DVC and Bankruptcy

[Saratoga]

Hello. Due to many factors, my wife and I must file for Chapter 7 bankruptcy. We would like to reaffirm the loan we have with DVC (like we would with our mortgage). Has anyone done this in the past? Is DVC willing to cooperate?

Thanks!

 

[disneynutz]

I suggest that you call Member Accounting and find out for sure.

Bill

 

[SSR]

I'd recommend that before you make any phone calls, you discuss the issue with your lawyer and see what he/she says. Chances are, they will take care of the necessary communication with DVC.

 

[Coach81]

So sorry to hear it!!!

 

[DisneyFreaks]

Friends of ours are considering this also. I'd be interested to know what you may find out about reaffirming. They aren't members of the dis boards but I'm sure it would help them as well. Good luck to you.

 

[FindTheMickeys]

So sorry to hear this This economy is a real downer right now. Hang in there and I hope it all turns out okay for you and your family

 

[arthur06]

Sorry to hear that! Hope it all works out for you...

I never filed bankrupcy, but had alot of issues a while back... stay strong, eliminate any extras if you can...

things get better, but you have to stay positive and work hard...

 

[Saratoga]

Thanks for the well wishes thus far. A note to all of this is that I do not have much equity so I'm hoping it can be reaffirmed.

Has anyone actually gone through this with DVC? How were they?

Thanks.

 

[minnieandmickey]

We have our Ch 7 hearing next week. We have been told that it is basically up to the job on whether or not we will be able to reaffirm it. But with the circumstances we will understand if we cannot.
Good luck.

 

[SalandJeff]

OP - so sorry you are going through this. Hope things get better for you soon.

If I might ask, what is reaffirming your mortgage or DVC loan?

 

[BoilerMouse]

You need to ask your lawyer, DVC will tell you they will follow the court fillings. If your lawyer puts in the filling you can keep, you are good.

 

[BoilerMouse]

Usually in a Chapter 7 you dump all your debts (other than past due tax and student loans) and walk away at zero. You can only go Chapter 7 if you do not make enough income for debt repayment. If you make enough you have to go Chapter 13, which is a five year debt repayment plan. Reaffirmation of debt means you are keeping an asset that you own and are going to continue making payments on, usually a house or car. (rules apply to what can be kept, car payments have to be reasonable and you cannot have loads of equity in a home that could be used to pay off debt, things like that)