No asset case ?

[JustOverBroke]

Hi all,

What does it mean declared no asset?
Does that mean that you don't own anything?
Can you be declared no asset even if you are still paying on a house and paying on a car?
What does this all mean i'm kinda confused.
If I file would I lose my house and cars?
We have a 2006 Impala with about $7100.00 left on it we paid $13995.00 for it.
Our house has about $119,800.00 balance on it,it appraised at about $140,000.00 about 3 years ago and that was from a bank appraiser for refi purposes.
If it's of any importance we live in the state of Wisconsin.
Will everything we have be taken away from us?

Thank you for all your help, I'm new to this and it's a little bit overwelming trying to understand all of this before I pull the trigger. (file bk not kill myself LOL)

[keepmine]

NO asset means, you have no assets above that which your state exempts. Me, I was a Chapter 7 no asset and was dischared with a net worth of $90K. The equity in my home and my IRA's and 401K's were exempt.
Here's Wi. bk exemptions.

http://www.bankruptcyaction.com/wiexemptions.htm

Speak with a couple of bk lawyers and get all your options explained.
BTW, what's your HH income and size of your family? We need that to help with the means test.

[JustOverBroke]

Hi Keepmine,


It's just my wife and I we made $59,250.00 last year according to our W-2 forms from 2006 I had to take a 5% pay cut at my job middle of last year and we and to switch from my employer's insurance plan to my wifes because of the insane increase of premiums and on top of that coverage is reduced.

My wife had to have her Gall bladder removed in march a simple out patient procedure except in our case it turned into a 3 day hospital stay because of a gall stone being caught in her bile duct.

so after insurance were stuck with a hospital bill and doctor bill of a little under $4k.

Sorry for venting,I probility told you more then you wanted to know.

[lrprn]

It's just my wife and I we made $59,250.00 last year according to our W-2 forms from 2006

In Wisconsin the median income for a family of 2 is $52,774. What matters is what you and your wife have made from all income sources in the last six months before filing.

If you add up all income from all sources starting on February 1 through July 31 this year, how much is that for the two of you?

My wife had to have her Gall bladder removed in march a simple out patient procedure except in our case it turned into a 3 day hospital stay because of a gall stone being caught in her bile duct. so after insurance were stuck with a hospital bill and doctor bill of a little under $4k.

Since this hospitalization happened before you file, you can include it regardless of which chapter you have to file and wipe it out.

Vent here anytime, JOB - that's one of the best reasons to hang around here. We've all been in very similar situations to yours and we understand how difficult this is. Hang in there!

[JRScott]

Hi all,

What does it mean declared no asset?

It means you have no assets left above the exemptions allowed by your state

Does that mean that you don't own anything?

Nope you can still own stuff afterwards up to the limits of your states exemptions

Can you be declared no asset even if you are still paying on a house and paying on a car?

Yes assuming the equity in the home or car is less than that allowed by your state exemptions

What does this all mean i'm kinda confused.

If I file would I lose my house and cars?

We have a 2006 Impala with about $7100.00 left on it we paid $13995.00 for it.

You should consult with a local bankruptcy attorney to check for sure, however you would need to determine its current value. I'm going to be frank though this is a fairly new vehicle. It has probably dropped a couple thousand in value at most barring any real major damage. However that will not be enough to save the car in a Chapter 7, though you could save it in a Chapter 13 possibly. Something you should discuss with a lawyer. Wisconsin allows 1200 exemption for a car plus the amount not used for household furnishings. (Maximum for furnishings is 5000). So possibly you could get it through.

Our house has about $119,800.00 balance on it,it appraised at about $140,000.00 about 3 years ago and that was from a bank appraiser for refi purposes.

Once again talk with a local bankruptcy lawyer and ask their opinion. I feel better about the house than I do about your car. You are allowed an exemption I think of around 40000 dollars in Wisconsin, however there are some other rules that apply if you've owned the home less than 3.3 years. You might have to delay a filing to meet that requirement. I'd also plan on getting it reassessed. With the housing market lately it is probably not worth as much as the original value but could be. Also get repair estimates on any repairs needed. Please consult with a local bankruptcy attorney in a free consultation and bring up this question. I'm offering my opinion and it shouldn't be considered legal advice.

If it's of any importance we live in the state of Wisconsin.

Your state is very important and it appears you have lived there for at least 2 years which is also important, but see notes I made about the house above.

Will everything we have be taken away from us?

Nope they cannot take what is exempt

Thank you for all your help, I'm new to this and it's a little bit overwelming trying to understand all of this before I pull the trigger. (file bk not kill myself LOL)

Okay see my notes above. Now take a deep breath and let it out. It'll be okay.

Your best bet is to schedule 3-4 free consultations with local bankruptcy attorneys. Raise the questions you have above and hopefully we've provided a little bit more info to prepare you for the answers. They will know best what to do and what they can exempt. Good luck to you as you start the process

[JRScott]

Hi Keepmine,


It's just my wife and I we made $59,250.00 last year according to our W-2 forms from 2006 I had to take a 5% pay cut at my job middle of last year and we and to switch from my employer's insurance plan to my wifes because of the insane increase of premiums and on top of that coverage is reduced.

My wife had to have her Gall bladder removed in march a simple out patient procedure except in our case it turned into a 3 day hospital stay because of a gall stone being caught in her bile duct.

so after insurance were stuck with a hospital bill and doctor bill of a little under $4k.

Sorry for venting,I probility told you more then you wanted to know.

You need to determine what you made in the last 6 months and double it. That determines your income for bankruptcy.

If you are above your states median that means it is possible you will be forced into a Chapter 13 rather than a Chapter 7. However that isn't guaranteed you'd need to do the means test with a local bk attorney to get a better idea of your situation.

Things you will need to collect in order to assist a lawyer in helping you:

6 months of pay stubs for both yourself and your wife.
Your last 3 tax returns (federal and state, hopefully you kept copies but if not you can get them.)
Bank Statements (for all accounts) (Usually just a few months worth but the more the better)
NADA value for your car
Assessed value for your home
Repair estimates for car if it needs any
Repair estimates for home if it needs any
Copies of your check registers for the last several months (carbons will do as well, barring this statements from utilities etc for last few months)
Copies of all credit card/loan/etc bills (last month or two)
Property Tax receipts for the last couple years.
You'll need estimates on how much you spend on food etc.

Good Luck