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  1. #1

    Default Bankruptcy and homeownership

    I filed for a bankruptcy in January of 2010 and was allowed to keep my house and car. Unfortunately they have both been taken off of my credit report which doesn't seem to help my credit very much.

    Is there a way that I can get them put back on? My house note has never been late in five years and The car was paid off two months after the bankruptcy. I just got overwhelmed with the other bills.

    Thanx in advance

  2. #2

    Default Re: Bankruptcy and homeownership

    If a reaffirmation agreement is NOT signed and you are keeping a home or vehicle, the loan company will cease to send monthly billing statements. So if you are late on a payment then the loan company may proceed under state law to either reposes the vehicle or foreclose on the home. Further, the loan company will not update the credit bureau to give you credit for the monthly payments you are making. http://www.bankruptcylawnetwork.com/...-the-question/

    The above information was taken from bankruptcylawnetwork.com; I am also a paralegal and am very knowledgeable in this area of law, through work experience and my personal experiences.

    When you decided to keep your car and house you should have signed a reaffirmation agreement with both companies, if your car loan is through the same bank as your mortgage there would still be two separate agreements for each. If you have signed this agreement with the company(ies), contact them and ask why they haven’t started to pick back up on reporting your timely payments. Once you filed the BK, you had what is called in automatic stay, an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code, 11 U.S.C.§ 362. Once the stay is in place they can no longer follow normal collection procedures and make any updates to your credit report unless a reaffirmation agreement is signed. This should have been explained by your lawyer that assisted you in filing your bankruptcy.

    Hope this helps, best of luck to you.

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