Extremely nervous

[debtrelief08]

Ok I am a newbie I filed Chp 7 on Wednesday per se and i can so nervous because I found this site just yesterday and i wish i had seen it before now i am scaried.

Ok here is the dilemia i filed because in 2006 my fiance was killed by a impaired driver so his death left me a single parent (we had a 7 yr old son) this point will be revisited. So anyway we were living a together in a home that required two incomes to maintain so i moved home with my parents. Since then purchased a new car in october 2006 a 2006 Hyundai badly financed due to my credit rating.

So i was being sued by a credit card and i put myself through school i have student loan debt of $40,000 owe $15,000 balance on my car and i also have credit card debit of $5k when i finished the shedule f the total was around $93k and i make less that $30k a year with a child....so i felt like bk was the only way let the car go and move on
But after reading these forums (which are great just wish i had saw them before filing) But i should a few stocks but i only recieved like $465 for 13 shares and my tax refund was around $2100 since they took taxes from 2005 out of it but i did not realize that i needed to put that on any of the forms and i definately did not add the upcoming stimulus rebate on there because i don't have it yet and i never thought i would lose it...i also filed my state taxes on 041608 and should get a little refund of $129 dollars looks like that is gone too.'

I am just so afraid that i am going to get in trouble with the trustee for not reporting the stocks sell and the income tax money i do not know if that will put me over the median how could it if i read it right i could make up to $48k and when i did the means cal i had $22k yearly income

i know this is all over the place but i am so confused and scared now any insight into what to do now will help

Now remember my fiance was killed will there is a pending wrongful death case that i am the executor of the estate for my son. I did not put any information about that in the bk forms because the law states that all proceeds from this case go to the minor child (my son) just found out from the lawyer that this case will be concluding in a few days a settlement has been reached with the insurance company. is this going to be a problem i asked my son attorney about it and he said i should be reimbursed for some funeral cost is that considered income

now i am thinking i should not have filed is it to late to change my mind...HELP

[debtrelief08]

how does the trustee found out?

[debtrelief08]

how much exemptions would i get in Indiana?

[debtrelief08]

ok one more question what happens to my student loans they are all in forbearance right now and i do not want them to start making me pay them because i filed bk.

[momof5]

I am still new to the whole bankruptcy thing but I can offer you a couple of thoughts on what I have read here.

#1 ANY pending or possible lawsuits at the time of filing are supposed to be disclosed as an asset. Heck we have one on our asset list of $199.00 with my husbands former employer for his paycheck. I would think even if in trust for your son. You are filing the lawsuit so you will be the one the money goes to or at least your name in trust for your son. By not disclosing it as a possible asset it could be construed as hiding. I dont know how Trustees find out things but its always better to assume they WILL find out.

My Aunt filed chapter 7 about 3 years ago and had a pending wrongful death lawsuit against a school district due to the death of her 15 year old son. The trustee took all but $7,500 of it.


Tax refunds... we got back 9,000 in February.. it was included as income on my attorney prepared forms.


Your student loan debt will not go away. I dont know anything about forbearance. I just know that even student loan debt of $789 isnt discharged in bankruptcy.

I know I have read alot about people filing their own bankruptcys but with a pending lawsuit etc..etc. sounds like you really should have talked to an attorney.


Again these are just my thoughts and experiences so far in this process.

[debtrelief08]

momof5 thanks for the response hind sight is 20/20 now i wish i had consulted a lawyer but is it to late to..
Everyone is talking about 6 months but the bk court only asked for checkstubs for the last 60 days before i filed for bk so what is the 6 months about

[debtrelief08]

Another thing if the majority of my debt is not cc but is due to the car and student loans does that make a difference

[lrprn]

Ok - let's see if I can get all your posted questions answered in one place

But i should a few stocks but i only recieved like $465 for 13 shares and my tax refund was around $2100 since they took taxes from 2005 out of it but i did not realize that i needed to put that on any of the forms

If you sold these stocks during the six calendar months before you filed, then you must file amended forms to include the sale in your income calculations.

Now remember my fiance was killed will there is a pending wrongful death case that i am the executor of the estate for my son. I did not put any information about that in the bk forms because the law states that all proceeds from this case go to the minor child (my son) just found out from the lawyer that this case will be concluding in a few days a settlement has been reached with the insurance company. is this going to be a problem i asked my son attorney about it and he said i should be reimbursed for some funeral cost is that considered income

This is a very serious oversight. As Momof5 said, since you are the caretaker of your son's funds and will distribute them, you absolutely MUST file amended forms that include noting this possible settlement for your son.

