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Andrea Ray
Andrea Ray, Attorney
Category: Bankruptcy Law
Satisfied Customers: 82
Experience:  Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11
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i am planning on filing bankruptcy in reno nv, i am not behind

Customer Question

i am planning on filing bankruptcy in reno nv, i am not behind on my home mortgage nor do i want it included in my bankruptcy. as far as i can tell a reaffirment is not in order and if i simply "leave it out" the court my deny my entire bankruptcy becasue i did not disclose everything. Q; is it best to just "leave it out" or do i need to file some kind of paperwork. i want o still pay on it and am not behind.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Andrea Ray replied 5 years ago.
You need to disclose everything you owe and everything you own in your bankruptcy petition. Failing to do so is a federal crime. You will also probably need to reaffirm the debt or the creditor may have the right to foreclose under your security agreement, even if you are current and remain current.
Customer: replied 5 years ago.
thanks that what i thought. what about the other questions concerning my car note, can the bank come after my checking account since both are with the same bank. and how will it affect the person that i am a co-signer for
Expert:  Andrea Ray replied 5 years ago.
I'm sorry but your "already tried" section wasn't up there yet when I answered the question.

i have a checking account with a bank that holds an unsecured personal loan as well as a car loan. the car is blue book at $5,600 and the note on it is $10k+, can they come after my bank account for the money owed?

It is possible that they may freeze the account and use the money in there to apply it against what you owe on these loans. You could call the bank and see if the loans are "cross collateralized" with your checking account. If they are then yes they may apply the funds against what you owe them.

and if i am a co-signer on another persons car note will that effect that person?

Is your name also on the car title? If so, how much is the note and how much is the car worth?
Customer: replied 5 years ago.
sorry it took so long i was gathering the info. i dont know if my name is XXXXX XXXXX title, but the registration from the DMV shows my name secondly on the registration. the car is worht 16k to 18k according to blue book, and the note owed is 16,885.83$.
Expert:  Andrea Ray replied 5 years ago.
It doesn't sound like a problem to me then. You should make sure to list your interest in the car and the loan against it on your schedules.
Customer: replied 5 years ago.
my interest meaning that i am a co-signer on the note? also, when i see the term redeem the property on BK docs, that means it is secured debt but i want to be relieved of any further payments right?
Expert:  Andrea Ray replied 5 years ago.
You would put on Schedule B that you own the car in joint with someone else, and on Schedule D you would list the debt that you owe. And on Schedule H you would list the co-signer's name and address.

Redeeming property means that you would pay the creditor the value of the property, all up front, and be released from any remaining debt. Upon redemption they would be required to release the lien on the property. You have to file a motion if you are interested in doing this. It is uncommon in my area because you have to have the money all at once, and of course the trustee is wondering where you got all this money post-bankruptcy. There are companies though that give you a loan for the redemption money, and then they get a lien on the title. This comes with quite a high interest rate though, so you may be just as well off to keep the original loan and keep paying on it.
Customer: replied 5 years ago.

by keeping the original note and keep paying on it means "reaffirm'? correct. i am thinking in the case of a sofa. also, i am the co-maker on the note for the car in question and there is no co-signer. so sched. H?

thank you again.

Expert:  Andrea Ray replied 5 years ago.
Co-signer and co-maker is the same thing.

Yes you mean to reaffirm when you keep paying and agree to NOT discharge that particular debt in order to keep the property.
Customer: replied 5 years ago.
i think i have it clear, i am going to reaffirm the car that i am a co-maker on and reaffirm the home that i am joint tenant in and discharge all the other? thanks so much.
Expert:  Andrea Ray replied 5 years ago.
Yes, if you have an interest in keeping those two things and can afford the payments on both. Then the rest is discharged.
Andrea Ray, Attorney
Category: Bankruptcy Law
Satisfied Customers: 82
Experience: Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11
Andrea Ray and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
awesome, thank you very much. you have been a big help. Happy New year and I hope to get you again when i have further questions. cheers,

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Andrea Ray
Andrea Ray
64 Satisfied Customers
Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11