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What I have learned in filing BK, part 1

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  • What I have learned in filing BK, part 1

    - Get over it. If you are in the hole, or staring into the abyss, you will know it. Just get over it and go talk to some attorneys. The most desperate situation to be in is one where you have no control and no safety net. If you wait that long, it is unrealistic to expect any person or any process to bail you out and make you whole. So, don’t wait too long. The best time to pull your parachute ring is at the beginning of the free-fall, not at the end.

    - Get a good attorney. This will probably be somewhere in the first dozen you speak with. If you can’t pay for one, it is probably because you waited too long – and the irony is that now you need one even more than before. So, don’t wait – get a GOOD attorney. There are great internet resources like AVVO and the like – the back of the phonebook and the billboards along the freeway are probably the last places to call.

    - Plan. This is a very good reason to get a good attorney. Your goal is to make your Ch 7 filing as smooth as possible. The more warts there are, the closer the Trustee will look. All files have to pass a “smell test” – and the Trustees can smell irregularities like s#!t on a shoe. Trust me – you do not want to get “cute” with a Trustee or paint around the edges of the law. A good attorney, and a few months planning, will help you avoid having to shade the truth and sell your soul at the 341 hearing.

    - Full disclosure. Your attorney has your back. If you feel that you cannot come clean with him/her, it is probably because you ALREADY KNOW the answer and you just don’t like what you are going to hear. That is fine. Tell them, then see if there is a plausible way to avoid the pain. But tell them – no surprises.

    - Tell the truth. My grandfather once told me, about 30 years ago, that there is no one more powerful than a bankruptcy Trustee, except for maybe a bankruptcy judge. I believe him. You don’t – and will never – own something more valuable than your freedom and your future. Mess with the Trustee or the judge, and you will become a poster child for all that they can do. BK is for those who have no other realistic choice. Abusing it seems like a hobby for some people…and more than a few are doing time.

    - Prepare. You will fill out forms, disclosures, and so forth. Your best guess is not good enough. Get the real numbers and let your attorney help you assemble the final package. If you want to get this done, then you need to do your homework. There is a lot of info to gather, so get started.

    - Understand this, most of all – YOU WILL NOT like all the answers you get from your attorney, Trustee, this forum, etc. Bankruptcy is not summer camp – it is a painful process that has a very good opportunity at the other end. This means that, yes, you will feel some pain going through it. As one attorney told me, it is no longer good enough to leave some “milk and cookies” for the Trustee to grab and be satisfied with while they look the other way as you sneak stuff by them. When you file a Ch 7, the Trustee owns you and everything you have for about 90 days. This is serious business. Somewhere along the line, you will feel like nails are being pounded in to you. It is best that this happens before you file, when you are still in control. It is bad if the nails get pounded in you during or after the process when you have no choices and no recourse.

    - For us, and for most people, the 4-6 months leading up to a Ch 7 are far more difficult and painful than the 6 months following the day you actually file. Unless you violate some or all of the above suggestions.

    Now, I am not an attorney - these are my own personal musings. But I did go through a lengthy BK process and made it through pretty much intact because I did my homework first. More to come.

  • #2
    Love this post and it should become a sticky.
    Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

    Comment


    • #3
      Originally posted by btbeme View Post

      - For us, and for most people, the 4-6 months leading up to a Ch 7 are far more difficult and painful than the 6 months following the day you actually file. Unless you violate some or all of the above suggestions.
      I agree with that statement. Pulling the trigger for bk was sort of anti-climax to the entire process. Just make sure that you have done your homework!
      All information contained in this post is for informational and amusement purposes only.
      Bankruptcy is a process, not an event.......

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      • #4
        Originally posted by btbeme View Post
        For us, and for most people, the 4-6 months leading up to a Ch 7 are far more difficult and painful than the 6 months following the day you actually file. Unless you violate some or all of the above suggestions.
        So, so true. We were miserable, stressed and fearful those months leading up to our filing. I was getting 30 to 40 calls a day from creditors. I was afraid to open the mail. I was afraid people would find out how bad our situation was.

        The week after we filed, things were better. Now that we are past our 341, things are looking brighter every day.
        10/26/10 - FILED CHAPTER 7 12/15/10 - 341 COMPLETED 2/17/11 - DISCHARGED & CLOSED

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        • #5
          bt..this is such a good post.
          I especially like the Get Over IT.
          Before i made my first apt i sat in the parking lot for nearly 1/2 hr twice at 2 different atty's trying to get up enough nerve to go in and make an apt. I was actually more afraid to call and make those apts. Weird huh!!
          I kept thinking there had to be a better way. and i was already in too deep with no chance of ever getting out.

