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

Income question and credit counseling questions - sorry long

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

  • Income question and credit counseling questions - sorry long

    My husband and I are thinking about filing Ch 7 as it seems we pass the means test. The reason we are filing is we have a rental property that we are "in the hole" every month and since it is not our primary residence BOA will not budge on anything. So we decided to let it go back.

    In November I switched my status at work from full-time to part-time as I am a full-time graduate student. This change is what has made us pass the means test (at least from the Nolo page it seems like it). My question is I am thinking we need to wait close to 6 months before we file, but am anxious to get started now that we have decided that that is probably the route we need to go. Will the trustee question why I don't work full-time?

    Also, my husband is a disabled vet, (70%), it did occur while he was active duty, although not sure all the debts he has were during that time. If he would qualify for means test to be exempt - since we are filing "joint" does that take into account both of us? Some have said the VA income counts towards means test, others said NO. It is not taxable income. If we do count it, with our expenses, it seems we would still qualify. Just very nervous as we had talked with a lawyer almost two years ago, and all he would talk about was Ch 13 at 100%, (I was full-time then), so we went with credit counseling. Our income now is $5150 (including VA) or $4000 without VA.

    The credit counseling has most of our debt and our payments on that are now $870 per month, we have two car payments $495 & $140 per month and another unsecured payment of $170 per month. My question is, if we wait close to 6 months to file, do we still pay all these payments. My husband wants to keep both vehicles, just get rid of unsecured debt. We both had filed BK many, many years ago, never thought we would be in this position again. If it weren't for the foreclosure looming sometime in the future we would not have considered it. Our primary residence we plan on staying here, but it sounds like it is not a good idea to reaffirm the mortgage, but as long as we pay payments will be OK. We are current on all payments (except 2nd house as we stopped paying it).

    Sorry this is so long, any information is appreciated. Is it too soon to talk with an attorney???
    Last edited by basketsbears; 01-17-2011, 09:03 AM. Reason: added question

  • #2
    It is not a problem that you are not working. I would make your assumption on the fact that the VA income will count, although this varies by district. If you are planning on keeping the cars, you need to stay current with the payments. You should be paying and be current on any secured debt (cars, house) that you plan on keeping post bk. You do not have to reaffirm the mortgage, but you need to stay current on your payments in order to keep the house and cars. You most likely will not have to reaffirm the cars either, but some districts and some car financing companies require that you reaffirm if you want to keep the cars post bk.
    You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

    Comment


    • #3
      Are you upside down on the cars? One of the payments is pretty big. Have you considered letting it go and buying a car outright to help get you inline on your budget post bk? I would stay current on the cars (you may need the debt to help you pass the means test) and anything else you intend to keep. Even if you decide to let the cars go later, you'll need to be current when you file.

      In either case, you need to interview a couple of attorneys before you make any decisions. They will be able to tell you the best course of action. Consultations are generally free (and if they aren't, find a different attorney). Talk to a few before you make a decision. You will have a lot more information and feel more confident about your decision after speaking with a professional.
      --------------------------------------------
      As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David Thoreau

      Comment


      • #4
        Yes, we are probably upside down on the big car payment - it's a 2009 Jeep Liberty, and I saw trade in value on KBB was $15-16,000, we owe probably $23-24,000. So we would probably let that go back. We only owe a couple of thousand on the other one. We will keep everything current (except rental house). I had thought if we stopped paying unsecured debt, could save up and purchase a car with money we save. I am not interested in getting another car payment at this time.

        So it's not too early to talk to an attorney?

        Comment


        • #5
          Sounds like a good plan. And, NO, it's never too early to talk to an attorney. Bankruptcy is a business decision and should be well thought-out. I've read many posts from people who made last-minute decisions, and then went, "Oh, if I had only known that 4 months ago, I would have waited..." So, talk to an attorney, get some advice, and make a thoughtful, purposeful decision. It is worth it!
          --------------------------------------------
          As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David Thoreau

          Comment


          • #6
            Originally posted by basketsbears View Post
            Yes, we are probably upside down on the big car payment - it's a 2009 Jeep Liberty, and I saw trade in value on KBB was $15-16,000, we owe probably $23-24,000. So we would probably let that go back. We only owe a couple of thousand on the other one. We will keep everything current (except rental house). I had thought if we stopped paying unsecured debt, could save up and purchase a car with money we save. I am not interested in getting another car payment at this time.

            So it's not too early to talk to an attorney?
            no, it's never too early...and actually we had to interview 6 prior to even hiring one. you want to make sure you find the right one for your situation, and of course that you feel as comfortable with that person as possible in this most uncomfortable situation. since MOST consults are free, i would see a few and see what they said. it was funny...we had some that told us totally the opposite of what other told us...so you get all kinds. we only attended "free" consults...except ONE...which cost us $20...and actually that was the firm we hired.

            it always good to get some advise and it's a way to "learn" about what your doing in respect to your bk. best of luck to you!
            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

            Unconfigured Ad Widget

            Collapse
            Working...
            X