Socorro, TX Bankruptcy Law Firms & Lawyers

The following answer applies to California jurisdiction only. I don't know of any local bankruptcy attorney who would condone or suggest to a client that they reaffirm a mortgage debt. It is not in your best interest to do that so the fact that you did not reaffirm is not a bad thing. If at some point you can't afford to make the payments anymore because you have filed and received a discharge in bankruptcy AND because you have NOT reaffirmed the debt you can walk away from the property. The only remedy the creditor(s) have is to take the property, they cannot sue you for any deficiency or attempt to collect from you. The protection of the bankruptcy discharge makes any such collections illegal. A loan modification, should you get one, would not change this result. Refinancing however would because when you refinance you get a new loan and in your case it would be a loan acquired after the bankruptcy had already been filed. Hope this perspective helps. Take care.

The question depends on whether you received a discharge. If you received a discharge the creditor cannot sue you. That is a violation of the discharge injunction. Visit with your attorney regarding how to proceed forward. If you did not receive a discharge, yes, that claim, assuming no other defenses, could be pursued in state or other court.

This question requires more information to answer, however if you are filing chapter 7 you will need to make sure that the property is exempt. The exemption will depend on if this is used for a business or for personal transportation, if you have equity in the trailer or are making payments, and if you have other assets that you may need to protect. Also, you will need to insure that you can keep up with any payments that you may have.