New to this!

[luvHm]

I am new to this BK forum. Actually I am new to BK in general! We filed! (finally, should have much earlier) I found this forum right after we finished our last meeting with atty prior to actually filing. It was an emotional EMOTIONAL meeting. I never thought Id actually be considering BK. However, once at peace with the decision to "free" ourselves. we meet with our atty to find out we were WAY over the means. we "failed" the means test. just so happens 6 months prior we actually had a decent income. side jobs, OT with jobs... etc. we do not have Xtra $ or we wouldnt be in the position we are in now. just before we actually filed we lost ALL OT, and pay decrease $3 an hour. (loss of $1800 a MONTH)(without "one time" side job too) our atty filed us Ch 7 anyway, due to "special circumstances" he thinks we can possibly still be granted Ch7... Oh and in may I start paying back student loans of $489 a month. with all this considered we come out UNDER means. I guess with no disposible income?!?!? (im new) my question that is haunting and keeping me from sleep iat night is this... how good is our chance of being granted Ch7? Ch13 is scaring me... I dont want to be paying back (when I am broke already) for 5 years! AUGH! I want to get back on my feet and be NORMAL! we filed 3/13/08 and our meeting, 341, im guessing, is on 4/8/08. and I am nervous! I have to say I am so appreciative of everyones blogs, or threads? or stickys? It gives me a peace I never thought Id gain hearing that I am not the only one going through this! I thought I was doomed forever! sorry this is so long. I have read and read and now I am ready to talk. If I can figure out how to do it!

[FreshLikeADaisy]

LuvHm, no one ever expects to be in bk.

If your attorney is competent, you can get a 7 even though you fail the means test; it just takes more work because you have to specifically prove that you have no disposable income. The fact that your atty has signed up for a 7 anyway instead of flat out refusing is a very good sign that he feels competent to navigate you through this without a great deal of drama.

I think it would help you immensely to pick up one of the books on Chapter 7 (I love the Nolo Press one -- see my sig -- but I have heard others, like the Dummies book, are very good too) and learn the process. It's actually not all that complex as far as the basics go (it's the details that make it so!) and I think just knowing what it's about, what roles the atty and trustee play in it, what the timeframes are, will go a long way toward dispelling your fears. I know you've already studied a lot, but one of these books will really help tie the info together for you in your mind: all the tidbits can be overwhelming.

For instance, one of the things you learn upfront when studying Ch7 is that if you end up having to go with a Ch13, you can still convert to a Ch7 the minute you qualify, even in the middle of a Ch13. So worst case scenario isn't as bad as you may think. Obviously I can't tell you what your chances are of getting a 7, but it sounds good so far. Save your energy and learn the process -- it'll go a long way toward getting you through this. Knowledge dispels fear, you know, and I applaud your efforts so far. Good luck!!!

[luvHm]

Thank you! I am going to check out the book! If you know any good books on rebuilding after BK, Id like to know that too! I have researched "Life After BK..." seminars. There are not any in my area. Just as eager as I am to learn about the process of all this, I want to learn how to rebuild and NEVER return! I have been told to make sure you have someone (credit savy, repair...) look at your credit reports post discharge to make sure all debt has been discharged. But I want to be sure I rebuild without getting into "debt" and without having too little or too much credit! I feel I can honestly say I have learned my lesson, however I am afraid of ... once a "financial failure" always a "financial failure"... so I love BOOKS even if they are titled _____ for Dummies! Ive learned alot more then I expected through all this. I learned to become very transparent, I had to admit I was in a hole that I couldnt get out of alone. AND I had to tell others. and WHOA did I feel better! Thanks again for your reply, good to express to those who understand! have a great night!

[FreshLikeADaisy]

LuvHm, be real careful with "credit repair", there are more scams out there than you can shake a stick at. But I understand not wanting to get here again!!! One thing you're going to have to do anyway is take the post-filing debt education course required by the court, which I found informative and easy to understand and I think will start you down the road that you'd like to take from now on. As far as I know, they are all fairly similar in content.

Also, every so often someone here posts about a debt ed course he/she found helpful, so if you look through the site you should see some recommendations. And people here, while polite, don't hold back, so they're very honest reviews! Here's one on Dave Ramsey: http://www.bkforum.com/showthread.php?t=20488

Best wishes to you!!!

[luvHm]

Thank you! I read Dave Ramsey's book Total Money Makeover. I guess I didnt read it soon enough! HA. I have a friend who knows a credit repair person. I will have to ask her about them, I will definitly be careful before I do anything! As I am going to gaurd my credit as if it was my child! LOL! Thanks again ;)