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Just filed on 3/7 and I have several questions..

RollTide81
New Contributor

Just filed on 3/7 and I have several questions..

We filed Ch. 7 last Thursday. We have our 341 meeting on April 16th. Today we got credit alerts from Credit Karm and Credit Sesame that our scores dropped 44 on Transunion and 33 points on Equifax. Is this normal for it to happen so fast? WOW!!!

 

I also logged in to our Mortgage company online as well as Toyota and we can't log in online and there is a phone number to call. SO.....will they still let us pay them via check or through our banks bill pay online? I did email the attorney for these same questions but wanted to also post on here to see what others did. 

 

We are NOT behind on our mortgage payments or car note. Will they accept payment during this time we are waiting for our 341 and discharge?? 

 

Any advice you have for this time period of waiting for the 341 and through discharge please feel free to send it my way. THANKS SO VERY MUCH. 

Message 1 of 14
13 REPLIES 13
FireMedic1
Super Contributor

Re: Just filed on 3/7 and I have several questions..


@RollTide81 wrote:

We filed Ch. 7 last Thursday. We have our 341 meeting on April 16th. Today we got credit alerts from Credit Karm and Credit Sesame that our scores dropped 44 on Transunion and 33 points on Equifax. Is this normal for it to happen so fast? WOW!!! It reports fast. These FAKO sites are quicker than MyFICO at times.

 

I also logged in to our Mortgage company online as well as Toyota and we can't log in online and there is a phone number to call. Auto loans, in my case had to be made by phone. Online access was blocked until after DC. After DC online access opened back up again. I made my payments on time for 4 months. I reaffirmed too. Then online opened up again and back to the usual payment method. .SO.....will they still let us pay them via check or through our banks bill pay online? I did email the attorney for these same questions but wanted to also post on here to see what others did. 

 

We are NOT behind on our mortgage payments or car note. Will they accept payment during this time we are waiting for our 341 and discharge?? Dont know about mortgage payments. Sorry.

 

Any advice you have for this time period of waiting for the 341 and through discharge please feel free to send it my way. THANKS SO VERY MUCH. 


Good Luck on your upcoming DC. Just sit back and let it play out. Dont apply for anything until after DC for 30-60 or until everything has updated to IIB and 0 balance. Some not all get a score raise due to 0 debt. Dont rush it. It will all fall into place.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery @ 540's.
Message 2 of 14
RollTide81
New Contributor

Re: Just filed on 3/7 and I have several questions..

Thank you!!

Message 3 of 14
DaveInAZ
Senior Contributor

Re: Just filed on 3/7 and I have several questions..

"We are NOT behind on our mortgage payments or car note. Will they accept payment during this time we are waiting for our 341 and discharge?? "

 

- Yes, absolutely, and if you plan to keep the house & car it's important to make the payments and not be late. Mail them a check or call and ask if they will accept payment by phone. They close online access and any auto payments during BK because they are prohibited from any attempt to get you to pay, they can only accept voluntary payments you offer to them.

Message 4 of 14
FireMedic1
Super Contributor

Re: Just filed on 3/7 and I have several questions..

DaveinAZ is right. Also dont be surprised when you see blanks on your credit report from the month of filing to DC. They dont report most of the time until DC. Once online access opens again. Then they will report to the CRA's again too.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery @ 540's.
Message 5 of 14
DaveInAZ
Senior Contributor

Re: Just filed on 3/7 and I have several questions..


@FireMedic1 wrote:

DaveinAZ is right. Also dont be surprised when you see blanks on your credit report from the month of filing to DC. They dont report most of the time until DC. Once online access opens again. Then they will report to the CRA's again too.


Well, actually they will only report the the credit bureaus after discharge if you reaffirm the loans, and even then you should make sure they state they will report the payments in the reaffirmation agreement.

 

And @RollTide81 you need to talk to your attorney about reaffirming the mortgage and car loan. Must attorneys will advise you not to reaffirm. If you reaffirm you are responsible for the full amount of the loan. If you don't reaffirm the debt is discharged and as long as you continue to make payments on time they can't foreclose or repossess.

I didn't reaffirm my mortgage in my 2010 BK and I'm still paying it - the terms & rate were decent, and it's a rural property that can be difficult to refinance. But, since I didn't reaffirm no one knows I've never been a day late except me and the bank. But, not a problem, I've rebuilt my credit just fine without it.

Message 6 of 14
mnkys_on_tst
Member

Re: Just filed on 3/7 and I have several questions..

I just had my 341 meeting last Friday. I indicated on my petition that I was planning to re-affirm my auto lease, and because of that, it did continue to autopay. However, I was still able to access that account online, until AFTER my 341, then it was suddenly locked out and in "special status." I called them and they confirmed that my lease was re-affirmed and would continue to be auto-billed, but that my online access to the account wouldn't resume and it wouldn't report until after my discharge.

 

Re: credit score dropping...mine did drop right away, but it has gone back up something like 80 points as my accounts started closing and my credit to debt ratio shrunk. Now that all of my accounts are showing closed, it dropped back a little bit, since the age of credit is now non-existent. Less than a week out from my 341 meeting, and my scores have settled between 650-670.

Message 7 of 14
RollTide81
New Contributor

Re: Just filed on 3/7 and I have several questions..

Thanks 

Message 8 of 14
RollTide81
New Contributor

Re: Just filed on 3/7 and I have several questions..


@DaveInAZ wrote:

@FireMedic1 wrote:

DaveinAZ is right. Also dont be surprised when you see blanks on your credit report from the month of filing to DC. They dont report most of the time until DC. Once online access opens again. Then they will report to the CRA's again too.


Well, actually they will only report the the credit bureaus after discharge if you reaffirm the loans, and even then you should make sure they state they will report the payments in the reaffirmation agreement.

 

And @RollTide81 you need to talk to your attorney about reaffirming the mortgage and car loan. Must attorneys will advise you not to reaffirm. If you reaffirm you are responsible for the full amount of the loan. If you don't reaffirm the debt is discharged and as long as you continue to make payments on time they can't foreclose or repossess.

I didn't reaffirm my mortgage in my 2010 BK and I'm still paying it - the terms & rate were decent, and it's a rural property that can be difficult to refinance. But, since I didn't reaffirm no one knows I've never been a day late except me and the bank. But, not a problem, I've rebuilt my credit just fine without it.


Thanks. We are not reaffirming the car or the house. Our attorney said to not reaffirm and just to keep paying on time. 

Message 9 of 14
RollTide81
New Contributor

Re: Just filed on 3/7 and I have several questions..


@mnkys_on_tst wrote:

I just had my 341 meeting last Friday. I indicated on my petition that I was planning to re-affirm my auto lease, and because of that, it did continue to autopay. However, I was still able to access that account online, until AFTER my 341, then it was suddenly locked out and in "special status." I called them and they confirmed that my lease was re-affirmed and would continue to be auto-billed, but that my online access to the account wouldn't resume and it wouldn't report until after my discharge.

 

Re: credit score dropping...mine did drop right away, but it has gone back up something like 80 points as my accounts started closing and my credit to debt ratio shrunk. Now that all of my accounts are showing closed, it dropped back a little bit, since the age of credit is now non-existent. Less than a week out from my 341 meeting, and my scores have settled between 650-670.


Thanks so much.

Message 10 of 14
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