Filing Chapter 7 bankruptcy to avoid being sued by credit card company
GUESS what? They said that they can't lower my payment to accomodate the 200.00 monthly payment that I need to come up with the difference. I told them that I had no choice but to pay them 200.00 or I would have to drop out of the program.
Well, guess what again? My admin fees end JULY...so they have all THEIR money and they were not as understanding today with me and could not advice me on anything other than I would have to continue to make payments to them on time. I told her that I wanted to drop out of the program and she said she would see what she could do for me and that she would call me back.
GUESS WHAT? She has not called me back. I don't think she will either. In the mean time, I contacted a lawyer and I am filing Chapter 7 bankruptcy.
I go Thursday with my papers and my information. He is working with me on my payments to them. He told me not to tell the settlement company yet. See, I am not paying them next month, I am paying our lawyer.
My question is: DO I just call the settlement company and tell them I am dropping them and stop sending them money and close my acct at my bank.
I have this acct open that is ONLY used for me to deposit their monthly payment in and they debit it out. Their name is not on my acct, so I can close it and not get a hot check if they try to debit from it right? What if they try to tell me I owe them July Payment? Because I am paying out lawyer with it.
I was told that with Chapter 7 we can keep our house, two vehicles and all of our furniture/household items. So, this makes me happy. Previously I assumed I would have to give up our personal belongings in our home and etc.
I feel a ton of pressure already taken from me already. Oh, and he thinks he can slow down the card that is suing us from going on to court for a hearing...I am Thankful for that....
I should have done this in 2005.
Now, has anyone here survived bankruptcy and are you able to get another vehicle after bankruptcy for decent payments, like a year later or so? We have a 1989 that is on its last leg. I have been told that with our good house payment and truck payment never being late, and with paying on them for another two years would rebuild most of our credit, plus I have one credit card acct still open that I pay on monthly on time.
I am just still kind of nervous.
I also told him that my husband and I have seperated and got back together and have filed seperatly for years now and he said that was fine!!!! Many couples split up while under a financial situation like this.
I find it hard to believe that I am ready to file bankruptcy and ready to be able to breath without worry any more.
Any suggestions for me?
You will be able to buy the vehicle using the same lender that f
You will be able to buy the vehicle using the same lender that financed your last one because of your payment history. I filed chapter 7 ten years ago and was able to finally "breath". I have no regets. Keep paying what you have open on time. You do not have to file against all your creditors. Bankruptcy is not the end of the world. It is more important how you pay afterwards. Get a secured credit card if you need additional payment history.
With the new laws you do have to include all creditors in a chap
With the new laws you do have to include all creditors in a chapter 7. If you leave someone out and the trustee finds out you will have your case thrown out. You can reaffirm the debts you want to keep, but you can't pick and choose what to file on anymore.
Also, I'm trying to figure out why your lawyer told you that you can keep your house in a chapter 7. Since your car is old as you said then you probably will get to keep it. But the house? A portion of the equity in your house is exempt, but if you don't have any equity in it, then you don't own any of it. Plus, if you still owe payments you'd be doing a chapter 13, not a 7 to save the house, right?
Also, to file a chapter 7 you have to pass a means test. They make it sound really hard and tough, but as long as you make under the median income for your state, it's really easy. If you make over, then you have to answer a bunch of questions, and they don't use your actual expenses, but the average expenses for your area.
Here are the state exemptions for Oklahoma:
Quote:
Oklahoma Bankruptcy Exemptions Real property or manufactured home to unlimited value; property cannot exceed 1/4 acre. If property exceeds 1/4 acre, may claim $10,000 on 1 acre in city, town or village, or 160 acres elsewhere (need not occupy homestead to claim it exempt as long as you don't acquire another) $10,000 Household and kitchen furniture held primarily for the personal, family or household use Wedding and anniversary rings $3,000 Implements of husbandry necessary to farm the homestead $10,000 Books, portraits and pictures that are held primarily for the personal, family or household use Wearing apparel $4,000 Motor vehicle $7,500 Professionally prescribed health aids 5 milk cows and their calves under 6 months old; 100 chickens; 2 horses and 2 bridles and 2 saddles 10 hogs, 20 head of sheep; all provisions and forage on hand, or growing for home consumption, and for the use of exempt stock for one (1) year Tools of trade $5,000 |
oklahomabankruptcyattorney.net/gpage.html
If you have no equity in your house, and are still making payments on it, it seems like it would make more sense to file a chapter 13 . . . . . Since you'd be able to keep the house then. Or can you just reaffirm your house payments?
