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Seeking info ..please help

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    #1

    Seeking info ..please help

    hello to all, i am seeking info from all that will help.... my situation is as follows, i am swamped in debt!!!!!!!!!! i have a car that is almost paid for and a motorcycle that is new...08 model. i have approx. 20,000 in unsecured debt that i owe including taxes. question is this.....could i keep my car and bike and file chapter 7? i am sorry if this is a redundant question. i live in va. if this has any influence on the scenario. most of my debt is credit cards , with the exception of a relatively new unsecured loan from citifinancial.......maybe my option would be better if i choose credit counseling?????? not sure if this will help though.??? thanks for input! all comments welcome!
    Tags: None
    #2
    Credit Counseling is a good first step if you want to avoid BK. On the other hand, it may help us if you could provide a little more info., like your income and maybe a more detailed list of your lons and debts and who the creditors are.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

    Comment

      #3
      Are you employed? What’s the car worth? What your income? Family size? house? Mortgage up to date?
      Chapter 7 07/30/2008
      341 09/17/2008
      Discharge 11/21/2008

      Comment

        #4
        employed yes...9 years as a police officer, base pay 40,000....can make ot if available ...10-12 grand if i work all the time... car is prob worth 7500.00....owe 8500... family size is my self , girlfriend and my son ,, with her other son part time. we rent ,,,,and ...that is what i have, she has crohns disease and its hard to work the hours i used to. we are tryin to get back into our relationship after being seperated for a year with a new born son, and just freshly diagnosed with crohns.... 6 months ago. i really like my car and bike, however the other debt is killing me, and i cant get ahead!!!!!



        i owe citifinancial 7500.00 plus interest totaling 14000
        dell 5600.00 in credit cards
        approx...4-6000 in taxes
        and my bike is approx. 9600.00 owed
        Last edited by midnightrocket; 11-21-2008, 05:09 PM. Reason: more info

        Comment

          #5
          to the top

          Comment

            #6
            As long as you continue to make the payments, whether it be through a reaffirmation or a Ride Through (this is no longer an option, but some lenders allow it), you can keep the car and the bike.

            Taxes can not be discharged, but I do believe settlements can be worked out. I think I recall another member posting about taxes being discharged..........may need more info on that one.

            Dell is probably some items that are considered secure. With this scenario, be prepared to have the creditor request the items back. This is rare (based on what I've read around here), but I wanted to point this out just in case.

            Unsecuerd with Citi should go bye-bye because it's unsecured.
            Bankruptcy History:
            Chapter 7 filed - 10/12/2005 - Asset
            Discharged - 02/16/2006
            Case Closed - 11/08/2007

            A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

            All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

            Comment

              #7
              and one more...i have a grand furniture acct.... i dont want to sit on the floor! as long as i still pay them, im ok as well? also, due to being an officer. im concerned with being in my own courtroom..... ...will i have to appear or can i have the attorney do all the work? and lastly....about getting a new car in the future.....if i put down, 10,000-15,000 in a year or two, could i get financed?? thanks for your help!!!!!!

              Comment

                #8
                The Grand Furniture acct. is like the Dell account. It's secured by the items you purchased, so like I mentioned earlier, just be prepared for the scenario of being requested to return the items.

                With bankruptcy cases, you do not go to court, per se. With most consumer BK's, the debtors are in an entirely different room sitting with a Trustee. You usually never see the judge, unless there's some serious problems with your case.

                With buying a car, the more you put down, the easier it is to get financed, even with a recent BK discharge. Auto loans are not too difficult to get after a BK, however waiting a year and having the kind of money you're wanting to put down, then you should have no problems.
                Bankruptcy History:
                Chapter 7 filed - 10/12/2005 - Asset
                Discharged - 02/16/2006
                Case Closed - 11/08/2007

                A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

                All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

                Comment

                  #9
                  Ok I had CitiFinancial furniture they didn't ask for it back. If they do want it back you maybe able to work out a deal with them and redeem it for a lot less then you owe.
                  With secured debt if you want to keep it keep paying. I would not reaffirm anything unless I had to.
                  Chapter 7 07/30/2008
                  341 09/17/2008
                  Discharge 11/21/2008

                  Comment

                    #10
                    how will i know whether or not i can keep the items? do i have to ask the lender? is a chapter 13 better? or do i have no decision in it?

                    Comment

                      #11
                      Originally posted by midnightrocket View Post
                      how will i know whether or not i can keep the items? do i have to ask the lender? is a chapter 13 better? or do i have no decision in it?
                      No you don't want a 13 thats a pay back plan and you will be in BK for 3 to 5 years it looks like you can do a chapter 7 just a guess.
                      have you tryed the online means test? it will tell you about where you stand.
                      Chapter 7 07/30/2008
                      341 09/17/2008
                      Discharge 11/21/2008

                      Comment

                        #12
                        no, please direct me to what i need to check that sight out!

                        Comment

                          #13
                          what is the definition of reafirmming?? also, i have a cosigner on my bike. will this affect me? i plan on keeping these items and just paying on them! bank should not have an issue ,,,, i would hope!

                          Comment

                            #14
                            Reaffirming means you basically reverse the BK on the loan it has a good side and a bad side. After you discharge you can not refill for 8 years. So if you lose income or something happen you are completely responsible for that loan. If you can not pay it and the car gets repossessed you will end up paying any defeasances on that loan. If you do not reaffirm you can walk away from it and you are done.

                            http://www.legalconsumer.com/bankruptcy/means-test/[
                            Means Test Calculator let us know how you make out
                            Last edited by TEW; 11-21-2008, 07:59 PM.
                            Chapter 7 07/30/2008
                            341 09/17/2008
                            Discharge 11/21/2008

                            Comment

                              #15
                              good lord, thats a lot of crap to fill out!

                              Comment

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