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Coming up with the funds to file, and skipping certain payments to do so?

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  • Coming up with the funds to file, and skipping certain payments to do so?

    I would imagine I am in a fairly common situation. I am financially devastated and trying to keep on top of everything. But I need to file bankruptcy as soon as possible. The problem is that I do not have the money to do so. I keep getting close only to have one thing after another happen and eat up the funds. Currently I am still on top of my priorities (mortgage, auto, utilities). But I am becoming desperate as I know any day now I will get sued. My only option for a cash increase would be to skip out on a payment, and the only safer one to choose (since I need a car and electricity) would be my mortgage.

    So two questions, one can you "borrow" the money to file from someone? I assume if it's not a loan so to speak it might be possible? Two what would happen if I skipped one mortgage payment? The process to even get considered to do that is a long and difficult process with them (and I have read many don't get approved). I noticed in Ch13 the behind mortgage oayments could be added into the plan. However I plan on keeping my house so I am not sure how that could work.

    What would you guys do?



  • #2
    Do you qualify for a Chap 7 or do you know you will file a Chap 13?

    Borrowing money for attorney fees is a loan, just like borrowing for any other purpose. You would list it as debt on your bankruptcy petition and it would be discharged with your other debt unless the lender petitions to have it ruled to be exempt from discharge. If the debt is discharged, you can still pay the money back after your bankruptcy, which you might want to do if you borrow from a friend or family member.

    In a Chap 13, it is true that any arrears at the time of filing would be included in your plan. It is true only if you are keeping your home. It is also true for any car you plan to keep. If you have arrears to include in the plan, you create a minimum amount that must be paid in the plan. So, you need to be careful not to put yourself in a position where the arrears makes your plan payment higher than you can handle.

    In a Chap 7, if you are late on your payments, you will be protected from repossession during your bankruptcy, unless the creditor petitions for and is granted relief from automatic stay. So, if you miss payments before filing a Chap 7, you need to be able to catch up pretty quickly.

    I know you stopped paying on dischargeable unsecured debt months ago. If you cannot save money for attorney fees after stopping payments on all dischargeable, bankruptcy alone may not solve your problems.

    There is no way to be certain that your about to be sued. I wouldn't default on secured debt to pay attorney's fees until I actually received a summons. Assuming you can pay attorney's fees with one missed payment, you will have time to get your BK filed before a creditor can get a judgement.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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    • #3
      I would not skip a mortgage payment. I would skip payment on unsecured debt, even utility bills if they're high enough. Once you file and get your case number, the automatic stay prevents the utility from disconnecting your service, and any monies owed will be discharged. The only time it makes sense to miss mortgage payments is if you're trying for a modification, and planning to surrender the house if the lender won't cooperate.

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      • #4
        Thank you guys for responding to my post! I really appreciate the help!

        At the moment I am currently paying my mortgage late each month but it's been paid without going over 30 days late. So my lender hasn't even called me about it, well they did once and I explained how tight I was on money but they didn't again. I assume as long as I am never more than 30 days late they probably won't mess with me much.
        I will take your guys advice and not skip on one. Currently I have been drained by medical expenses, that's what caused me to fall behind as much as I am. Luckily my wife is doing much better due to her new medications to manage her disease. So that should lighten up some. I would "borrow" the filing money most likely from my mom. Without obligation right now for payback. So having that tossed into bankruptcy won't be an issue.

        As far as getting forever stuck in this situation even after filing, ya right now even with not paying all of my (our) unsecured debt we are very tight. If I was caught up we could make it OK, but extra disposable income after reasonable living expenses won't exist. We might however be able to start building savings up for emergencies though (such as auto). But I don't come out well on the means test, luckily a lot of the expenses are medical related. I am hoping that might keep up either paying very little back each month, or allow us to qualify for a Ch7.
        The light at the end of the tunnel is gaining a second income after my wife is done with school. We are trying to survive until then, bu she has already had "verbal" offers for positions which are fairly solid. However that is another year or so away.

        In our case clearing out our debt to help keep us afloat until that point so it doesn't feel nearly as dire.
        I have not been sued yet but expect it to happen soon. I am not sure how long you usually have from a summons until a court date. My biggest worry is it being served by the police, especially at work. =/

        Anyways as usual I appreciate everyone's help, and I probably am freaking out too much about all of this. I just would like to file n

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