You will be able to buy a new car after you file . . . . Within literally days of your filing you will start receiving tons of crappy offers for financing. It's probably best to wait at least a year or so before you buy a car, because the interest rate will be a bit better.
If your two vehicles add up to more then $7500, you will be required to give up one of them.
I'd be sure to question about keeping the house, maybe it's because you don't have a lot of equity in it that you are able to do a 7 and still keep it by reaffirming the payments. I was always under the impression that if you owned a house you had to do a 13, but I could be wrong on that.
Goudah, you are right, it is a Chapter 13 in which you keep the
Goudah, you are right, it is a Chapter 13 in which you keep the house and car, as well as the other property, not a Chapter 7, unless the financing company allows you to reaffirm the debt, alot of times they don't reaffirm. And with the new law, the debtor can't pick or choose from a 7 or 13, it is based on the means test, and most people are forced into a 13 not a 7 by the trustee.
I will yield to you guys. I filed ten years ago and kept my hous
I will yield to you guys. I filed ten years ago and kept my house and did not have to file against Amex or Sears. Because I was in good standing with them. But that was ten years ago in NJ
These new bankruptcy laws are not set up to help the debtor only
These new bankruptcy laws are not set up to help the debtor only to screw them over in their time of need. I've seen a number of my neighbors fall on hard times, when I filed bankruptcy almost 5 years ago, it did give me some relief, but it is also very very difficult. I don't know how people are doing it under these new laws, my neighbors are worse off now than before they filed bankruptcy. Also being told they can not file a chapter 7 and forced into a chapter 13. Chapter 13 has been difficult surviving but I really don't know how people are doing it now with the new laws.
I go to court for my chapter 13 on July 10th. I just made my fir
I go to court for my chapter 13 on July 10th. I just made my first payment towards the plan last week. It is making things awful tight since we couldn't pay our bills in the first place and now we have this plan payment to make.....but we will survive somehow. I am just thankful it was even an option because if not I don't know what we would have done.
chapter 7
Well, our total morgage payment on home that sits on 1 acre and total amount was 62,000. and we have paid on it 5 years and our pay off is 59,000. We have no equity in it, and our payments are current. The lawyer said we can keep our truck and house with the chapter 7.
we are paying on a 2002 truck, two more years actually.
we have a 89 bronco- paid 1500.00 for it.
a 96 blazer that I can't sell to the salvage for 25.00. We have it packed full of storage.
I don't think we will have to worry about the means test. We are struggling hard and living pay check to pay check. My husband may have a spare 50-60 buck per month for emergency or etc. And I may have about 80.00 spare a month for emergencys. If I get sick and go to Dr. my co pay is 50.00 for Dr and Medications...there goes that.
We have a riding lawn mower
a push mower
two shed buildings...small. We paid 80.00 for the both of them.
Home items are nothing spectacular...
couch, recliner
tv and two kid tv's.
bedding, kitchen ware, clothing.
my rings that don't total 500.00 for all 6 of them.
My husband has hunting guns and a bow
We have a drum set we bought at pawn shop for 100.00
(2) guitars and a bass with amps. Value 500.00 if that.
Now, I am scared. But looking at my credit report last night, we have one other card that is up in 7500.00 with rising interest that can do the same as the BOA that pressed lawsuit. I think our best bet is to do the bankruptcy now.
The problem is with the new BK laws they don't go by your actual
The problem is with the new BK laws they don't go by your actual expenses . . . . They could care less. They go by the census bureaus numbers on average expenses for your area. They don't care if you are stuggling paycheck to paycheck, it all doesn't matter. If you make more then the median income, you are pretty much screwed for filing a chapter 7.
In Oklahoma, if you and your husbands combined income before taxes is less then $43,327, then you will qualify for a chapter 7. If you make more then that you will have to file a 13. I know there are some exceptions, but very few and very difficult to qualify for.
Goudah is right. Your attorney can tell you that you can file a
Goudah is right. Your attorney can tell you that you can file a chapter 7 but in the end it is up to the trustee and he can force you into a chapter 13 plan. Just the new bankruptcy law at work, and alot of attorneys still have difficulty understanding the new laws. The trustee, it seems, has more power these days, and you can bet they are not looking out for the debtor. They get a percentage payment monthly if you are in a chapter 13 as oposed to a chapter 7. These new laws were designed to protect the creditors not the debtors.
