bankruptcy explanations
I started my bankruptcy in December 2008 and was recently discharged. I cant afford it now, can I claim it ?
I was offered a re-affirmation from GMAC so I could keep the lease if I continue to make the payments. I accepted the offer and now my situation has changed. I have already been discharged from the bankruptcy and I would still like to claim the car on my bankruptcy. My adviser said I can still claim things as long as, they where purchased before I filed, So im wondering if I am still able to claim it, if I already signed a reaffirmation paper ? I hope that explanation is clear.
A Chapter 7 bankruptcy wipes out “pre-petition” debts. Meaning debts that you owed prior to filing.
A reaffirmation agreement is something you sign after filing bankruptcy to “reaffirm” the debt. In essence this means that you are re-obligating yourself to the debt post bankruptcy. As a result, the GMAC lease is not longer a “pre-petition” debt, but is a “post-petition” debt, a debt that arose after bankruptcy.
Unfortunately you won’t be able to discharge this debt in your original chapter 7. You should try to work something out with them. Good luck.
|
|
Bankruptcy and Debtor/Creditor: Examples and Explanations (Examples & Explanatio $31.08 |
|
|
Bankruptcy and Debtor/Creditor: Examples & Explanations, 5th Edition $15.00 |
|
|
Bankruptcy and Debtor/Creditor: Examples and Explanations (Examples & Explanatio $4.00 |
|
|
Bankruptcy and Debtor/Creditor: Examples & Explanations, 5th Edition $23.98 To keep pace with the recent major changes in bankruptcy law, noted author Brian Blum presents a completely revised edition of his popular study guide, Examples & Explanations: Bankruptcy and Debtor/Creditor. This comprehensive paperback is well known for its effectiveness in helping students understand the many rules, principles, and policies of the area. The book earns the loyalty of both studen… |
|
|
Bankruptcy and Debtor/Creditor: Examples and Explanations (Examples & Explanations) $19.95 To keep pace with the recent major changes in bankruptcy law, noted author Brian Blum presents a completely revised edition of his popular study guide, BANKRUPCTY AND DEBTOR/CREDITOR: Examples & Explanations. This comprehensive paperback is well known for its effectiveness in helping students understand the many rules, principles, and policies of the area. The book earns the loyalty of both studen… |
|
|
The Elements of Bankruptcy, Fourth Edition (Concepts and Insights) $39.00 This casebook is an authoritative introduction to bankruptcy. Case studies, case notes, and examples illustrate points under consideration. Thought-provoking questions generate classroom discussion and hone students’ legal reasoning. Students reap the benefit of the author’s expert opinions, insight, and experience. Representative topics include the individual debtor, corporate reorganizations, an… |
