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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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i am in tennessee - i do qualify for chapter 7 by the means

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i am in tennessee - i do qualify for chapter 7 by the means test but concerned about by home - when filling out my loan forms I stated what I was supposed to be getting paid (had an insurance deal that was going to be making me over 10,000 a month - that company went bankrupt before ever got paid) - I am afraid that if I file bankruptcy that mortage company will come after me for fraud? I plan on keeping home and car but afraid of consequences for stating income was higher than it actaully was? What options do i have?
you will not get punished for stating income higher than it was, it was up to the bank to verify that, and they cleared you to close on the mortgage, it should not be an issue. Also, if you did it in good faith as you seem to state it will be no issue.
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Customer: replied 7 years ago.

the loan was a no doc loan -


can i ask a couple of more questions?


1. during chapter 7 we get to keep some things and have to auction other things off - does this happen at my home or can we move things we are not keeping to an auction site (kind of embarrasing)

2. I have 2 cars - one paid for but run down and has a repair needed that is more than it is worth and a new car that is under a loan that I want to keep - will this be possible to keep both cars

3. even though i want to keep the home and car do i havet o reaffirm the debt or can i non reaffrim it so can walk away later if can't keep pymnts up?


$4,000 of any personal property, the trustee will be in charge of selling the items in a bankruptcy sale not done in your home. if you pay the car note you can reaffirm the car, if the repaired car is worth less than $4000, you could keep it by claiming the exemption on it.

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