          Looking forward to part 2
          Last edited by oregonpilot; 12-21-2010, 11:54 AM.
          filed: 8/10 ...341:10/8/10 ... Discharged & Close: 12/9/10
          "Nothing is easy to the unwilling" Thomas Fuller

          Comment


          • #6
            great post!!!!!!

            thanks so much!!! this thread is a GREAT read for all in chapter 7 or thinking about it.....
            8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

            Comment


            • #7
              You have no idea how panicked I was even just to come to this forum!!!!

              Keep On Smilin'

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              • #8
                also great for chap 13!!
                Filed 7/17/10 1st 341 8/17/10 2nd 341 9/16/10 1st confirmation 10/06/10 2nd confirmation 11/10/10 Bar Date 11/15/10 3rd and final confirmation hearing Dec 8 and acceptance of plan Dec 29 2010....

                Comment


                • #9
                  Originally posted by keepsmiling View Post
                  You have no idea how panicked I was even just to come to this forum!!!!
                  I think i had already filed before i could actually say the word "BANKRUPTCY" out loud.

                  I was even afraid to google "bankruptcy" on my pooter. Thought someone (whoever someone is") would know i was even thinking about bankruptcy and come after me. now that is paranoid.
                  Last edited by oregonpilot; 12-21-2010, 12:29 PM.
                  filed: 8/10 ...341:10/8/10 ... Discharged & Close: 12/9/10
                  "Nothing is easy to the unwilling" Thomas Fuller

                  Comment


                  • #10
                    btbeme -

                    Excellent post! Where were you two years ago..? I'd almost be halfway through my 13 by now...

                    If anyone is on the fence and reads this post, let it be a guide to the process. This advice is solid gold.

                    --13for60
                    Filed Chapter 13 - 10/05/10
                    341 Scheduled - 11/10/10

                    Comment


                    • #11
                      The only thing I don't like about this forum is that I can't clink glasses and say CHEERS, in person, with all of you. Btbeme - you rock. THANK YOU for all of your insight. And thanks to everyone else too. I'm still not in the clear - waiting for the US Trustee to figure out that I really DON'T have any blood left in my rock, but since dh is unemployed, I trust they'll figure it out soon enough. In the meantime, I'll just keep drinking. . .
                      Filed Ch. 7 11/8/10: Survived 341 Meeting 12/13/10 Report of No Distribution!! 12/14/10Received UST Presumption of Abuse!! 12/15/10 UST states Dismissal is Inappropriate! DISHARGED!! 2/22/11

                      Comment


                      • #12
                        THAT'S IT!!!! We can have an official BK Forum Convention someplace! Think about it - we can meet and share all kinds of information and ideas! BK Forum love connections! No one understand our issues like we do, right..?

                        Seriously, even though I'm broke I could save a few $$ here and there. We can have a contest to find the most affordable venue. Maybe we can get the lawyers and Trustees to sponosor it!

                        Just a thought...

                        --13for60
                        Filed Chapter 13 - 10/05/10
                        341 Scheduled - 11/10/10

                        Comment


                        • #13
                          Originally posted by 13for60 View Post
                          THAT'S IT!!!! We can have an official BK Forum Convention someplace! Think about it - we can meet and share all kinds of information and ideas! BK Forum love connections! No one understand our issues like we do, right..?

                          Seriously, even though I'm broke I could save a few $$ here and there. We can have a contest to find the most affordable venue. Maybe we can get the lawyers and Trustees to sponosor it!

                          Just a thought...

                          --13for60
                          sounds GREAT!!!!!!! but PLEASE i'm NOT doing the cooking!!!
                          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                          Comment


                          • #14
                            Have blender and tequilla. Will travel. What more does a girl need??
                            Filed Ch. 7 11/8/10: Survived 341 Meeting 12/13/10 Report of No Distribution!! 12/14/10Received UST Presumption of Abuse!! 12/15/10 UST states Dismissal is Inappropriate! DISHARGED!! 2/22/11

                            Comment


                            • #15
                              I'm in.
                              I had such a great time the night cleveland, drowning, VY, and there were a few others were chattin. think it was nite B4 clevelands 341.
                              I agree cleveland, it would be nice to click glasses.

                              All us girls could do the cookin together, and be our silly selves
                              Last edited by oregonpilot; 12-21-2010, 04:15 PM.
                              filed: 8/10 ...341:10/8/10 ... Discharged & Close: 12/9/10
                              "Nothing is easy to the unwilling" Thomas Fuller

                              Comment

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