Personal Bankruptcy chapter 7 questions

[babyrattles]

If or when we file chapter 7, i need help knowing what will be taken and what will not, I have looked at the Colorado exemptions. The only creditors we will have are the lender of the condo and the lender of a motor home. if I understand chapter 7 correctly, it will wipe out my balance on the condo and I believe the lender of the motor home will take it in judgement and then re sale it as a repo or at auction. Am I allowed to negotiate with the lender of the motor home to continue to pay it off since we will have the funds through retirement annuities to do so, or does it automatically go as a repo back to the lender with chapter 7? That does not seem like a good financial decision for the lender of the motor home since we will be a position after the condo is taken off the books to pay the monthly payment. If the lender of the motor home takes it back they will be upside down and will lose money. Sorry if this message is convoluted but like most other folks during these financial times just a bit stressed about the situation and never thought in my life time I would ever consider filing a chapter 7!

 

[Theresagail]

You can reaffirm w. the motor home- but you have to get it current and it must stay current or they will file for relief and repo it. So before you file get the motor home current.

 

[babyrattles]

Thank you very much!

 

[diy4law]

You are correct that most lenders don't want property back. If you want to keep your motorhome and negotiate something with the lender and keep your payments current there is no reason why you can't keep it. There is one thing to remember that if you see in the future that you might not be able to continue paying for this you will be liable for the difference say two years down the road. That's why if you are for filing chapter 7 you want to make sure that you decide on what is important to you and what is sustainable in the long term. You will not be able to file again for another eight years and you have to remember that on all your financial decisions. Everything you include in the Chapter 7 now will free you of any future liability.

 

[bankrupcyus]

Chapter 7 bankruptcy is better for people who do not have the means to set up repayment plans. Here all assets may be liquidated and the proceeds paid equally between creditors.

 

[esterlydsl]

Hope you must have found any solution until now, as it was long back. Filing bankruptcy is considered as the last option, if you are not at all able to develop any sort of communication with the lender. If you had negotiated you might have found some kind of solution.