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Overwhelmed, new to anything/everything to do with Ch. 7

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  • Overwhelmed, new to anything/everything to do with Ch. 7

    Hello new here.I am hoping to get some encouragement and learn a lot by hanging out on here. My husband and I are filing bankruptcy ch. 7. We just met with our attorney on Thursday. Just in the beginning stages of filling out all the paperwork. Last week I spent HOURS AND HOURS and sleepless nights reading, googling all about the process. I have been emotional, scared, nervous, having feelings of guilt but also relieved in a way. My emotions have been all over the place.

    Our situation comes from my husband's job loss. In 2016 (actually Dec. 2015) he went from making 130k to only working a part-time job for part of the 2016 year, then getting a second part-time job later in the year. I continued to work as much as possible throughout this entire time. I am a substitute teacher. We took out retirement money in late 2015 and again in spring 2016. We took out two personal loans also. We kept using credit cards as he continued to look for full time work. In Jan. of this year he got a job but only making 52k that started in late Jan. Then 1st of June he got a new job making 85k but unfortunately we were drowning in debt and digging out anytime SOON, is not in the picture. We were late on our mortgage because I was dumb and worried more about all the loans/credit cards. We are currently in a forbearance plan with our mortgage. We had to have 3 months of missed payments spread out over the next 12 months tacked onto our regular payment which starts for our Sept. payment. So that makes the payment go up by about 500 bucks. We are just in a HOT MESS. So we consulted with the attorney and made the decision to just do it. THIS SUCKS.
    Last edited by RollTide; 08-19-2017, 06:57 PM.

  • #2
    Welcome.

    Was your attorney pretty confident that your income is not going to now be too high for a Chapter 7?

    Comment


    • #3
      Originally posted by Chrysalis View Post
      Welcome.

      Was your attorney pretty confident that your income is not going to now be too high for a Chapter 7?
      My husband just started the higher paying job June 1st and I don't get paid in the summer and won't make my first pay check until into late Sept. He just said to not wait TOO LONG to get everything in to him because that could be a problem and then we are looking at a ch. 13.

      Comment


      • #4
        That's what I wondered about -- if they would look forward with the new income & say you could handle a 13 now. Sounds like your attorney has it figured out, so that's good.

        Comment


        • #5
          Originally posted by Chrysalis View Post
          That's what I wondered about -- if they would look forward with the new income & say you could handle a 13 now. Sounds like your attorney has it figured out, so that's good.
          Who knows. We are so new to any of this. I guess as we proceed we will find out but it sounds like right now we are good.

          Comment


          • #6
            RollTide,

            Take a deep breath. Exhale. Relax.

            We were in a very similar situation as you guys earlier this year.

            I worked offshore for 16 years, and got dumped on the street rather quickly.

            We filed in June 2017. Had our 341 hearing August 10, 2017. We are now about a week into our 60-day club membership.

            Some information to help you out:

            Gather ALL of the paperwork they tell you they need.
            Turn in EVERYTHING you owe on.
            The debt/credit counseling course is important. Get it done on time.
            Keep open communication with you attorney. When you file, they are there to assist you.
            THE 341 MEETING IS EASY. DO NOT WORRY ABOUT IT.

            Filing bankruptcy is a very serious event. But, it happens way more than we know.

            This forum is a great resource. It is packed with people who felt the same way you are feeling when they embarked on their journey.

            I promise, filing bankruptcy doesn't mean you are signing up to get eaten by a monster.

            Try to look at it as a challenge.

            What happened to your spouse in the job, does not define you guys.

            This bankruptcy does not define you.

            Good luck, and keep us updated!!!

            -A

            Comment


            • #7
              Originally posted by cagriffinbdx View Post
              RollTide,

              Take a deep breath. Exhale. Relax.

              We were in a very similar situation as you guys earlier this year.

              I worked offshore for 16 years, and got dumped on the street rather quickly.

