Looking into Chapter 7

[Familyof5]

My husband and I are trying to decide if this is right for us. We have a lot of credit card debt.

We have a mortgage and a car payment which we still want to keep and continue to make payments on. We own our family truck (just a 01 tahoe).

We just have so much credit card debt that we are getting more behind every month. I called a help line yesterday and told the lady all my info trying to find a payment plan but she said that we didn't make enough money to qualify for any of the plans and should look into chapter 7. I haven't gotten behind on any of the payments but will very shortly if we don't figure somthing out.

If we do a chapter 7 would they take our car or truck? Or the stuff in our house? Would it just take our credit card debt away? I know we would not have any credit and have to rebuild that but that seems almost too easy?

Thanks

Any input would be very appreciated, I don't know anything about bk

[Dollar Bill]

There are several layers that go into filing Ch 7 such as what assets you have, what exemptions you quilify for in your state.

Does your home have any equity? How much does your state allow you to exempt?

Will the both of you file?

Do you qualify for a Ch 7? Take a look at the means test. (I will find out where it is for you on the forum)

Do you have any major assets to tuen over such as wedding ring, furniture, flat panel TV etc? Something that could be sold that would make a difference in your debt?

Being able to keep the truck varies on how much of the value you can exempt.

Someone in the forum recommended looking at the trade in kelly blue book value. kbb.com
You may be able to exempt a certain portion of it.

THE VERY BEST THING YOU CAN DO AT THIS BEGINNING POINT IS TO FIND A BK ATTORNEY IN YOUR AREA THAT WILL OFFER YOU A FREE CONSULTATION.

[my4devils]

Definitely go see a few BK lawyers. There are alot of if's, and's and but's that go into BK and vary with each individual situation. I am sure your head is swimming right now and sitting down with a lawyer who can lay it all out on the table for you should help you make the decisions you need to. Welcome!