Here's my situation!!!

[jgordo52]

My name is Jeff, hi ya'll

this is a great forum you guys have here. I make about 38K, but have a roommate that I charge 600 a month for, so about 45200 total. I am in 28K of cc debt, I have a car that's paid off, a 1999 Mercury Sable that has over 100K miles on it. Some minor problems mechanically. I own my home, been here about 14 months, 2 mortgages, about 1450 included association fees, and I own a Harley Davidson V-rod. value is about 11400, and I owe 10600. I had a consult with Peter Francis Geraci here in IL and I was wondering what are my chances of keeping the car and Bike? Also I have the standard townhome, 1500 sq feet, 2 big screen tv's (both gifts), some ok stuff, probably about 4-5K worth of stuff but nothing too extravagant (by the way I own everything inside the home, none of it is financed). I was told in my consultation they see no problems filing for ch 7 and keeping everything, my disposable income was minimal, I'm worried about keeping my stuff and my bike. Any suggestions?

Also, my bike is current with a credit union and is on payroll deductions (300/month), I also have an overdraft loan and cc with this CU, behind a month on cc's, mortgage will be paid current in 2 weeks. Attorney wants 2K to do everything not including fees.

What do you guys think?

[biotechsolution]

If you bk the cc or overdraft loan with the cu to keep your bike you may still have to pay them both off. that dreaded cross with CU's.

[jgordo52]

I was told that I could make the CC, secured and keep it open and the overdraft loan is at 0 right now so no worries there. I'm mostly worried about the bike though.

[keepmine]

Honestly, I don't think bk is the answer. You got too much stuff financed.
Sell the Harley and use the $300 plus the savings that come from not having the expense of insurance, registration and maintenance and start paying down those cc's. Of coyrse, you got to stop charging for this to work.

[jgordo52]

I have too much financed? The only thing I have that's secured is my bike and house, nothing in the house is financed.

[JRScott]

I'd need to know more.

Is the Townhome and Home the same? What sort of payment are you making?

What is the payment on your bike?

How many in your household? (Not including the roommate)

45200 is over the medium income for a 1 person household in Illinois. You might could still have enough secured debt to do it but you'd have to give more info out. You probably need to see 3-4 more bk attorneys in your area before making any decision.

[jgordo52]

Yes, townhome and home are the same thing. Payment is about 1450 including association fees. How many in household, not including roommate, just me so 1. Bike payment is 296 a month.

[justplaintired]

I am not by any means an expert here. But it seems if you're current and making your payments on time on secured loans and want to keep them, I thought you could. Did the attorney seem to think your bike and home would be safe?

Unsecured like cc you can file on as long as you haven't used them for some huge luxury item or cash advances recently. The guestion is how much assets do you hold? What are you allowed where you're at? Did your attorney talk about this? Your best bet is to talk to a few different attorneys. They can help with what you can exempt. Also, keep in mind, when you are putting a value on your stuff, it has to be garage sale prices. Just because you think it's valuable doesn't mean it is to someone else.

Find your exemptions either on here and on a search on the internet. Always best when you begin this process to talk to a few attorney's and get more then one a opinion.

[keepmine]

I have too much financed? The only thing I have that's secured is my bike and house, nothing in the house is financed.

And, you're having trouble paying for them. I'd assume you'd not have a roommate/renter if you could swing the mortgage on your on.
Many of us here have filed bk {myself included} and come out the other side in good shape. However, if you asked any of us if we'd prefer to go through life with a bk or, without one we'd choose the latter. I was making about $35K when I filed on $71K worth of cc debt.I also own a home. If I'd have stopped spending at $28K, I'd have been able to repay and not needed to file.
That's something you need to consider-particularly when you can sell something like a cycle and free up well over $400 a month when you factor in all the operating expenses. Plus, the cc from the CU is cross-collateralized so you won't be able to discharge that debt if you keep the bike in bk. Actually, you'll discharge less than $28K. I'd try and dig out first. The bk card is always available.