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Should I File?

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    Should I File?

    I'm 28 and currently seperated from my wife. I have had 3 auto reposessions in my short credit history ( about $40,000 ), College loans ( $25,000 in private loans, about $30,000 in Federal sub & unsub loans ), also about $10,000 in debt to various creditors ( cell phone companies, credit cards, & other companies ). All of this debt is under my name only, and 90% was incurred before I was married.

    I have $0 dollars in assets ( if you don't count the clothes on my back ).

    I have a decent paying job ( about $40,000 a year / about $1200 net each bi-weekly check )

    Currently going through wage garnishment of 25% making my take home about $900.

    My current living expenses:

    $750 monthly rent, although not technically a rent payment since I just pay to help out parents pay for mortgage and there is no rent agreement

    $600 school loan payments

    $450 food

    $250 gas to drive parents car to work

    Since the wage garnishment began about 2 months ago, I've been finding it difficult to pay my bills on time and also to support myself.

    What should I do? Is Bankruptcy right for me? My credit is already "shot" so would a bankruptcy help me in the future if I just start all over?

    Thanks!

    Let me know if you need any additional information.
    Filed 10.23.08 - Chapter 7 Pro Se
    341 meeting 12.23.08

    #2
    Yep, I'd say pull the trigger. About $5oK of that will be discharged. The student loans will survive bk.
    First thing you need to know is where you stand in relation to the median income in your state and then, fill out schedules I and J to get your disposable income. This will determine what chapter you can file.
    Most lawyers give free intial consultations. Talk with 2 or 3 and get all of your options explained.

    Comment


      #3
      Originally posted by keepmine View Post
      Yep, I'd say pull the trigger. About $5oK of that will be discharged. The student loans will survive bk.
      First thing you need to know is where you stand in relation to the median income in your state and then, fill out schedules I and J to get your disposable income. This will determine what chapter you can file.
      Most lawyers give free intial consultations. Talk with 2 or 3 and get all of your options explained.

      Is there a site that I can go to to figure out my median income and fill out the I and J?

      What is the average cost in CA to retain a lawyer?

      Thanks!
      Filed 10.23.08 - Chapter 7 Pro Se
      341 meeting 12.23.08

      Comment


        #4
        This free online calculator computes your means tests results, applying applicable local standards for San Francisco County California, as required by federal law. The 2005 bankruptcy law (BAPCPA) requires all persons to complete a means test (Official form B122A) before filing for bankruptcy. It requires no registration or disclosure of personal information. In 20 minutes you can find out whether you qualify for Chapter 7 bankruptcy under the Federal Bankruptcy Means Test. (Bankruptcy Code 11 USC. 707(b)(2)).


        This site will help you.



        This will help you with figuring your living expenses.

        Start calling local attorney's who handle BK, get some free consults, most all will offer this and this can give you a better idea what your looking at. Don't just see one, see a few, make a wise decision, afterall this person will be helping you threw a rough time.

        Good luck.
        Last edited by justplaintired; 05-14-2008, 11:56 AM.
        Filed Chapter 7 June 4 ~ 341 July 20 ~Last day of objections Sept 18~Discharged/Closed Sept 21

        Comment


          #5
          any idea if I should file 7 or 13?
          Filed 10.23.08 - Chapter 7 Pro Se
          341 meeting 12.23.08

          Comment


            #6
            Well, you file the chapter which, you're eligible to file. A Chapter 7 is far preferable to a 13.

            Comment


              #7
              I live in SoCal and I paid 2050$ attorney fees and then the 299$ filing fee. This is for a C7.


              Originally posted by *aaron* View Post
              Is there a site that I can go to to figure out my median income and fill out the I and J?

              What is the average cost in CA to retain a lawyer?

              Thanks!

              Comment

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