Can I get a Chap 7 and eliminate all of my unsecured debt?

[CATCHMEIFYOUCAN]

GaCreditGuy

Notice you got your case CLOSED the same day as your DISCHARGE??? Amazing !

CMIYC

[SinkingFast]

GaCreditGuy

Notice you got your case CLOSED the same day as your DISCHARGE??? Amazing !

CMIYC

That's cause GACreditGuy didn't get Discharged on time at the end of his 60 days.

His paperwork got lost in a pile and was back logged.

When they did find his file, he got double rubber stamped,............. Discharged and Closed on the same day.

[bige1030]

Same with me...my filing fee payment was said to be "not received" when it really was, so when I finally got the court to verify that they got paid, my case was discharged and closed the same day.

[Spartan]

get a good attorney and they will get you through this.

I agree. You will just drive yourself nuts trying to sort out both your situation and the bk laws that apply. Best to get a competent attorney. It beats getting screwed up and then trying to hire one to fix the problem. Yike!

You got too much to risk there.

[bige1030]

I agree...and the key words are "good" and "competent". While a mediocre lawyer might be able to file a straightforward no-asset, uncontested Chapter 7, there are a lot of issues in this case. You'll definitely want a good one who will file Chapter 7 if possible.

If you can't file Chapter 7, you'll definitely want one who will get you in a position to file Chapter 13. As of this moment, your debts are straddling the Chapter 13 debt limit - you must have less than $307,675 unsecured debt to file Chapter 13. A good attorney will (a) have you wait until April 1 when the debt limit is adjusted for inflation and/or (b) advise you to pay down a little bit of your unsecured debt so that it doesn't meet or exceed the Chapter 13 debt ceiling.

The only alternative to Chapters 7 and 13 is Chapter 11, which is extremely complicated and quite expensive. The only thing fun about it are the aspects of law involved...and only your attorney will be having the fun there!

[Oh No]

If the majority of your debt is business or personally guaranteed business debt you should be a 7 no matter what. I am going through the same thing with close to the same amount of unsecured debt and my lawyer says that if the "majority" of your debt is personally guaranteed business debt you can go 7.

Hope it's true.

[storesstores]

If the majority of your debt is business or personally guaranteed business debt you should be a 7 no matter what. I am going through the same thing with close to the same amount of unsecured debt and my lawyer says that if the "majority" of your debt is personally guaranteed business debt you can go 7.

Hope it's true.

How did you make out?

[Cassiopeia]

More Questions:

#2) If I stop paying all my credit cards and my credit card companies chargeoff the debt and sell it to a collection agency, how will this affect the Bankruptcy? Are collection agencies more or less likely to show up in the courts?

Well I can answer this one, from my experience anyway. Almost all of my credit card debts were in collections. Actually all but one. And had been for a long time. There were some cards I hadn't paid on in nearly a year. You can just imagine the harrassing phone calls I was getting. It was constant, every day. Anyway, not a single creditor showed up at my hearing. Not a one.

I'm currently awaiting discharge. It is HEAVENLY to not get ANY phone calls or ANY bills in the mail.

[monlyba]

...And had been for a long time. There were some cards I hadn't paid on in nearly a year. You can just imagine the harrassing phone calls I was getting. It was constant, every day. Anyway, not a single creditor showed up at my hearing. Not a one.

I'm currently awaiting discharge. It is HEAVENLY to not get ANY phone calls or ANY bills in the mail.

I haven't paid on my cards in about FIVE years! can you tell I've been putting this off for a long time? I hope it all runs as smoothly for me. the calls have dwindled (maybe 1-3 a day, if that... and the occasional letter in the mail every few weeks).

to the OP: good luck to you... I agree with the others, sounds like you need a good lawyer. I hope you can file 7 and get it all worked out.

[lrprn]

How did you make out?

SS, member OhNo has not visited the forum in quite some time so it's doubtful you are ever going to get an answer to your question.

This is one more reason why our forum rules state not to post to old threads like this one that have been inactive for more than a few months. Posters tend to come and go quickly since most of our forum members are Ch 7 filers. Once their case is discharged and closed, they stop by much less frequently (if at all).