Internet's first get-out-of-debt community - 134,000 members

Hi folks, just joined the site tonight, lots of great helpful info here.

I was wondering if, assuming I am eligible for chapter 7, would I have to give up everything I own? Actually, I do not own much, I rent, and I am paying the last 16 months or so on a used car that is currently worth about 5k, and I have another vehicle that has a book value of $750 and an old truck with 200,000 miles that books at 2k. Sounds like a lot, but really it isn't. In fact the truck doesn't even run.

I know this question may seem silly, but do creditors go after things like $750, 20 year old cars? I have over 30k in debt that I am struggling with right now, and living paycheck to paycheck, in fact I am having to take out student loans to pay my monthly bills/expenses. I have an appointment next Monday with a bankruptcy lawyer as well.

In two years or so, my student loans will kick in (repayment that is) so any settlement plan or consolidation would be tough. And I am aware student loans are untouchable, I will be repaying those in full. Otherwise, my monthly debt right now is roughly $1200.

Whew, that's a lot for my first post, sorry for all the questions, but there seem to be some very helpful folks on here. Thanks for any info you can share.

Scott

Posted: Wed Jan 16, 2008 11:16 pm Subject:

You have come to the right place. Someone will be along shortly to assist you. With the new bk laws I am not sure what any of it means to tell you the truth there are people on here that have done both a chapter 7 and chapter 13 just hang on and they will be along to advise you.

ladybug

Posted: Mon Jan 21, 2008 12:52 am Subject:

hi!! i dont think you will loose everything if you file for bankruptcy. yes, it will be there in your credit report for the next 10 years, but at least you will have a chance to start afresh. you can look at the link below and i am sure you will get many answers to your queries on bankruptcy. good luck!

http://www.debtconsolidationcare.com/bankruptcy/index.html Smile

Posted: Tue Jan 22, 2008 2:02 pm Subject:

It all depends on what your state exemptions are.

Usually only 1 car is exempt . . . . But that does vary, as does the value of the car that can be exempt.

Check your state BK exemptions . . . . That will give you an idea of what you would keep and what you would have to turn over to the trustee.

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Will I lose everything if filing chapter 7?

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