I would suggest financing a car of low value (5k or less) before filing the bankruptcy and reaffirming it in the BK. That way you can obtain the credit before the BK shows up on your credit report and have an open credit account to rebuild your credit. You should consider this ONLY if you can afford to make the car payment. I would recommend hiring a competent BK attorney and have him/her review your financials before taking action. Good luck!
Dorothy is right, since you entered into the mortgage contract before filing and did not reaffirm you are not personally liable for any potential deficiency. Furthermore, your credit should not be affected since you are not personally liable for the debt and the bank can not report any default on a debt that was discharged. Good luck!!
I have to respectfully disagree. The Chapter 7 filing only protects the husband and not the wife. Since the car is already repossessed then you will not have to lift the automatic stay. If the husband filed a Chapter 13 then you would have to wait until he defaults on the 13 plan and it gets dismissed before pursuing the wife.
Each state has different exemptions regarding what personal property creditor's can garnish/seize. Ultimately, you can apply these exemptions to personal property and creditor's can not touch them. For example, in Illinois there is a $4000 wild card exemption. Illinois residents can apply this exemption to any personal property they own or have legal title to. Therefore, an Illinois resident can apply that exemption towards a bank account and a creditor can not seize the first $4000 in the...
By not reaffirming on the car loan, you are no longer liable on the note. Therefore, you wont be liable for a deficiency if they decide to repossess the vehicle and sell it. Keep in mind that the creditor is a secured creditor and can repossess at any time. From my experience, most creditors (Ford being the exception) do not repossess if you stay current on your payments (they don't want the car they want your money). Whether they repossess also depends on how much you still owe and how much...
You can only strip 2nd mortgages that have absolutely no equity. Therefore, if you only have one mortgage, you can not strip the mortgage with a Chapter 13. A deed in lieu will only satisfy the first mortgage and the second mortgage (assuming you have one) can still sue on the note. If you are underwater on the first mortgage, a deed in lieu will be difficult to obtain. Good luck!
The fact that you filed bankruptcy allows credit agencies to report such a filing. Whether the debt was discharged or not is irrelevant for reporting purposes. I would assume that a dishcarge of debt affects your credit more than a dismissal. It won't hurt to call the credit agencies to see if they would be willing to pull it off of your report. My instinct tells me that they won't, but it can't hurt to give it a shot. Good luck!
As a first time offender, I highly doubt you will get jail time. Your offense is probationable. I highly recommend hiring a competent defense attorney to handle your case. A case can not be reasonably evaluated until discovery (the prosecution handing over all evidence against you) is complete. It is imperative that you do not commit any new crimes while your case is pending.
The debt is not discharged until an "order of discharge" is entered, which is typically 60 days from the 341. If the trustee decides to open your estate for distribution, then the order of discharge will take a lot longer.