It's pretty much all a numbers game now . . . I found this info
It's pretty much all a numbers game now . . . I found this info about the means test, it explains it well.
Quote:
To apply the means test, courts look at the debtor's average income for the 6 months prior to filing and compare it to the median income for that state. For example, the median annual income for a single wage-earner in California is $42,012. If the income is below the median, then Chapter 7 remains open as an option. If the income exceeds the median, the remaining parts of the means test comes into play. This is where it gets a little bit trickier. The next step in the calculation takes income, less living expenses (excluding payments on the debts included in the bankruptcy), and multiplies that figure times 60. This represents the amount of income available over a 5-year period for repayment of the debt obligations. If the income available for debt repayment over that 5-year period is $10,000 or more, then Chapter 13 will be required. In other words, anyone earning above the state median, and with at least $166.67 per month of available income, will automatically be denied Chapter 7. So for example, if the court determines that you have $200 per month income above living expenses, $200 times 60 is $12,000. Since $12,000 is above $10,000, you're stuck with Chapter 13. What happens if you are above the median income but do NOT have at least $166.67 per month to pay toward your debts? Then the final part of the means test is applied. If the available income is less than $100 per month, then Chapter 7 again becomes an option. If the available income is between $100 and $166.66, then it is measured against the debt as a percentage, with 25% being the benchmark. In other words, let's say your income is above the median, your debt is $50,000, and you only have $125 of available monthly income. We take $125 times 60 months (5 years), which equals $7,500 total. Since $7,500 is less than 25% of your $50,000 debt, Chapter 7 is still a possible option for you. If your debt was only $25,000, then your $7,500 of available income would exceed 25% of your debt and you would be required to file under Chapter 13. Be sure to account for your spouse's income if you are a two-income family. Next, deduct your average monthly living expenses from your monthly income and multiply by 60. If the result is above $10,000, you're stuck with Chapter 13. If the result is below $6,000, you may still be able to file Chapter 7. If the result is between $6,000 and $10,000, compare it to 25% of your debt. Above 25%, you're looking at Chapter 13 for sure. As stated above, the amount of monthly income available toward debt repayment is determined by subtracting living expenses from income. However, the figures used by the court for living expenses are NOT your actual documented living expenses, but rather the schedules used by the IRS in the collection of taxes. A big problem here for most consumers is that their household budgets will not reflect the harsh reality of the IRS approved numbers. So even if you think you are "safe," and are able to file Chapter 7 because you don't have $100 per month to spare, the court may rule otherwise and still force you into Chapter 13. Some of your actual expenses may be disallowed. |
So if you and your husband make more then the median income, it's a complicated process that has to be done before your lawyer can say for sure wether or not you can file a 7. But since you do have a house involved, I would bet you will be forced into a 13.
I heard something on the radio the other day that with the new bk laws, something like 75% of all chapter 13's have failed . . . . . That's a scary percentage!
That is right, I have become a member of a bk forum, it is full
That is right, I have become a member of a bk forum, it is full of valuable information, and attorneys as well as debtors are on there giving out accurate and helpful information about bk and life after bk, rebuilding credit, etc.......I have learned alot about bk and the new laws. And that number is right, very few are able to complete a chapter 13. I know a few people who were told by their attorney they qualified for a chapter 7 only to be forced into a chapter 13 at meeting of creditors with the trustee.
Steelers - Do you know if the people that were forced into a 13
Steelers - Do you know if the people that were forced into a 13 had a house and that was the reason? Or was the income above the median?
I'm curious to know if you don't own a house or car, and your income is well below the median, but you do have a job if you could still be forced into a 13 . . . . .
chapter 7
For a household of 4 in Oklahoma, the median is 54,854.00 and we are BELOW that, so I plan on filing chapter 7.
I also found information where student loans could be included. In a year, I will be in the same position I am now when my deferment period ends. I found information where the lawyer can take my student loan amount and ask them to take 10 cents on a dollar, making my 49,000 loan into 5,000.00 and pay them 50.00 over the next 5 years and settle that seperate and out of court and discharge the rest in our chapter 7 bankruptcy.
