do I have a legit case?

[jayo]

I have 49000 in credit card debt, 41000 is to BOA. Last Feb (2007) because of my good credit, I received an offer to consolidate my existing cc and medical debt. The rate and term being favorable, I paid 42000 of debt putting nearly all of my eggs in the B of America Basket. At the time (early 2007) I was making 5000 dollars a month, since then my position was eliminated and I am now making 4000 per month. My wife does not contributate to the family income being disabled.

The cc debt amonunts to approximately 800 dollars in payment per month. With no car payment,a modest life style, and a 1000 monthly mortgage, I was ok at 5k per month - but now I can not pay what I owe. I just don't have the money!!!

I have not used my credit cards in 4 months. Up until this month I have paid my boa on time. I have not charged anything on the BOA axccount since I opened it in March.

I live in Oklahoma and have retained an attorney. I have not yet filed but intend to. I just don't know what else to do. My accounts are getting behind and I have NEVER been late on anything ever.

My concern is that BOA will oppose me and I will have to do a 13.

I have taken the online means test that some of the posters have talked about. At the end of the month I have about 30 bucks in disposable income.

I am -398 on the I form or is it the J???

I would appreciate any input - I am stressed out!!!!!!!

jayo

[lrprn]

Welcome to BK Forum, jayo - glad you found us!

BOA has to have grounds to object to the discharge of what you owe them AND be able to prove to the court that you took the money KNOWING you were going to file bankruptcy. That's going to be a hard road to climb given the history you've shared. It's obvious that a job loss is what caused this problem. BOA would have a very difficult time proving anything.

Discuss this with your lawyer, of course, but I believe you are sitting in good shape to get through without an objection. If you can wait until Feb 08 to file so a year has passed since you did the consolidation, that makes your position even stronger.

Hang in there! Keep us posted about what your lawyer says. Good luck!

[rilbrianne]

Is there any way to "downsize" your way of living to get through this? Is it temporary or permanent that your income is a little lower than it was? Also, her disability income will be included in your case (unless you file alone). Someone correct me here if I'm wrong.. I just wanted to point it out.

That is a hefty amount of cc debt though, I'm not trying to get you down or anything (I know it sounds like that in my above paragraph) ... just asking out of curiosity.

[jp2861]

I agree with lrprn, dont sweat it. B of A can come objecting all they want, they still have the burden of proof. Having a debtor friendly BK judge does help though.

As far as being -398, that's a numbers game. It's not that difficult to make it all balance on paper, and that's all you really need to do. If reality isn't making the numbers balance then get creative. Shave a little here, add a little there, and you can make just about anyones lifestyle balance "on paper".

[PaKettle]

Get a free consult with an attorney.
If your income is not likely to go back up soon, I'd say you are in good position for ch. 7 bankruptcy.
There also sample Means Tests you can take on the web to get a clearer picture of whether you qualify or not.
I think if I were you, I'd take the sample means test so that you have all your numbers together, then talk to an attorney in a free consultation.
Good luck!

[jayo]

Regarding the 398 dollars on forms I and J - I mean I am short 398 at the end of the month. On the means test I took on line, I have around 40 dollars left over - the test, if accurate, says that I am still a candidate ffor a chapter 7.. the forum is great!

jayo

[possumfat]

jayo,

I'm on Oklahoma also..............what are the initials of your lawyer? I want to make sure you don't get the idiot I used.

[jayo]

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