I apologize in advance for the length of this post, I just wanted to put it all out there and get some honest feedback ( for better or for worse). I will of course be consulting with a few BK Attorneys.
First, thanks in advance for any feedback anyone may be able to offer. I have thick skin so feel free to just tell it how it is and not pull any punches. I I'll be consulting with a few Attorneys, but wanted to do some research here, educate myself a little and get some honest feedback on my situation.
I previously filed a BK7 in 2003 and was discharged with no issues.
I am going to lay out my circumstances honestly, despite being utterly humiliated by the mess I have gotten myself into.
I have suffered from significant mental health issues for many years. I am Bi Polar and have some issues with psychotic features (paranoids thinking, and not feeling like life is real sometimes ( Derealization). I receive Social Security Disability, have no non exempt assets, but do own a modest condo with my wife, titled under tenancy by the entirety. The condo is valued at $160,000, and my current balance is $141,000. I have about $2,000 cash on hand.
My minor child died From cancer a little more than two,years ago, and that has devastated me to the point of feeling suicidal at times. She died very badly, and in much pain. I held her as she took his last breath and passed.
When my daughter died I was bed ridden for some time., I was in a very bad place and stopped taking my mood stabilizers for nearly a month. Even worse I self medicated by turning to cocaine. I spent nearly $40,000 on cocaine (credit card advances, convenience checks). I have been clean for two months and am back on my mood stabilizers.
I also paid for my daughters funeral by credit card and was carrying about $20,000 in credit card debt for about three years before things went south. I paid my payments for about a year, but just can not keep up and stopped paying about one year ago. Total debt is around $85,000
The stress of these debts and collections is really causing me great stress
I would like to file for Bankruptcy (again) but I am afraid that since I had a previous BK7 and that this time I ran up a lot of debt in the span of a year after the death of my daughter that my case would be denied and I would be unable to discharge the debt. We are well below the median income and that would not be an issues in the BK7.
My monthly income is SSDI 2100.00., part time job 700.00 and my wife makes about $1200.00 per month. All of the debt is in my name only.
I am working on dealing with the death of my daughter via weekly therapy, I have restarted my mood stabilizers and other psychiatric meds and am in a better place right now. I also attend NA meetings. My Psychiatrist and counselor are more than willing to write letters to the Bankruptcy court or even show up in person to explain my circumstances.
To summarize, had a Bk7 discharge 10 years ago, now it has been a year since I stopped paying cc's. The accounts are all charged off. All debts are still owned by original creditors. I have no money to settle these debts.
I have no non exempt assets. I own a condo worth 160,000 and owe $142,000. My SSDI from disability is exempt from collection, as is my part time job which I only earn minimal money. I guess creditors could get a judgement and place a lien on my condo.
All of my debt is on credit cards and I owe to the following creditors, Citi, Penfed Credit Union, Élan Financial, Alliant Credit Union, Capital One and USAA
I am really worried the Trustee will see the heavy Credit card usage over a years time and couple that with my previous Bankruptcy to deny discharge for abuse.
What do you all think? Should I file or just wait it out a while, see who sues and then after the statute of Limitations has passed deal with any creditors who were able to obtain Judgements against me. I am sure some will sue, but likely some will not.
I am not moving anytime in the next ten years, and am ok with living on a cash basis. I do not foresee needing any new credit for quite some time.
Of course I would prefer to just file bk7 and be done with it, but I don't want to risk not receiving a discharge based on totality of circumstances.
As I said, I will be consulting wit Attorneys, but wanted to get the opinion of some of the board members in advance of my consultations.
My minds is a little foggy from my medications, so if any of this post needs clarification just ask.
Thanks in advance for any feedback.
First, thanks in advance for any feedback anyone may be able to offer. I have thick skin so feel free to just tell it how it is and not pull any punches. I I'll be consulting with a few Attorneys, but wanted to do some research here, educate myself a little and get some honest feedback on my situation.
I previously filed a BK7 in 2003 and was discharged with no issues.
I am going to lay out my circumstances honestly, despite being utterly humiliated by the mess I have gotten myself into.
I have suffered from significant mental health issues for many years. I am Bi Polar and have some issues with psychotic features (paranoids thinking, and not feeling like life is real sometimes ( Derealization). I receive Social Security Disability, have no non exempt assets, but do own a modest condo with my wife, titled under tenancy by the entirety. The condo is valued at $160,000, and my current balance is $141,000. I have about $2,000 cash on hand.
My minor child died From cancer a little more than two,years ago, and that has devastated me to the point of feeling suicidal at times. She died very badly, and in much pain. I held her as she took his last breath and passed.
When my daughter died I was bed ridden for some time., I was in a very bad place and stopped taking my mood stabilizers for nearly a month. Even worse I self medicated by turning to cocaine. I spent nearly $40,000 on cocaine (credit card advances, convenience checks). I have been clean for two months and am back on my mood stabilizers.
I also paid for my daughters funeral by credit card and was carrying about $20,000 in credit card debt for about three years before things went south. I paid my payments for about a year, but just can not keep up and stopped paying about one year ago. Total debt is around $85,000
The stress of these debts and collections is really causing me great stress
I would like to file for Bankruptcy (again) but I am afraid that since I had a previous BK7 and that this time I ran up a lot of debt in the span of a year after the death of my daughter that my case would be denied and I would be unable to discharge the debt. We are well below the median income and that would not be an issues in the BK7.
My monthly income is SSDI 2100.00., part time job 700.00 and my wife makes about $1200.00 per month. All of the debt is in my name only.
I am working on dealing with the death of my daughter via weekly therapy, I have restarted my mood stabilizers and other psychiatric meds and am in a better place right now. I also attend NA meetings. My Psychiatrist and counselor are more than willing to write letters to the Bankruptcy court or even show up in person to explain my circumstances.
To summarize, had a Bk7 discharge 10 years ago, now it has been a year since I stopped paying cc's. The accounts are all charged off. All debts are still owned by original creditors. I have no money to settle these debts.
I have no non exempt assets. I own a condo worth 160,000 and owe $142,000. My SSDI from disability is exempt from collection, as is my part time job which I only earn minimal money. I guess creditors could get a judgement and place a lien on my condo.
All of my debt is on credit cards and I owe to the following creditors, Citi, Penfed Credit Union, Élan Financial, Alliant Credit Union, Capital One and USAA
I am really worried the Trustee will see the heavy Credit card usage over a years time and couple that with my previous Bankruptcy to deny discharge for abuse.
What do you all think? Should I file or just wait it out a while, see who sues and then after the statute of Limitations has passed deal with any creditors who were able to obtain Judgements against me. I am sure some will sue, but likely some will not.
I am not moving anytime in the next ten years, and am ok with living on a cash basis. I do not foresee needing any new credit for quite some time.
Of course I would prefer to just file bk7 and be done with it, but I don't want to risk not receiving a discharge based on totality of circumstances.
As I said, I will be consulting wit Attorneys, but wanted to get the opinion of some of the board members in advance of my consultations.
My minds is a little foggy from my medications, so if any of this post needs clarification just ask.
Thanks in advance for any feedback.
Bankruptcy Wizard
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