              We filed in June 2017. Had our 341 hearing August 10, 2017. We are now about a week into our 60-day club membership.

              Some information to help you out:

              Gather ALL of the paperwork they tell you they need.
              Turn in EVERYTHING you owe on.
              The debt/credit counseling course is important. Get it done on time.
              Keep open communication with you attorney. When you file, they are there to assist you.
              THE 341 MEETING IS EASY. DO NOT WORRY ABOUT IT.

              Filing bankruptcy is a very serious event. But, it happens way more than we know.

              This forum is a great resource. It is packed with people who felt the same way you are feeling when they embarked on their journey.

              I promise, filing bankruptcy doesn't mean you are signing up to get eaten by a monster.

              Try to look at it as a challenge.

              What happened to your spouse in the job, does not define you guys.

              This bankruptcy does not define you.

              Good luck, and keep us updated!!!

              -A
              Thank you so much!!! I do appreciate your kind words of encouragement!

              Comment


              • #8
                3 words that will allow you to sleep and reduce the chance of getting an ulcer over this: "TRUST YOUR ATTORNEY."

                There were dozens of things in my case that could have gone wrong or caused problems. My attorney kept telling me "Don't worry, that won't be an issue" and "That's a little odd but we can deal with it, shouldn't be a problem." But I fretted and stressed and worried anyway. The process would've been a lot less of an ordeal if I'd have just took his word for it when he said things were fine. Not a single one of the scary outcomes that I was worried about actually happened.
                This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
                Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

                Comment


                • #9
                  Originally posted by rjmwx81 View Post
                  3 words that will allow you to sleep and reduce the chance of getting an ulcer over this: "TRUST YOUR ATTORNEY."

                  There were dozens of things in my case that could have gone wrong or caused problems. My attorney kept telling me "Don't worry, that won't be an issue" and "That's a little odd but we can deal with it, shouldn't be a problem." But I fretted and stressed and worried anyway. The process would've been a lot less of an ordeal if I'd have just took his word for it when he said things were fine. Not a single one of the scary outcomes that I was worried about actually happened.
                  I agree 110% on this. My attorney did a wonderful job handling everything and answered every question I had even if it was over something goofy. As long as you are being honest with the attorney and presenting them with accurate information about your financial situation, really there is nothing to worry about.

                  The 341 meeting also was no big deal (even though of course I worried about it almost to the point of anxiety attacks the day before). The meeting literally lasted about 3 minutes from start to finish...and again, because the attorney did their job and all the petition paperwork was in order, there were no issues.

                  Comment


                  • #10
                    Originally posted by rjmwx81 View Post
                    3 words that will allow you to sleep and reduce the chance of getting an ulcer over this: "TRUST YOUR ATTORNEY."

                    There were dozens of things in my case that could have gone wrong or caused problems. My attorney kept telling me "Don't worry, that won't be an issue" and "That's a little odd but we can deal with it, shouldn't be a problem." But I fretted and stressed and worried anyway. The process would've been a lot less of an ordeal if I'd have just took his word for it when he said things were fine. Not a single one of the scary outcomes that I was worried about actually happened.

                    Thank you very much. I tell you I have NOT had much sleep the past two weeks and to be honest I have not slept well for a few months. This is just a horrible experience to be in. I do appreciate all the support.

                    Comment


                    • #11
                      Originally posted by teekay View Post

                      I agree 110% on this. My attorney did a wonderful job handling everything and answered every question I had even if it was over something goofy. As long as you are being honest with the attorney and presenting them with accurate information about your financial situation, really there is nothing to worry about.

                      The 341 meeting also was no big deal (even though of course I worried about it almost to the point of anxiety attacks the day before). The meeting literally lasted about 3 minutes from start to finish...and again, because the attorney did their job and all the petition paperwork was in order, there were no issues.
                      Thank you!!! I appreciate it!!

                      Comment

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