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Discharged from debt: Chapter 7, over the median income

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  • Discharged from debt: Chapter 7, over the median income

    We were over the income filers and were just discharged - timely - from our debts.

    DEBTS:
    ~We had an underwater house that we could not sell - nor barter with the servicer - and had rented for a couple of years. It would foreclosure.
    ~ 2 CC's total about 20k
    ASSETS:
    ~couple motorcycles and cars
    ~house in the county
    INCOME:
    ~over the area's median by about 800/m...

    I spent a lot of time reading here b4 approaching an atty. I COULD have done this pro se, but I had the money and figured a local with experience who knows the players would be of benefit.

    At first meeting with atty he thought I should go 13 with near 100% payback. I showed him my expense sheet and explained it and he was willing to try 7. (My atty is the "best in the state" for BK according to a VVIP. I think it is just his motive to give 13s to the Trustee. I also think it is better for their long term balance sheets. Path of least resistance / lowest hanging fruit and all) . But he ultimately did NOT bat an eye when I said try for 7 first.

    Until the 341 meeting, I was on these forums hours a days. I wore out the search function looking up previous topics relevant to my case. We had a choice of Exemptions in our state and we went with Federal. We were able to protect 100% of our assets - we gave up the old house. We arrived at a DMI of about $75. When I really scratched my head hard over monthly expenses, it was not hard to get to the magic number: life insurance, taxes, maintenance etc...


    After the 341, I almost never thought about our BK again. It was smooth sailing and discharged on time.

    Really big props to the regulars on here who contribute so much - so quickly!

    Parting advice - really spend time here learning about reasonable legitimate monthly expenses. You'll be suprised. I know it varies by district, but listing income in months leading up to BK is a truly grey area (aside from the obvious income). I've read that some filers had to list 401k disbursements and gifts while others did not. If your grey area income is on the borderline of filing C7 - research that and on your free consults, ask that question right out of the gate....


    Hurray to us and Hurray to you.

    I am really glad that our country offers us this fresh start. How would entrepreneurs flourish in this country without an escape plan? I read that many foreign nations consult with our bk judges to adapt their system to ours. I think it's totally whack that student debt isn't dischargable for the most part - but other than that, I am proud of our system and proud that I we did it. SOOO much better than drowning.

    See ya round like a doughnut.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    8/10 - began researching bk, 9/10 - stopped paying ccs, 10/10 - paid atty fees, 11/10 - filed c7 - over median income , 12/22 - 341, 12/23/ - no distribution

  • #2
    CONGRATULATIONS!!!! There's nothing like a Discharge in the middle of the week!! I hope you will stick around to give moral support to the newbies. Here you go:

    http://www.youtube.com/watch?v=f9aA_...eature=related

    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

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    • #3
      Happy Fresh Start to You, ozarkmiss!! Congrats!
      ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
      Not an attorney - just an opinionated woman.

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      • #4
        Thanks so much you all. Do you know that was the first time I clicked on the hamster link? I wanted to save it for my special day. Really appreciate this warm and smart community.
        ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~
        8/10 - began researching bk, 9/10 - stopped paying ccs, 10/10 - paid atty fees, 11/10 - filed c7 - over median income , 12/22 - 341, 12/23/ - no distribution

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        • #5
          Congrats to you! It's always great to read the good news. You are so right about the people and help on this forum. Incredible.
          Stopped paying 8/2010, Filed 2/2011, 341 3/2011 done, Report of no distribution . . . Discharged & Closed 5/2011!

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          • #6
            Congrats!!! Hope to join that happy dance soon! T minus 12 days and counting!

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            • #7
              Congrats, Ozark!
              Chapter 7 filed 10/8/10...341 Meeting 12/6/10....Discharged 2/16/2011....Case Closed! 3/1/2011

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              • #8
                Well said Ozarkmiss!!! Congrats to you!! I agree with us being lucky to have this escape plan.
                Filed Ch. 7 11/8/10: Survived 341 Meeting 12/13/10 Report of No Distribution!! 12/14/10Received UST Presumption of Abuse!! 12/15/10 UST states Dismissal is Inappropriate! DISHARGED!! 2/22/11

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                • #9
                  Congrats and best of luck in your future!!

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                  • #10
                    What a great post. Thanks for taking the time, ozarkmiss. Congrats
                    There are two secrets for success in life:
                    1.) Never tell everything you know.

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                    • #11
                      Hi Ozarkmiss,

                      Just wanted to mention that I couldn't agree more with the advice given in your post. I also spent a lot of time searching through the posts and was well prepared by the time we filed. I believe it made the difference between a 13 and a 7.

                      Congrats!

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                      • #12
                        Originally posted by ozarkmiss View Post
                        Really big props to the regulars on here who contribute so much - so quickly!
                        The advice given here can be priceless. Now that you're wrapping up, perhaps you'll have time to be a regular contributor too?

                        Congratulations and good luck in your new future.
                        All information contained in this post is for informational and amusement purposes only.
                        Bankruptcy is a process, not an event.......

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                        • #13
                          Ozark, just read your post - CONGRATULATIONS!!!! indeed!!!

                          May I ask you a question? We're over the median but with expenses, etc., in two montsh - lawyer thinks we can do Ch 7 - I'm interested in your experiences...what sort of docs did the trustee ask for? I only have w2 INCOME AND EVERything is documented....

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                          • #14
                            Great news

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                            • #15
                              Ozarkmiss, great news for you, thanks for posting. Just one question, how did you over come the plus 800 bucks a month income?

                              Comment

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