top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

When should we file?

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    When should we file?

    My husband and I stopped paying our CC's about 2-3 mos. ago and will be walking away from our mortgage and an auto lease next month. Our home is worth less than half of what we paid for it.

    We are moving in with my in-laws while we build our own house on their property (will build it ourselves as we have the money). Our income will be going from over $100K down to $31K in January. Do I need to wait until we've had the lower income for 6 months before we file? The income will not be going back up, as my husband is starting a farm and will not have a paying job until he makes money from growing produce (probably not until summer/fall).

    This is all pretty scary. I know we will never buy anything on credit for a long time and I'm fine with that. I'm just concerned about being sued and wage garnishment in the meantime.

    Thanks
    MP
    Tags: None
    #2
    If your income is dropping that dramatically, I would definately wait until your 6 month prior income comes in below the means test. It may not take 6 months, every month of the lower income lowers the average.

    Comment

      #3
      And wait until after discharge to build that house
      Chapter 7 07/30/2008
      341 09/17/2008
      Discharge 11/21/2008

      Comment

        #4
        Well I understand you have the money to build a house. I hope you realize that any monies have to be recorded and become the asset of your estate. If you attempt to hide it, that is fraud. Can you explain for all of us, how you can slip buy having enough to build a house.
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

        Comment

          #5
          I think op meant "we are building the house as we GET the money"...

          Comment

            #6
            Response

            Thank you GreenInkonPaper. You are correct. We do not have a bunch of money to build the house. We have a little to get started and plan to pay as we can afford it. We are doing all the work ourselves and plan to use recycled materials as much as possible.

            One question - why do we need to wait for everything to be discharged to start building the house. I thought they could not take your place of residence? Am I mistaken?

            Comment

              #7
              Originally posted by girlgator95 View Post
              Thank you GreenInkonPaper. You are correct. We do not have a bunch of money to build the house. We have a little to get started and plan to pay as we can afford it. We are doing all the work ourselves and plan to use recycled materials as much as possible.

              One question - why do we need to wait for everything to be discharged to start building the house. I thought they could not take your place of residence? Am I mistaken?
              Yes, they can take your house, cars, boats, planes and trains if you (I believe) even have partial ownership.

              You mentioned that your husband is starting a farm, do you own or have claim in some form to the land?

              Comment

                #8
                Why not keep the job for 100k?

                Comment

                Previous template Next

                bottom Ad Widget

                Collapse
                Working...
                X