I talked to my debt settlement company, got upset again. I told them if I decided to file bankruptcy, do I get my reserves back and they said YES within 6 days. I have 600.00 in reserves and that can pay my lawyer and help us out alot... I don't know if I should be this excited about filing bankruptcy. My debt settlement company told me it would be a very, very bad thing if I bankrupted, it would be on my credit for 10 years. I told her that I had bad credit now for 2 already and another Year and half in their program of bad credit already!! She then tried to tell me that my credit repaired its self more quickly in a program such as theirs. I told her, ok, what do I do when another card does the same as BOA? She told me, she could not answer that, I was playing russian rulliet.... (Does she really think!!!!!) I was took by them, I really believed they were the best way to go until this happened. She then told me, "are you receiving any other letters from attorneys?" I told her the last letter I received from BOA was last May, BAM, I was in paper last month and sued/served summons this month!!!! That fast, it can happen with our other remaining 4 high card balances.
She wished me luck....go figure.
But because of your house you probably won't be able to file a 7
But because of your house you probably won't be able to file a 7. There is no guarantee when you have a house involved. To save the house you would have to file 13.
I could be totally wrong, but I've never heard of anyone filing a chapter 7 and keeping their house.
To save the house in a chapter 7 you HAVE to have the loan reaff
To save the house in a chapter 7 you HAVE to have the loan reaffirmed, and there is no guarantee that the banks will do that, they may say no, they are not required to reaffirm the debt. And you can not abolish student loan debt through any bk, 7 or a 13. The new law even goes so far as to state that if you consolidated your student loans privately through a bank, you are still going to have to pay off those student loans. And after a 13, whatever balance is left owed on the student loans, you will carry with you after the chapter 13. Chapter 7 effects your credit for 10 years, a chapter 13 effects your credit for 7 years. I am telling you this, there is no way that your student loan balance of $49,000 is going to be reduced to $5,000. It just isn't going to happen, it may be that you will payoff 10% of the loans through a chapter 13 plan, but you would still be responsible for the balance. Getting those student loans knocked down, just isn't going to happen. I am telling you that right now, and I know that isn't something you probably want to hear. I have been there.
I agree . . . . Student loans are not going to be discharged in
I agree . . . . Student loans are not going to be discharged in any kind of bk. I don't know where they got $.10 on the dollar, but that is something I've never heard of happening. That is an incredibly low settlement.
I'm starting to think maybe they are telling you want you want to hear so that you will hire them and they get their fee . . . . . Then just like with this settlement company you signed up with, in a few months you will realize that they are not doing what they originally promised.
That $49,000 student loan debt isn't going anywhere until it is
That $49,000 student loan debt isn't going anywhere until it is paid in full. Sorry to say that. I am about to finish my bk and I have student loans, and I am telling you that is federal debt which is protected from bk, you can pay a percentage of that through a bk plan but the principal balance after the bk will follow you. You should consult more than one bk attorney.
Yeah, this attorney is telling some really odd things that don't
Yeah, this attorney is telling some really odd things that don't mesh with the laws . . . . .
House
If I was delinquent in my house payment I could lose it, unless if file chapter 13, which allows you to catch up and keep your house.. However I am current on my house payment and I can reaffirm my current bills (house, truck and card) and keep them in my chapter 7 bankruptcy, because they are secured loan debts and current.
They would take them if I were delinquent, but I'm not. I have learned so much today.
We are below the median by approx. 3000.00.
SO, if we're below the median, does the complex part of the means take place? or do we get to file chapter 7?
In the end it is ultimately up to the trustee to decide which he
In the end it is ultimately up to the trustee to decide which he will allow you to file for. You can petition for a seven but be prepared, he may force you into a chapter 13 plan. And when I filed my chapter 13 plan, my house payment was current (never paid a day late, and that went for my car payment as well). Like I said, it is all up to the trustee, and it depends on what type of trustee you have, you could get a really good one, or a really nasty one.
What debt are you trying to get rid of through a chapter 7 bankr
What debt are you trying to get rid of through a chapter 7 bankruptcy?
Student loans
No, this is oklahoma law I found online
about the student loans. I am going to ask
my attorney about it when I talk to him.
He does bankruptcy's everyday, so I think
he can answer my questions correctly when
I turn in my paperwork to him.
At this point I really don't care if they
can do my student loans or not. The minimum
they want is 430.00, I can't do it, so I
will send them 200.00 a month and I have
been told that they will not be able to sue
me if I am paying something on them.
