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

My Story

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

  • My Story

    Well we have decided that we are going to file chapter 7 we see no way out of this, this has been getting higher and higher for the past 10 years. We where going to stay and pay but my wife just found out that her mom has breast cancer. My wife has been wanting to move back to where she is from (only reason we are here is jobs no family or anything here and we now have a 2 year old), so we are going to do that and let the house go back, it's probably 20k upside down that's with the 30k down payment we put down about 4 years ago. We are still up to date on all of our bills but i don't know for how long. I work full time w-2 but started a sole prop about 8 months ago and used a lot of cash advance checks to start it up with. Really thought the business was going to make money but so far hasn't turned a profit which might be a good thing after all.

    numbers 100k+ cc this is mostly consumer not non-consumer
    82k gross last year between the 2 of us
    using the means test we pass by -152 DMI (Median for LA is 53,271)
    350 car note
    475 truck note (high interest rate 25% TFC hope i can get it lowered)
    have a car we are about to sell worth 4-5k, needs 500-1000 worth of work to it (using money from it towards moving $ moving truck etc first and last month rent deposits)

    here is where it's about to get interesting. With what we have in the bank and with our income right now, as long as we don't get rate jacked, we can pay probably 7 months. I want to put as much time as possible between the CA

    My wife will probably have a job offer next month so we will need to rent there it will probably be a cut in pay, but as of now i don't have a job there yet. If we rent there we are going to have to stop paying on the house. So i guess that will give me 4 months before they take the house, that i can still work here and find something there. I'm sure the CC will probably jack the rate when they see the late on the house.

  • #2
    If you are filing and letting the house go.... STOP PAYING the CC immediately... you are just throwing money away.

    Comment


    • #3
      Originally posted by GWBcasualty View Post
      If you are filing and letting the house go.... STOP PAYING the CC immediately... you are just throwing money away.
      still buying time i don't want it file for a year if possible last ca was 12/10.

      Comment


      • #4
        Originally posted by reboot2 View Post
        still buying time i don't want it file for a year if possible last ca was 12/10.
        I stopped paying in spring of 2009.

        I have been sued, lawsuit have been fought and have been dismissed (using Arb clause). Even if you cannot get them dismissed, one year is very doable... they will not sue you before 6 months and even if they sue you right after the 6 months mark (I don't think so...), you file an answer and a couple of motions and you reach the 12 months mark easy.

        I am familiar with buying time.... we had two reasons to do it, first see if my business would recover (strike that) and second see if our home value would recover (strike that also).... we kept current in the house. We are still current in fact, but is now just plain stupid.

        Again. I see NO reasons to continue paying the CCs if you are sure you will file.

        Comment


        • #5
          Pensions are protected including contributions made to qualified benefits plans made over a year prior to the bankruptcy filing.
          Does this mean for the state of Louisiana anything that goes into the 401k for the past year can be taken?

          Most types of personal property, such as kitchen items, livestock, appliances and arms are protected unless they are valued excessively. Wedding rings are protected up to $5000.
          Does this mean my guns are good there is only 2 and they sure are not valued excessively. I really only care about the one i carry.

          Comment


          • #6
            Arb clause??

            Originally posted by GWBcasualty View Post

            I have been sued, lawsuit have been fought and have been dismissed (using Arb clause).
            Would you mind explaining the 'Arb clause' you mention, and how it worked.


            Thanks...

            Comment


            • #7
              GWB please do explain!!!!!! I'm faced with a suit VERY VERY soon, and I did look in the contract (helpfully sent by the "opposition") and it interestingly does call for arbitration but if and only if BOTH sides agree...so I don't think I can have it removed for arbitration....I may need to fork out money for a really great debt collection defense lawyer in my area if I can't file long enough...BUT GWB PLEASE let us know what your contract said!!!!!!!!!!!!!!!!!!!!

              Comment


              • #8
                Originally posted by IamOld View Post
                GWB please do explain!!!!!! I'm faced with a suit VERY VERY soon, and I did look in the contract (helpfully sent by the "opposition") and it interestingly does call for arbitration but if and only if BOTH sides agree...so I don't think I can have it removed for arbitration....I may need to fork out money for a really great debt collection defense lawyer in my area if I can't file long enough...BUT GWB PLEASE let us know what your contract said!!!!!!!!!!!!!!!!!!!!
                In the cases I got dismissed the CC agreement read "Either you or we may, without others consent, elect mandatory, binding private arbitration for any claim, dispute, or controversy between you and us against the other"

                What does your arb clause says?

                Comment


                • #9
                  Originally posted by JJCA View Post
                  Would you mind explaining the 'Arb clause' you mention, and how it worked.


                  Thanks...
                  You file a Motion to Compel Arbitration.

                  Once the Motion is granted the case will be stayed or dismissed w/o prejudice pending Arbitration.

                  Arbitrations forums (esp JAMS) do not accept debt collection arbitration, 100% if started by the creditor.

                  Furthermore arbitration in CA costs zero for the consumer and all costs are born by the business. Arbitration costs are in the thousands.

                  Comment


                  • #10
                    GWB thanks!! I have to re-read, but UNFORTUNATELY mine says exactly the opposite that BOTH sides have to agree to arbitration else lawsuit. So clearly, the creditor won't...but as i said, I have to re-read that...if I'm wrong, and it does read like yours...well hey, that would be good, as it would buy some time....but i don't think so...

                    Comment


                    • #11
                      updating, We haven't talked to a lawyer yet but will be soon. not much to update other than whats new. We stopped paying all bills except cars after the advice here. We have now moved have different jobs in a different city making less (like our jobs better though, both or gov jobs), couldn't pay the cc even if we wanted, all the cash we had was spent moving, deposits, first last month rent. We have not been sued yet. Penfed is the one that has been the most active trying to find us they are about $20k cc. Been doing the means test again. They show for this area rent should be $715 for a family of 3. Don't know where they get these numbers from. We are paying $1100/month for a 3 bed 50+ year old house. Also been working part time delivering pizza, need money for lawyer.

                      Comment


                      • #12
                        time has come to talk to lawyers, just got sued the same day by discover for my wife us bank for me. we dont qualify by income for chp 7 but by the means test it show us -450 month disposable.

                        Comment


                        • #13
                          Can't believe i didn't update this but in the end we ended up filling a chapter 13. Took a long time for the discharge some reason, They finally sent us a letter saying we owed $3.44 paid it and a month later discharged. It's finally over!

                          Date filed: 05/08/2012 Date of last filing: 12/20/2017 Plan confirmed: 07/24/2012
                          Debtor discharged: 12/20/2017 Joint debtor discharged: 12/20/2017

                          Comment


                          • #14
                            Incredible! Congratulations on your 5 year and 7 month journey.
                            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                            Status: (Auto) Discharged and Closed! 5/10
                            Visit My BKForum Blog: justbroke's Blog


                            I am not an attorney. Any advice provided is not legal advice.

                            Comment

                            Unconfigured Ad Widget

                            Collapse
                            Working...
                            X