for an experienced attorney that has had success in discharging student loan debt.