However, Oklahoma just passed law to help
people in my field with 15,000.00 of their
student loans, so that will help me out.
But, I found that they can be discharged,
very hard, but they can be discharged.
I will let you know tomorrow...
Since you are only $3000 below the median income, and do own ass
Since you are only $3000 below the median income, and do own assets, there is a chance you will br forced into a 13 . . . . It's become very hard to qualify for a 7 nowdays . . .
I also think that it may look a bit off to the trustee that you would be wanting to reaffirm so many of your debts . . . It makes it look like you just want to get rid of the bills you can't afford, and keep the ones you can.
So your total income for the last 6 months, divided by 6, is $3000 less then the median? That is kinda close . . . .
Also, one thing you have to keep in mind, the bank that has your mortgage has to agree to this. They don't agree, the chapter 7 is out the door.
The law about student loans not being dischargable is federal .
The law about student loans not being dischargable is federal . . . Not state level.
There are programs where you can get your loan forgiven, but it doesn't have anything to do with bankruptcy.
Debt
25K in credit cards,
I was in debt settlement since 2005 and I got sued on a card and served summons. My admin fees have been paid up this month and now they are not to supportive or informative!!!!
I'm sorry, your student loans are not going anywhere, period, th
I'm sorry, your student loans are not going anywhere, period, they can still come back and garnish your check if you do not send what they are demanding for payment each month. Here are the ONLY cases that student loans can be discharged: DEATH, a life catastrophe such as severe disabling condition. You are still working and able to work, you are not going to get rid of your student loans, it doesn't matter what state you live in, there is only one federal law which covers federal student loans and each state much follow that law. Your student loans are going nowhere.
Debt
What assets do we own?
None.
We own a vehicle worth 1000.00 and another worth 25.00 that is wrecked. WOW...We have major assets!!!
Nothing is going to look odd about me wanting to keep our house and truck. We have to have a dependable vehicle and we owe the rest of our lives on our house and 2 more years on our truck. I have one credit card for clothing, I am a BIG girl and I get my clothes from Lane Bryant. All three are current and never been late before, I was allowed to keep one card open during the settlement program and I chose the Lane bryant.
The information I found on the student loans was on the federal education site! They can be discharged through bankruptcy if it will place family in hardship, which is hard to prove, but since we will be in hardship.... I think we qualify. It don't hurt to ask him.
We live in a piss pot doublewide on an acer of land and have two dogs, a riding lawn mower and two small fixer upper sheds. A trampoline and household items that we bought throughtout the years at pawn shops!!!!
I don't been to sound sarcastic, but it is all frustrating...
I will tell you this, if I have ever met a person in financial h
I will tell you this, if I have ever met a person in financial hardship and should qualify for discharge from student loans that would be me. Two severely/significantly disabled children with constant medical needs and treatment, surgeries, etc...medications out the ying yang, outrageious, medical bills at unbelievable amounts, and I did not qualify. My oldest son has already maxed out 2 medical plans if that gives you any indication of the significant cost to care for my children and the hardship it causes financially, as I am the only parent caring for them. And I still did not qualify. I am just trying to be realistic in the difficulty in getting rid of student loans, and please do not get your hopes up and then be devasted. :cry:
Student loans
I was told by another person in this forum that as long as I am paying something on my student loans, that they won't sue me or try to garnish my check, so I won't worry about that now.
My cousin has not paid her minimum in over 15 years and she was told that after she pays on it 25 years the rest is discharged. I don't know about that either. We will see.
And they still garnished my paycheck. And I sent them only what
And they still garnished my paycheck. And I sent them only what I could. But they are being paid through chpt. 13 plan and balance will still follow me upon discharge.
I am sorry
I don't mean to be argumentive, but I have been told so much in the last 24 hours that I don't know what to believe. Right now I am believing the attorney on the house. I asked him if I could keep the house and vehicle in chapter 7 and he told me YES, if current.
I called someone that just filed and discharged and they confirmed they got to keep the house and their vehicle, plus they got to keep another vehicle and 2 horses, their riding lawn mower and all their household items.
Are you sure you aren't confusing chapter 13 and 7? It woul
Are you sure you aren't confusing chapter 13 and 7?
It wouldn't matter if you are current or not on your payments on your mortgage in determining whether or not you would keep it.
I wouldn't count on your student loans being discharged for a hardship, as steelers said it is extremely difficult to qualify for that.
