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a few bankruptcy ?s

Date: Sat, 10/21/2006 - 07:50
Submitted by on Sat, 10/21/2006 - 07:50
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i have gone over and over my financial situation numerous times and have come to teh conclusion that filing ch7 is my best option due to my current income and debt situation..ihave appr.22,000 in debt and at thsi tiem could only afford to pay about 100 -120 a month on anyt ype of program..i know i need to list my assests when filing i just am wondering what all u need to list.. i already know the house and truck are both exempt due to not enough equity.. im talking household items .. likef ro instance do u list every pot and pan u own or what? may sound like a funny ? but im not sure


Guest=I see you have not registered yet.Why don't you do so,it's free.And there also are benefits such as free credit counseling offered too. Have a look at this thread at http://www.debtconsolidationcare.com/forums/comparison.html it shows the differernce between consolidation,settlement etc. Bankruptcy should be a last ditch effort if there are other options. Please register,talk with a credit counselor and consider your options.Good Luck-keep us posted...Karen


Submitted by Bossy4455 on Sat, 10/21/2006 - 09:00

Bossy4455

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A bankruptcy trustee is appointed who collects all your non-exempt property. The assets are sold and the money is distributed to appropriate creditors. Chapter 7 bankruptcy is different from other types of bankruptcy because no repayment plans are fixed in this plan.

Some people have this feeling that everything is lost in bankruptcy filing. It may not be always the case. I will recommend that if you are apprehensive and have a hard feeling, please discuss the matter with a bankruptcy attorney.

The added advantage of filing chapter 7 bankruptcies is that you will sign a reaffirmation agreement by which you can continue to pay a car loan or a mortgage loan. The US Bankruptcy Code allows a person to retain some of his property and not lose everything in the bankruptcy.


Submitted by Flying Cats on Sat, 10/21/2006 - 11:14

Flying Cats

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I would register here for more information and to be able to talk to a live person but for now here is some information I found about Chpt 7 bankruptcy

Qualifying for Chapter 7 Bankruptcy Relief
Under amendments to bankruptcy law, effective October, 2005, a two-part test is applied to determine if a debtor qualifies for Chapter 7 bankruptcy:

1. Determination of Ability to Repay - The debtor's income is examined under a formula which exempts certain necessary expenses, such as food and rent, to determine if the debtor will be able to repay 25% of his or her "nonpriority unsecured debt".

2. Comparison to State Median Income - The debtor's income is compared to the median state income.

If the debtor earns in excess of the state median income, and is able to repay 25% of his or her "nonpriority unsecured debt", the debtor will be ineligible for Chapter 7 protection and must proceed under Chapter 13.

Debtors must also meet with a credit counselor at some point during the six months prior to applying for bankruptcy, and must attend money management classes at their own expense before a discharge will be issued.


Submitted by PDLFREE on Sun, 10/22/2006 - 19:03

PDLFREE

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You have come to the right spot. There are a few of us that have filed and it was a tough decision, especially for me. Really, I want you truly think about your decision before you can actually make it. You know that the bankruptcy laws have changed in the past year which makes it harder for you to file unless you have worked out arrangements with your creditors. Know your rights and the new laws before you decide that that is the path you want to take.

Good luck to you and let us know what you have decided.


Submitted by Alexandra on Sat, 11/18/2006 - 15:46

Alexandra

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