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College Loans

I’m ok with calling it luck, I’ll call it what ever you want to call it as long as the ending turns out the way this one did. In my post from two weeks ago (Denied for a student loan) I shared with you our latest problem stemming from our bankruptcy. If you didn’t read it, in short, the company who funds the Salle Mae loans ran my wifes credit and discovered her our bankruptcy. Here’s what they said: Read more

I’ve been receiving a decent amount of emails since the last post, regarding what I/we kept after the bankruptcy. To be clear, we did keep our home (and both mortgages that go with it) as well as my car loan.

Prior to our meeting with the bankruptcy trustee our attorney reviewed the fact that we were in fact keeping our home and that I did want to re-affirm my auto loan. The bankruptcy trustee also verified this information. We did not lose our home or car. Don’t be afraid of that. Unless you are behind on your loan it is in the bank’s best interest to re-affirm your loan and keep you making your payments.
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We met with our attorney for what will be the last time before the big date. This time it wasn’t in his office, it was in the conference room with a woman that worked for him, a huge stack of papers and two pens. This was it. When we’re done in here we’re only a few weeks away from completing this bankruptcy. It was almost as bad as closing on our house. We signed and signed and signed… It becomes monotonous after awhile. If you’re anything like me, you’ll probably try a joke or two to alleviate the situation, let me tell you that is not a good idea. If you miss something in these papers it could cost you thousands of dollars in fixing it. Pay close attention, bring sugar, drink caffeine, do what you need to do to stay awake, focused and constantly asking questions.

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Can I keep my Car after bankruptcy?

Can I keep my house after bankruptcy?

It’s a simple question and one that everyone in this boat has on their mind. What can I keep after I file for Chapter 7 Bankruptcy. We declared that we wanted to keep our home and car. Because the declared value of our jewelry (i.e. wedding ring) was what the court would consider low, it’s not even a concern. Regarding furniture, televisions and computers (like those I bought with the Dell credit card) are not a problem. They were purchased between 2-3 years prior to us filing for bankruptcy and depreciation has made their resale value very low. Read more