I need advise, please

[rustyjanice]

After reading LOTS of postings, I'm very confused.

I am self employed and have lost lots of business due to economy. I feel I have no option but to file Chapter 7. I'm going to include my house & van. I've bought a used car to keep after they take my van.

One of my questions is about any cash I have in my checking account. I am just now reaching the point where I can't pay all of my debts, so starting this month I'll stop paying. Will they take whatever cash in my bank accounts when I file?

What is "Pacer"?

[almost]

Do you have a business that is a LLC or just work for your self.

There are exemptions that can cover some of your property and some cash in the bank. You have to check with your state.

Be careful buying something large before you file BK, ie. car.

When you say can't pay ALL my debts, do you mean make the monthly payments.

Pacer is a court computer/search system that is used by court clerks, judges, attornies, and filers. It has all of the paperwork related to BK case.

There is a BK book that if anyone is thinking about filing should read, How to file chapter 7 BK by Nolo Press. Good book, lots of information

[rustyjanice]

Thanks for your quick reply.

My business is LLC, taxed as S Corp. I have to keep some cash in business account for FedEx charges, etc.

I will file over 90 days after purchase of used car.

Yes, I mean that my current income level means I can't pay all of the monthly payments on house, car & credit cards. My current plan is to file in the middle of August '08. I paid June 1st mortgage and don't plan to pay other monthly payments.

I'll go to book store & look for the book and read it.

Thanks!

[deafbroke]

Get an attorney. He or she can exempt your checking account but thete might be limits as to how much you can have in it. It varies by state. An attorney will figure it all out for you.

DB