Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Value Automobile Ohio

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Value Automobile Ohio

    I'll try to make this short. Received my first summons from which I assume is the original creditor certified mail on Monday (I have 28 days to answer), I am $47,000 in debt - all credit cards. I planed on filing Chapter 7, just for some reason I thought I would not get sued for a few years. Mainly because my friend who went through Chapter 7 told me she wasn't sued for 3.5 years (she had over $150000 of debt.) AIso, she was sued by the creditor with the lowest amount owed - mine happened to be the highest. Oh, well, you live you learn, just came as a sock that it happened so quick(I know now it shouldn't have). Just had the wrong preconceived idea on my head - stupid. So, I'm thinking 3 years in my head and my car would be worth less.

    The only asset I have is my car, currently unemployed. The car is paid off, I understand that in Ohio you get $3,675 plus an additional $1,225 wildcard exemption for a total of $4900. I'm actually unsure of exactly how to value my car, but I did get some info from legal aid. They use the KBB sell to private owner price which is $8550 and I got $9462 on nada. I heard that they sell the car at auction or trade-in prices which I looked up on blackbook at $6680. I really want to keep the car bad, but I realize that may not be possible. Does anyone have any experience with this? When they get judgement against me, how soon would they take the car or would they even take it? I'm assuming this may differ based on the creditor? If I file chapter 7 soon, does this change? What I'm trying to say is, do the circumstances or procedures of the creditor change with judgement and chapter 7 in terms of the automobile? Now that I think of it, it would be the trustee with the chapter 7. Alright, I think I need to chill out

    Thanks for listening

  • #2
    If you are unemployed, with no currently-pending job offers, then I suggest not filing for bankruptcy at this time. The first thing I would do is determine if state law allows a creditor to place a judicial lien on a vehicle, and if in practice that is actually done in your jurisdiction. If the answer to both of these questions is "no" then I would do nothing at this time, since you are currently collections-proof. When your circumstances improve, then you could file.

    If, however it is permitted and common for judgment creditors to place a lien on a debtor's vehicle and to attempt to seize the vehicle to enforce its lien, then I suggest filing an answer to the lawsuit to buy some time, and selling the car ASAP to preempt the creditor. If you file an answer to the lawsuit, that will buy you another month during which you can post the car for sale on Craigslist or newspaper classified, and sell it for the highest cash offer you receive. Even if you can only get $5000 for your car, that's a lot better than having a repo man show up in the middle of the night and being out everything. You can then use a portion of the money to buy a different vehicle which is well below the state exemption amount, and keep the rest of the cash in your home--NOT in a bank account, so that the creditor won't be able to touch it once they get a judgment.

    As long as you don't file for bankruptcy protection, there is nothing wrong with hiding assets from creditors, and people do it all the time. Once you do file for bankruptcy, then you must disclose all assets including money hidden in your home. So if it becomes necessary to file in the future, then just wait until you have spent the funds on living expenses and/or exempt items.

    Comment


    • #3
      bcohen, thanks very much for the reply

      I met with 2 local bk attorneys today, have 2 more consultations tomorrow and 2 attorneys are calling me on Tuesday from legal aid (1 to answer the summons and 1 for the chapter 7). I asked the 1st attorney if they would place a lien on my car after they receive judgment and he told me with 100% certainty that they would not due to a $500 court fee, appraisal fee, storage fee, ...etc. They would just garnish wages and I am currently unemployed. He told me I was basically judgment proof and I said I really didn't need to answer the summons. He said there was no hurry for chapter 7 and if I wanted to keep my car, I could pay the trustee $2500 over 12 months. Also, that amount would depend on the trustee. So, in conclusion no hurry to file chapter 7 and don't bother answering the summons.


      The 2nd attorney said if I pay him $175 he would answer the summons for me and possible prolong the judgment up to 9 months. I forgot to ask him if that fee was per creditor, because I'm assuming other ones will sue??? So, is the advantage of prolonging the judgment to get back on my feet or am I missing something? I was telling my friend about it and he can't understand why I would prolong it or why an attorney would tell me that?? I really didn't know how to answer her, she said just file the Chapter 7 and get it over with! I DO plan on filing Chapter 7, I guess paying around $2500 to keep my car isn't that bad. 2nd attorney did kinda say the same thing about them trying to take the car, but did say there is a slight possibility of them taking it, but I would have to file chapter 7 real quick before they auction the car. He also stated there was no hurry to file chapter 7. Would they try to go for the car since they can't garnish my wages? Just trying to take in a whole bunch of information, that's how my mind works.

      Comment

      Unconfigured Ad Widget

      Collapse
      Working...
      X