It really seems to me like you are filing for bk just because of the one lawsuit. That is not the best idea. If you are planning on keeping most of your debts, bk is not the right option.
Debt
Well, I have one lawsuit now going on.
I have 4 other cards that can do the same
thing to me at any time. Not to mention 3
other cards that could to.
We are in over our heads and need to file
bankruptcy.
Our attorney told us we can keep our home
and vehicle, as they are current and I can
reaffirm them. I have not asked about my
card.
Debts
Keeping most of our debts? How is that?
25K in 7 credit cards is going in bankruptcy
and probably the other one making 8.
I am wanting to keep our home and our vehicle.
that is not most of our debt.
Bankruptcy is debt relief, from under 25k
of credit cards. I don't think I should
be judge for wanting to file.
I tried to do the right thing by going thru
debt settlement and was judged and told to
file BK. It is not working out for me!!!
They don't want to cooperate with me now.
I have no choice now.
We are not telling you not to file, only that you probably won't
We are not telling you not to file, only that you probably won't get what you want under a chapter 7. You won't get your student loans discharged because paying them would cause a hardship. They mean like serious hardship. Like you personally are dying in 2 months of cancer AND you are the sole provider for your family. MAYBE then that would qualify for a hardship discharge.
Sorry, but it seems like when you don't hear what you want, you get bothered. Sorry, we are just telling you the truth. I have very recent (like in the last 2 weeks) experience filing a chapter 7, doing all the paperwork for a friend, so I know exactly what goes into it, exactly what you can and can't keep.
My friend also went to see a lawyer. He promised her the world. They are wanting your money. We are free advice. Unbiased. I personally don't care what you do, but I will tell you what can and can't happen.
I appreciate the help
The attorney can not tell you that you WILL be able to keep your home and vehicle if you CAN'T. He won't wait until our court date and say, "Oh, hey...you are losing your truck and house!"
He said we can keep our house and car.
We have no equity in our house, maybe 1500.00 at the very most.
Our truck, we owe 9,000+ it is worth 10,000.00.
I have no reason not to believe him. I searched online and it says I can keep our home and vehicle.
Sure they want your buisness, but they are lawyers that will tell you upfront if your in risk of losing your home and vehicle over this. They don't want to put people out in the streets over bankruptcy.
My cousin that just filed with same attorney did her means test the other day. She said they go by debt ratio and income, they told her that she had to do a 13, because they make 80,000.00 a year. They waited to long though and are in foreclosure already...they moved out of their home.
OK. You will see, an attorney's word licensed or whatever, is no
OK. You will see, an attorney's word licensed or whatever, is not gold. It is up to the trustee, and the attorney has no clue the day you go to your hearing what the trustee is going to do. But I don't know much about the bankruptcy, just been through it and about to be discharged. I won't provide any more advice or information on the topic. Like I said, what do I know.
And in all honestly, they do not care if people are put out in t
And in all honestly, they do not care if people are put out in the street for filing bankruptcy. The new laws are set up to protect the creditors not the debtors. And the trustee is making money. Don't be fooled into thinking otherwise. And I do wish you luck in trying to get your student loans dishcarged in bankruptcy, that really isn't going to happen. Your financial hardship seems to have been caused by credit card debt, and that is not grounds to have student loans discharged based on causing family hardship.
chapter 7
I have not seen anyone lose their home yet through bankruptcy. It is a secured loan that we have.
It is worth 62,000.00, and we owe 60,000.00 on it.
Now tell me, how could they take something away from us when we owe so much on it?
I just got a call from another person that did bankruptcy and noone came into her house, she got to keep her car and house....through chapter 7. I looked at the laws online and it clearly talks about the trustee and all the goods and clearly states I can keep our home and vehicle. Someone can be sued for wrongful and intentional and misleading information. I could have a case against my lawyer for lying to me and pulling a big surprise on us. He does bankruptcy's everyday and knows what you get to keep and don't.
I was referred to him by others that have used him this year (and they were referred to him by others that filed and discharged)..
I pretty much am not concerned about my student loans and could care less if they are included or not at this point. I just want to know what my option with those are.
Debt
I don't want to file bankruptcy, I would rather stay in my program. But, I can't. Out of my 400.00 payment to them, they want me to pay 200.00 to the card, 200.00+ to them.
Ok, say I do that....then another card sues us. They want 200.00 as well. Well, what would I do? then the other remaining cards sue us.
