Posted on: 04th Feb, 2009 10:37 am
We are drowning in debt and need to file Chapter 7. Problem one is that my mom is a co-signer on one of my credit cards and she now has alzheimers - I can't get her involved. Problem 2 is that my car is paid for & still has a resale value of $14,000. I have to have a dependable car... So, before filing would it be legal to take out a loan on the car, pay the credit card my mom co-signed, and then reaffirm the car loan after I file? Could I do that and file at a later date? If so how long?
first of all before filing bankruptcy you need to go through a 180 day credit counseling program where it will be decided whether you will qualify for chapter 7 or chapter 13 bankruptcy. this is as per the new bankruptcy laws.
secondly, there are certain items which cannot be taken away to repay back the debt under chapter 7 bankruptcy. this includes your car and so you need not worry about it. you can of course pay off your credit card debt before you file bankruptcy.
secondly, there are certain items which cannot be taken away to repay back the debt under chapter 7 bankruptcy. this includes your car and so you need not worry about it. you can of course pay off your credit card debt before you file bankruptcy.