Hi all!
I'm almost certain that this question has been asked here before but I
tried to Google it (like a good girl) and couldn't find the specifics
I was asking for so here goes:
I live in NC and after looking over the state laws concerning
bankruptcy and sadly, I think we are considering Ch7. We plan on
getting reaffirmation agreements for things like the car, house &
furniture and this is sort of where my question rises. The car is a 3
year lease, say we file bankruptcy and keep the car and when the lease
is up, how hard will it be for me to get another car when the time
comes? Will my good payment history with the leasing co. be at all
taken into consideration or will the fact that there is a bankruptcy
negate all of that?
Same for my house -- if in a few years we decide to sell (we may have
to move because of my husband's job) Will we be ever be able to buy
another one and if so after how long?
Okay...one more question. Which would be better, filing jointly or
separately? Almost all of the debt is in his name. I have really
good credit (so does he except for all the CC debt) and only have a
couple of small credit cards that are only in my name. My thinking is
that we could still have credit cards in may name for *necessary*
reasons only (leasing a car, emergencies etc.)

Sorry to piggy-back my own post but I needed to clarify something.
The car is now in his name and while I do have good credit, I am now a
stay at home mom therefore no income. So when I was talking about the
car and leasing another one I should have said he and not I.
thanx again!
On Mon, 06 Dec 2004 13:28:38 GMT, Carla <nobody@nowhere.com> wrote:

The car is a 3
year lease, say we file bankruptcy and keep the car and when the lease
is up, how hard will it be for me to get another car when the time
comes?

It depends on how you define "hard." If you have enough cash three years
from
now to buy a used car, you can buy a car with no trouble at all. A small
car
loan is probably not going to be all that hard to get either, since it is
a
secured loan (which means that the leasor can repossess the car if you
fail to
make the payments.) There are usually a fair number of reasonably
reliable
cars available in any given area for $1000-$5000 or so.
The bankruptcy exemptions typically (I am writing without checking the
exact
rule for NC) allow you to have a few thousand dollars' equity in a car.
As for the credit cards, you will probably lose all your existing cards,
but
you will be offered new ones. The first few offers will be fairly useless
ones
where you have to pay an excessive fee and/or link the cards to a bank
account.
But before long, you will get offers for conventional credit cards, albeit
with fairly low credit limits and fairly high interest rates.
It sounds like you may end up getting a Chapter 13 rather than a Chapter
7, by
the way...
*****
Tim Horrigan <horrigan@aol.com>
*****