I can't take that chance.
You would benefit from visiting this site. (http://bkforum.co
I have to put in my two cents here. I am filing for chapter 7 a
I have to put in my two cents here. I am filing for chapter 7 and I have passed the means test. The attoney asked me three questions to begin with: Did I own my home?; no. Did I own my car?;yes. Did I owe anything on it and how old was it?; no and 13 years old. He then told me that I was able to file for chapter 7 as my debts were three times what I made per year this included pdls and 2 credit cards, but I could not include my student loans.
Submitted by Colleen H Carrocia on Wed, 06/27/2007 - 17:45
Right, you can not include student loans in a chapter 7, but can
Right, you can not include student loans in a chapter 7, but can pay on them throughout a chpt. 13 plan. And you owed nothing on a car that was more than 10 years old, they do not want to touch anything (not insulting you irish, please understand), such as a car which depreciates in value and would hold no equity. Now if that car was in mint condition and had alot of value, then they might have came back and taken it to sell and get money to pay your debts. I have a neighbor who had to turn over 2 ATV's valued at $7500 to the trustee to sell to pay for his debts, and he was a chapter 7. The ATV's were 100% paid for and he lost them both.
when I was going to file chapter 7, I was told I couldn't lose m
when I was going to file chapter 7, I was told I couldn't lose my house because the bank owned it and I would just continue to make payments, and they could not take my car because the bank owned it. I could chose to include my car because I owed more than the value of my car and let the bank have it back. I had several collection agencies calling me (was going through divorce, went from $180,000 a year to $25,000) I retained the lawyer and started telling everyone that called looking for money to contact my lawyer. Then the calls stopped. I decided not to file and work my way out of my mess. The calls didn't start again for a few years. I disputed some and they were removed and others I settled for a lesser amount. Still on my way out of my mess. Don't know if this helps or not..just my 2 cents worth
Thank you
I was told basically the same thing...I could keep my home because the bank owned it and my payments were not delinquent. My vehicle I could keep too because the bank owns it.
I did NADA value, it is worth 12,000.00 and we owe 9,000.00 I have no equity in our home...and no assets.
We have a riding lawn mower worth about 500.00 maybe if that. My son has a four wheeler out of state..150 miles away that he rides twice a year. No title and we did not purchase it, it was a gift from his grandpa.
bankruptcy
Linda the only thing I know about all of this is that when the laws changed in 2005 it made it a lot harder for people 5to qualify for chapter 7. Student loans are not included. I hope that you get the relief that you need. It is always a hard decision but it is also a fresh start for many people. Best Wishes to you. Kyside38
Thank you
I just took the Oklahoma means test online (the calculator) and it said that I would not have to complete the full means test, I over estimated our income and we were not over...so I feel better.
The sight also said that we could have our home and vehicle...as long as our equity was not over what we are allowed and it isn't.
Yeah, I hope it works out like you think it will. The point we
Yeah, I hope it works out like you think it will. The point we are trying to make is that it isn't up to the lawyer, and just because you pass the means test doesn't gaurantee the chapter 7. The trustee can go in and look at the situation and decide a chapter 13 is what you should do, and force you into it.
From what you've posted you aren't looking for a fresh start, just looking to get rid a certain bills. Again, the house will only be saved in a chapter 7 IF the bank that owns the mortgage agrees to the reaffirmation. There is no guarantee to that either.
Your lawyer is telling you for sure this will happen, and for sure this will happen, but he can't know that. The power is all on the trustee with the new laws, so it's really up to him which chapter you will file. You can file a 7, but be forced into a 13. We are just warning you of the possibility, and letting you know that there is a fairly decent chance of it happening.
debt
I was informed this morning that the new
laws is a bunch of "hype". I talked to 3
attorneys and the Judge I work with and they
told me...
IF MY EQUITY IN MY HOME AND VEHICLE WAS NOT
OVER WHAT OKLAHOMA ALLOWS FOR EXEMPTIONS,
and which in my case it is far from that..
THEN I WILL BE ABLE TO FILE AND DISCHARGE
with a Chapter 7. I can not be forced to
file a Chapter 13. The only thing the Judge
said about the trustee is that, they may
treat us ugly and then again may not. The
Judge said that trustee's do not want to
come and get your "used" items of no worth
to them. She wanted to know the website I
was getting my information from so she can
check out what is being said on this forum.
:D