auto

[dmharris26]

What is the name of your state? indiana

i received a loan on my car for $5500. i still owe $3990. the market value is $3500.

can someone please help me figure out what figures go where. such as the schedules and if i put any amount as exempt in schedule c.

if i am current on bank payments, is it absolutely necessary for me to sign a reaffirmation agreement?

 

[Ladynred]

First, get a trade-in value for the vehicle and subtract from that number any major repairs if needed.

The difference between what you owe and its value is the equity. If you have NEGATIVE equity - owe more than its worth - then there is nothing to exempt.

If its worth LESS than what you owe, you have equity that would need to be included in your exemptions up to the full amount of your equity.

You put the bank down as a secured creditor and the amount you owe.

You put the amount you owe down as a secured debt.

Reaffirmations, are VOLUNTARY, though under the new law they really won't be very 'voluntary' at all. You always have the choice between reaffirming, redeeming, or surrendering. In Indiana, if you want to keep secured property, you have to reaffirm or redeem, walk-throughs (keep paying and keep the car) are not allowed.

 

[dmharris26]

First, get a trade-in value for the vehicle and subtract from that number any major repairs if needed.

The difference between what you owe and its value is the equity. If you have NEGATIVE equity - owe more than its worth - then there is nothing to exempt.

If its worth LESS than what you owe, you have equity that would need to be included in your exemptions up to the full amount of your equity.

You put the bank down as a secured creditor and the amount you owe.

You put the amount you owe down as a secured debt.

Reaffirmations, are VOLUNTARY, though under the new law they really won't be very 'voluntary' at all. You always have the choice between reaffirming, redeeming, or surrendering. In Indiana, if you want to keep secured property, you have to reaffirm or redeem, walk-throughs (keep paying and keep the car) are not allowed.

so my question is, do i put $790 in schedule c or $1,510? $790 is the unsecured portion ($3,990(what i still owe) minus the market value of $3,200) $1,510 would come from the original amount of loan $5,500 minus what i still owe $3,990.

thanks for your help.