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Filling Chapter 7 and have Questions!

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    Filling Chapter 7 and have Questions!

    Greetings,
    I am new here and a potential applicant for bankruptcy! Here is some of the information.

    Total debt: $44000
    Income: 0
    Assets: None
    Age of debt 3 years 6 months
    Reporting fall off date 06, 2022

    I have initially tried to catch up on the debt to prevent any potential BK. I have thought about riding out the the remaining time but I suspect that once I land a decent job, I might attract law suites. I am now considering BK and seeking advice on any pre-filling Do's and Don't's of the process that many here have learned over time.

    I have two dependents and no job. Since I cant afford an attorney, I will be filling pro se!






    #2
    The reporting fall of date doesn't prevent the creditors from suing. Also the statue of limitations seems to protect you theoretically, but it isn't great protection in real life practice.

    If the debt reaches statue of limitations, they can still sue you but you have to use a lawyer or spend a lot of time learning how to properly answer a lawsuit asserting statue of limitations as the defense. Unfortunately, a high percentage of lawsuits use process servers that pretend to serve you but don't. You often don't know you had a default judgment where you would assert SOL until after the first bank garnishment has drained your account or the first wage garnishment. It may take months to get your money back if you ever do. You'd have to learn how to overturn the default judgement due to improper service or hire a lawyer to do it.

    I'm not saying file BK or don't file BK. Just saying "age of debt" and "reporting fall off date" isn't great protection from those creditors once you get a decent job. The moment you get a decent job that is above the state median, you may or may not be out of luck for filing chapter 7 on totality of the circumstances even though you still pass the means test. Good luck.

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      #3
      That was my concern. Even though it is beyond SOL, a creditor or JDB can still haunt me in the court etc. I have been thinking why the creditors have been silent so far, and I think best explanation is that I have no income. The moment I get a better job, they might come running.

      Comment

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