Need advice for Chp. 7
Date: Wed, 09/30/2009 - 13:39
Hello,
I live in CA and I'm self employed. My work load has dropped dramatically in the past year. We used up all of your credit cards to survive and now they are maxed. I'm sitting at around 28k in debt. I do make a little bit of money for gas and food but not enough to pay the credit cards. I do not make enough money to even enter into a debt management or consolidation plan. I feel that there is nothing else to do but file chp7. But i do have some questions if ANYONE can help.
1) I have 2 cars that i have on loans. I keep up with the payments on these but will i lose my Cars if i file Chp. 7? I don't want to include those loans in the Filing.
2) I just received around 6k from a car accident. I was hoping to use part of this money to pay the lawyer to file. Will they make me give up the rest of the money that i received? I have already been using some of the money to get new tires/pay some bills and etc.
Thank you for your time
I live in CA and I'm self employed. My work load has dropped dramatically in the past year. We used up all of your credit cards to survive and now they are maxed. I'm sitting at around 28k in debt. I do make a little bit of money for gas and food but not enough to pay the credit cards. I do not make enough money to even enter into a debt management or consolidation plan. I feel that there is nothing else to do but file chp7. But i do have some questions if ANYONE can help.
1) I have 2 cars that i have on loans. I keep up with the payments on these but will i lose my Cars if i file Chp. 7? I don't want to include those loans in the Filing.
2) I just received around 6k from a car accident. I was hoping to use part of this money to pay the lawyer to file. Will they make me give up the rest of the money that i received? I have already been using some of the money to get new tires/pay some bills and etc.
Thank you for your time
It depends on your state exemptions, as to whether you can keep
It depends on your state exemptions, as to whether you can keep the cars and the cash. Generally, I would wait to file BK until you have used the cash to pay for what you need, bills, etc. IMO it's a little too dangerous to have a lot of cash in the bank when you file BK, as the trustee may want to take it.