Expert: Terry Leeders - 4/23/2008

Question
My husband is in the process of filing Chapter 7 Bankruptcy, the only thing we have jointly together is our house which we are currently 30-45 days behind. If he does not affirm the house in the bankruptcy can they take it. Also I was told that he has to reaffirm his truck loan he is also 1 payment behind on this, does he have to get the loan current before they will reaffirm? Also I filed Chapter 7 in January 2002 and was wondering when and if I can file again since the Bankruptcy laws have changed.

Answer
He may surrender it if he chooses to, he can also just catch up on the terms.  It will still be his home, even after the bankruptcy, so he can refinance, catch up and reaffirm etc.  
Same deal with the car, however, the car loan company will be more likely to want to take the vehicle back unless he is current and/or he reaffirms the debt. If he is behind, it is at their discretion, so get caught up and all is well.  If you did chapter 7 in 2002, you would need to wait 8 years from the day you filed your case until you are eligible for Chapter 7 again.