Expert: Terry Leeders - 10/30/2009

Question
I'm currently thinking about filing ch 7, I'm currently two months late on my mortgage and about 2 months late on my car note, my question is if i file ch 7 will i lose my home and car or will i be able to re-affirm that debt, i want to keep my house and car. another question is my mother has added my to her bank account but i do not have access to her account, just in case something happens to her, do i have to disclose that?

Answer
You have to disclose all assets in the case, even if just added on.
Normally creditors want you to be current on the debt, before they will enter into a reaffirmation agreement.  If you sign a reaffirmation on a delinquent account, they can then move to foreclose/reposess right after the case.  Therefore I always recommend my clients get/stay current before entering into a reaffirmation.