Ask Experts Questions for FREE Help !
Ask
    toryballas44's Avatar
    toryballas44 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 9, 2013, 12:42 PM
    Reaffirming personal loan in Chapter 7
    I have a significant amount of credit card and medical debt (in excess of $20,000) and am planning on filing bankruptcy. I have a car loan that I am planning on reaffirming in Chapter 7 bankruptcy, and am also in the process of getting a personal loan with a co-signer to make some needed repairs to my vehicle. I would like to keep paying the personal loan (essentially reaffirm it so it is unaffected by the bankruptcy) and continue paying it back as scheduled. Is this a viable option for me? Or am I required to discharge the personal loan as a debt?
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    Jul 9, 2013, 03:38 PM
    You are not required to include it as part of the bankruptcy writeoff. You will need to talk to your lawyer about what is needed for notification and if there are objections that could be made.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Auto loan converted to personal loan with same monthly installments (72 mo.) [ 1 Answers ]

Topic: None Chosen Your Question: "I have a auto loan converted to a signature loan due to the bank not receiving the car title, so they converted it to a persoanl loan. Once the bank did that my auto loan (secured loan) just became a personal loan (unsecured loan) but yet the months of...

Chapter 13 and Loan Modification [ 1 Answers ]

Under the new law our president passed in March of 09 if you are in Chapter 13 to keep your house from being forclosed on who do you go to to get the modification I was under the impression I go to my attorney that filed the 13 for me that I have already paid $3500.00 to. Or do I go to my Mortgage...

Chapter 13 Student Loan Payment [ 3 Answers ]

I filed chapter 13 ten years ago and satisified my judgement. I have since received a summons for $10K from an attorney representing a collection agency that bought my student loans. In the orginial petitition the bank that issued the loan never filed a claim. They are listed as a regular...

View more questions Search