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So I brought you down here on these status earrings for a particular reason one of them is so you would understand what's involved in getting your discharge, and you viewed that tape the other reason that you've all been brought down here is because you have completed a statement of intention which indicates that you have a car or some type of property which is subject to the claim of a bank or a car financing company, and you have to do certain things about that, and I want to make sure you understand what those things are and what your options are and once I'm done giving this little talk I'm going to call each one of you up here, and we're going to go over the individual subject of your case, but you need to understand what your options are with respect to this, and I'm going to assume that you all have cars which may or may not be the case, but I'm going to assume you all have cars you had to file a statement of intention which indicated what you intended to do with the car if you were going to surrender the car which just means give it back to the creditor you were going to redeem the car if you can redeem the car by making one lump sum payment to the creditor sometimes that's an option rarely though because usually it's more money than you're going to have, and you can't make a Redemption overtime you have to give them a lump sum payment and then third and more common thing that happens is you can reaffirm the debt if you reaffirm the debt it means that you will owe the entire amount of the reaffirmed debt to that creditor notwithstanding the fact that you went through bankruptcy, so the best example of this would be your making your car payments you reaffirm the debt and after the bankruptcy you fall behind on the car payments, and then you have to give the car back to the creditor not only gets to take the car but if the car isn't worthwhile you owe the creditor which is often the case the creditor can than garnish your wages get a judgment and get the entire amount of the debt, so it's very important that you understand what the consequences are for a reaffirmation most of you have sent your statement of intentions to the creditor some of you are going to come up here and tell me that you've heard from the creditor or that you haven't heard from the creditor, but generally you'll get the reaffirmation agreement from the creditor it's a big long document it's a complicated document you have to be careful and read it carefully, and you're going to have to fill out what's called Schedule D and Schedule D you're basically explaining to the court why it is you can afford to make the payments and why the court should approve the reaffirmation because one of the things that happens is because you are not represented by lawyers I have to approve the reaffirmation agreement the judge makes that decision in terms of whether it's in your best interest and if it's not just in your best interest but in the best interest of your of any dependents you...
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