New Pro Se Chapter 7

[prose bankrupt]

My husband and I just moved to Tucson 4 months ago. We left a home in El Paso which we were having a hard time selling. The only way we could get rid of it was to pay $7,200 since the home was bought a little over a year ago. We are having our first creditors meeting on March 8th. What should I expect will happen to the house? Really all we want is to get rid of it. It's a vacant home that we can not afford. We are 3 months behind on our payments already.

In addition, we included some 14K in credit card debt and 14K in student loans (which I know it will be difficult to get rid of). We filed the petition ourselves last week because of all of the collection calls.

I really don't know what to expect in the meeting. I'm very scared. Please help!

[Dawn1970]

The only way we could get rid of it was to pay $7,200 since the home was bought a little over a year ago.

I'm a little confused about what you mean by that statement? It's probably just me. :o Everybody worries about their 341 but it's nothing, really. They just swear you in and ask a few basic questions. If any of your creditors do show up they are supposed to treat you with respect so it will be just fine. If you still owe on the house and you give it up in a Ch 7, they will simply sell it for what they can and if that doesn't pay the remainder that you owe on it, then the remaining debt will be discharged, meaning you walk without having to pay the difference.

[prose bankrupt]

Thank you so much! I keep reading about it and try to reassure myself it will be fine, but it's very hard.

Regarding the house..... I should have explained it a little better. Our agent was charging us 7% commission. After the closing costs we were still going to need to pay an additional $7,200 (mainly for her commission). Since we had just purchased the home that loan amount was still very high. It was only appraised at $1,000 more that what we owed on the loan.

Thank you again!

[tinroofrusted]

I did mine pro se, and it was a complete piece of cake. You have nothing to worry about. No one is going to shine a bright line on you, or yell at you or anything like that!

[prose bankrupt]

Thank you. I'm feeling a lot more confident that it will all turn out well.