Kids and dogs

[BROKENN]

Hi, I have looked for weeks on bankruptcy info and after the main education could not find anything.... and then I found you guys. I have not moved from my desk since this morning as I have learned soooo much.

My DH (catching on) bought a business that required a purchase of the previous owner's real property, our house, and we have a SBA lein on this house. The business has failed after struggling to just make ends meet on expenses greater than anything I have ever done. I have my own business as a consultant. That has kept food on the table. My house payment goes double next year..... the house is worth half the debt.

I couldn't take it anymore, went to a business consultant, he said see a lawyer. We are filing CH7. We are surrendering the house, haven't paid since June and DH is closing business next week.

I have a lawyer, he said "no problems" but I have a million little questions now...

We would like to move to another state and I get that we can after the 341? Is that the correct timeline? Any catches I can't see?

So, can we pack? Does someone come tromping through and look at things?

Do they consider the dogs? I saw a thread on animals but we got ripped and have no papers... I'm thinking that is a good thing after all?

I have kids that go to college and work. They have both bought used cars in my name and paid me back slowly. I think the cars are so old that I can just add to my exemptions. But would they take my kids stuff? I support them but they own their stuff too?

My son has an account and has saved ~$900 from his job. My name is on the account because he was a minor when he got the job. Do I claim that? Would they take it?

I do consider this to be a relief in the end after all this time with constant stress and the slow dawn of realization that we bought a bad deal and failed on top of it. Just getting antsy and nervous with it all. Judges, jail and fraud keep freaking me out and it must be all the mystery and not so keen on trusting anyone anything at the moment.......

Sorry for the long post and rant, thank you for letting me rant

[AngelinaCat]

Hi Ms. BROKENN:

Welcome to this Forum. The 'long rant' and all is not a problem. This is what many of us here consider to be our mission, that is to help someone else like you and DH if we can. Just understand that all of us are individuals and our cases differ greatly. So any advice is general, and you must check with a qualified attorney you trust before making any life alter decisions.

Okay, once the disclaimer is out of the way, my first advice is to go to nolopress.com and purchase their Bankruptcy C7 book. It comes in a print version and a downlodable online version. Both are up to date, and cost about half of what the retail price in your local bookstore is. If they offer a ‘freebie’, take that too. That generally helps with run of the mill legal questions. Anyway the C7 book will give you a background on which to start any kind of proceeding. It does not answer all questions, just the usual, and will give you a more or less comfortable feel going through the process.

Now, you said you have a lawyer? If so, reading this book will help you know if you are getting real help, or a crock load of *******.

Now, what I can answer at first glance with your questions:

1. What license is that? If real estate, or something like that—should not matter.

2. Moving to another state. You will have to ask the attorney. Every state/district/indeed trustee is different on that.

3. Can you pack/does someone come and inspect? Yes and no. It depends on your Case, district, and trustee. Generally trustees take your word, but there have been some horror stories on here where trustees have sent appraisers out to people’s home.

4. As to the dogs, it depends on the state. Some allow pets—up to a certain value. Others do not. We are in Florida. Pets are not exempted. I had to list my three cats and give a value for each ($1.00 per each—but they are my family—doesn’t matter).

5. 17 year old twins. I don’t know. We are trying to answer very similar questions with another poster about his adult children going to college. Can’t answer. Watch for another poster on this subject.

6. Your son has a bank account with your name on it. I CAN answer that. The laws nowadays consider that any account you have your name on, for any reason, is YOURS no matter what.

7. If you want to spare your son possibly having any funds of his in this account being taken by the trustee, get you name off of it NOW. This is because from the date you FILE BK, there is an automatic 6 month look back at your financial record, and this bank account also belongs to you, under the law. My husband (AngelinaCatHub) and I learned this the HARD way. You and son will have to close the account and he has to start a new one. You need to do this NOW, and plan NOT to file BK until at least 6 months has passed.

8. Yes, it is a relief to have made the decision. But going through it is also very hard. It will seem like everything is WORSE before it gets better. WE (at least ‘Hub and I) are here to tell you that it WILL get better.
I tried to answer all your questions as they cam, but I don’t know where the numbering got off but, here it is anyway.

God’s love to you~~~

AngelinaCat and AngelinaCatHub

[BROKENN]

Thank you so much

I do have a meeting with my lawyer next week and will ask my questions I am compiling. I will let you know what some answers are for CA anyway. Some details like moving and kids might be interesting to others too.

Maybe the wildcard that I might get to cover other things. At least my children. I will ask.

I will also go get that book Thanks