It's fairly easy to file amended forms before the 341 meeting. When is yours scheduled? Also with all of these complex issues, you really aren't a good candidate for a pro se filing on your own. However, we can't change what's done. I would suggest that paying for an hour or two for an experienced bankruptcy lawyer in your area to go over your amended forms before you file again would be well worth whatever it costs you. If you truly have no money to do this, then see if there's a Legal Aid office in your city - they would be much better than trying to go it alone again.

i definately did not add the upcoming stimulus rebate on there because i don't have it yet

No problem here. You can't include what you haven't received. There's no consistent answer across the country how Ch 7 trustees are treating the stimulus rebate. Some have said they are taking their filers' rebates, others are allowing their filers to keep theirs. No way to know which way your trustee is going to go.

Everyone is talking about 6 months but the bk court only asked for checkstubs for the last 60 days before i filed for bk so what is the 6 months about

The court is making an assumption that your income isn't varying much between months, that's all. They will take the two months, multiply the income x 6, then divide by 2 to come up with your monthly income.

Another thing if the majority of my debt is not cc but is due to the car and student loans does that make a difference

Makes no difference at all. However you do need to figure out if not making your unsecured debt payments frees up enough cash for you to meet your other non-dischargeable debt payments. If it doesn't, then bankruptcy won't solve your financial problems entirely. You need to figure out a way to make more money, cut expenses, or surrender an asset - there's really no other way.

And here are a few questions it would help us to know the answers to:

- You said "So i was being sued by a credit card..." What happened with this lawsuit? Was there a judgment? Did you include the credit card (and the judgment if one was reached) when you filed?

i do not know if that will put me over the median

How much was your gross income from all sources (including the stock sale) during the last six calendar months before you filed? And what state did you file in?

I wish you had found us before you filed as well. Hang in there and keep asking questions (alhough it helps if you give us a little more time to answer each one before posting another ) We aren't lawyers, but we'll help you sort out this mess as best we can.

[debtrelief08]

thanks lrprn so much i appreciate you answers
so on my gross income for the last six months including the sale of stock
stock $495
income $6883.14
tax return $2100
total $9478.14
that is for the last six months

The cc that was sueing me i included it in the bankrupcty there was no judement entered yet because i filed when i received the summons from the civil suit. It just escalated the need to file i was already paying on a car that i can not afford $510.00 a month.

Sorry for bombarding the board with questions i am just so nervous i called a lawyer on friday and he was suppose to have a lawyer from his office call me back no call as of yet.

Oh I live in Indiana

I was thinking that since i do not owe a home or anything i can use the Wildcard $8k to exempt any money i have right?

[debtrelief08]

UPDATE SPOKE TO THE ATTORNEY OFFICE THAT IS HANDLING MY SON WRONGFUL DEATH SUIT....
she said to come in on Thursay and bring everything i used to file and that i am the plantiff in a lawsuit on behalf of my son. so i am even more nervous now have i made a mistake filing bacnkrupcty is it too late to take it back or unfile?

[lrprn]

UPDATE SPOKE TO THE ATTORNEY OFFICE THAT IS HANDLING MY SON WRONGFUL DEATH SUIT....
she said to come in on Thursay and bring everything i used to file and that i am the plantiff in a lawsuit on behalf of my son. so i am even more nervous now have i made a mistake filing bacnkrupcty is it too late to take it back or unfile?

Once a Ch 7 bankruptcy is filed, you cannot voluntarily dismiss ("take back or unfile") it.

Get yourself to 3-4 experienced bankruptcy attorneys in your area immediately - most give free or low-cost initial consultations. Explain everything you've told us already and find out how much potential damage you've caused yourself here. There's no obligation. .

Since you filed initially without a bk lawyer and are now having issues, you will be able to protect your interests better going forward with a good bk attorney by your side. Attorneys are more sometimes more reluctant to take on a hasty self-filed case with problems, so be prepared - you may have to pay more than the standard Ch 7 fee you would have paid if you retained a lawyer to begin with. Good luck - keep us posted on what happens - hang in there.

[debtrelief08]

Thanks for the information thus far i see the lawyer tomorrow after work...i just want to know can they convert a case to a chapter 13 when you are a single parent and not making nearly enough money i do not understand how the ust or anybody can ask for money that is not guaranteed yet i do not have the money

[debtrelief08]

can someone help me with this six month look back what are they looking for

[lrprn]

can someone help me with this six month look back what are they looking for

The six full calendar month look-back is to determine your income for the Means Test and Schedules when you file. Calculating your "current median gross income" is mandated by the current bankruptcy law.

Here's what is considered income when you file for bankruptcy:
-Wages, salary, tips, bonuses, overtime, commissions.
-Gross income from the operation of a business, profession or farm.
-Interest, dividends and royalties.
-Rents and other real property income.
-Pension and retirement income.
-Regular contributions to the household expenses of the debtor or the debtor’s dependents, including child or spousal support.
-Unemployment compensation (unless the unemployment compensation received by you or your spouse
was a benefit under the Social Security Act)
-Income from all other sources.

As you can see, pretty much no stone is left unturned.

[debtrelief08]

So social security is not included in the calculation?