M. Matthew Abbasi's Answers

What if I found some typos on the chapter 7 forms?

You can easily amend any schedule to correct any mistakes. You should do this before your 341 (a) Meeting and you need to serve (mail) your amendments on the Trustee and the Court.

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How long will I be able to stay in my house if I file BK? Foreclosure date is a couple of months away.

I agree with the previous contributor. There is a great deal of difference between a Chapter 7 and Chapter 13 and one of the biggest difference is the time. A typical Chapter 7 takes between 5-7 months while a Chapter 13 can last 3 to 5 years with a confirmed plan.

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Do I have a right to reaffirm my car loan if I want to and my creditor doesn't?

In Bankruptcy, you can generally exempt your car and your home. However, your creditors are not mandated to offer you a reaffirmation agreement in Bankruptcy. That said they will gladly extend one to you if you keep your payments current.

Home loans in Chapter 7

In Chapter 7 Bankruptcy you are allowed to exempt a car and your home. However, most lenders and car financiers will ask for a reaffirmation of the obligation. In Bankruptcy you can discharge debts so if you want to move out of your home and get rid of your car you can discharge all liabilities. However, if you want to keep the home or car you have to reaffirm the debt. In sum, you cannot have it both ways i.e keep the security interest and discharge the obligation. You can discharge some real...