Please Help!!

[NOMO$$]

I will make this as simple as possible and eliminate unnecessary details:

2002-Now: Entered into new business 100% commission
Amassed nearly $80,000 in debt

April 2004: Had no more money in savings, started selling stocks and assets in order to pay for bills

July 2004: Figured I needed to sell house in order to pay for bills, charged $3500 for landscaping and $5000 on my Amex for renovation in order to sell house, then spoke with Real Estate Agent in order to sell house and found out I would only net $10000 from sale.

August 2004: Found out I had a baby on the way and realized I couldn't sell the house. Bills are now 2 months behind and credit card companies close all of my accounts. The $8000 I had on my Amex is past due and they have already hired a collections company.

Nothing has gotten better of course, and I see no recovery in site. I want to file for Chapter 7, but I don't know how long I need to wait and whether the 2 cards I have used: Amex and John Deere Credit are going to show up at my Creditor's Meeting. I am still making payments on the only card that is still open, my John Deere card.

I surrendered my car and have only been able to pay for living expenses by selling off my assets. I virtually have no assets of major value left besides furniture and such.

Someone please give me advice.

[bart]

I will make this as simple as possible and eliminate unnecessary details:

2002-Now: Entered into new business 100% commission
Amassed nearly $80,000 in debt

April 2004: Had no more money in savings, started selling stocks and assets in order to pay for bills

July 2004: Figured I needed to sell house in order to pay for bills, charged $3500 for landscaping and $5000 on my Amex for renovation in order to sell house, then spoke with Real Estate Agent in order to sell house and found out I would only net $10000 from sale.

August 2004: Found out I had a baby on the way and realized I couldn't sell the house. Bills are now 2 months behind and credit card companies close all of my accounts. The $8000 I had on my Amex is past due and they have already hired a collections company.

Nothing has gotten better of course, and I see no recovery in site. I want to file for Chapter 7, but I don't know how long I need to wait and whether the 2 cards I have used: Amex and John Deere Credit are going to show up at my Creditor's Meeting. I am still making payments on the only card that is still open, my John Deere card.

I surrendered my car and have only been able to pay for living expenses by selling off my assets. I virtually have no assets of major value left besides furniture and such.

Someone please give me advice.

now is the best time to file chapter 7
and stop paying the credit cards
you can re-affirm your home that means if you can make the payments on the home keep it
also find a bankruptcy attorney

[NOMO$$]

Do you think Amex or John Deere are going to come to the creditor's meeting?

[rrockinggramma]

341

It is doubtful that they will show up at a creditors meeting. They could, however, object during the 60 days following the 341. But others have indicated that usually the creditor offers a "deal" to settle the account and let the rest of the BK proceed. Also, since you have been making payments it is possible that they might not object at all. Also, the burden of proof, if they do object, is on them to prove that you knew about filing for BK when you borrowed the money. Well, you can prove that not to be the case with your realtor's meeting and documentation etc so I think you will be ok in the long run.

[rrockinggramma]

341

It is doubtful that they will show up at a creditors meeting. They could, however, object during the 60 days following the 341. But others have indicated that usually the creditor offers a "deal" to settle the account and let the rest of the BK proceed. Also, since you have been making payments it is possible that they might not object at all. Also, the burden of proof, if they do object, is on them to prove that you knew about filing for BK when you borrowed the money. Well, you can prove that not to be the case with your realtor's meeting and documentation etc so I think you will be ok in the long run.

[robivi3]

God Bless

This is only a note of encouragement. I have been in that exact hole, keeping my business alive to the tune of $58,000.00. My home was almost foreclosed by Chase during the bankruptcy (I have about $50,000.00 in equity, here in Ft. Lauderdale home prices have nearly doubled in four years). They refused payments for my home after I ran 30 days late one time. I wore out my Cell, Hardline, Fax machine and 300 ears at Chase until someone, somewhere finally linked both payments together and they dropped the foreclosure and tacked 600.00 in Atty. fees onto the end of the mortgage. GMAC was another story. I am six months out of it and believe me life is brighter. I am almost caught up on the 2nd (reaffirmed) mtg. but I'm better off today than one year ago. I caught up on GMAC and Chase. please hang in there, you'll get through it.

I have three teenage boys. They are all working, all doing excellent in AP classes (11 kids per class, in public high school!) and will go to College thanks to Bright Futures and good grades.

I 1861 Grant was a failure even in his fathers store. In 1869 he was a US President. Life has it's changes. DON'T kick yourself in the butt anymore. Let's be honest, the CC companies could see it coming, and that's the way you've got to see it now. Just don't do it again. things do get better. try and encourage yourself