Big House and Chapt 7

[HHM]

KNECK, I think you could probably have a successful chapter 7, but it will be more costly and probably take longer. However, you are up against the October 17 deadline. To have any chance at a chapter 7, you need to file before that date, because under the new law, there is no way you would qualify for a Chapter 7.

Check this website http://www.abcworld.org/abchome.html
They list attorney's who are "certified" specialists in Bankruptcy.

But as others have said, this forum is about setting realistic expectations. Under you circumstances, you have a shot at getting through a chapter 7, but you should prepare to back-up all your expenses with paperwork (bank statemetns, receipts etc) that goes back at least a year.

[hhou812hh]

You said it Minnie. I think Lightning is really a cc insider spying on us. Kind of like the Capital one guy yelling NO! all the time. Grant it I agree with Lightning that I should budget items like food better then I do. I admit that would help my own situation. Everyone has a different situation and there is no cookie cutter solution.

This forum however (Lightning) is to exchange experiences and it certainly helped me a great deal. We're not here to judge why someone fell on hard times.

[Lightning]

Honestly, I'm surprised to hear other BK filers defending someone who earns a lot of money and owns a half million dollar home. Do you guys honestly believe it's okay to file Chapter 7 regardless of income? I guess you think OJ Simpson is a really smart guy. He has millions in real estate, golfs all day, and claims to be too broke to pay his debts.

The more money you earn (with respect to cost of living) the greater your ability to have something worth more than a huge house and fancy car: financial security.

How many of you have enough cash in the bank to be able to survive for a year without receiving a paycheck and without having to pull out a credit card? When you make many times the region's median income, you have the ability to do just that.

You just have to decide what's important.

I do not work for a credit card company. I don't work in the financial industry at all. I just really want to see people succeed. Making a boat load of money and spending twice that just doesn't make any sense to me. The average millionaire is probably living right next door to you in an average house driving a used car. As you've seen, a very large income does not mean a person is rich.

[hhou812hh]

Lightning, this is why this country has too much class warfare. I'm saying that a half million dollar house in the north east or the west coast does not make you rich. Nor does a 6 figure salary. No one is defending O.J.

I do (sadly) agree with you on the issue that some people do spend beyond their means. I was one of them and that's why I'm here writing to you . As for people coming here for answers, I don't like to kick anyone when they are down and need answers. I don't think this is the place for it!

[sunshine08]

I don't think 90% of us got into debt with the idea we wouldn't or couldn't pay our bills. I, personally would rather have the ability to be able to pay my bills and not have had to file but we can't have everything. My point is that irregardless of of our income, we all got accustomed to living at least to the extent of our means, whether it was making $20,000, $30,000 or $200,000.
My husband is from Georgia and that house within 30 square miles of Atlanta is probably reasonably priced.
The only advise I have is check with several lawyers quick! Bankruptcy is a slow process. get all your documentation together, check stubs, bills, bank statements, etc. also get a realtor to give you "an appraisal on your house @ fair market value. There are a couple websites that do an estimate if you live in a large ares.. Look on pacer in the middle Georgia area and check out some cases. Also some lawyers that work out of their home, etc. and do alot of bankruptcy cases are places to look at. Also, for people in Georgia, it seems that they like to file Chapter 13, partially because it must be easier to do wage garnishment.
Again, just an opinion and Good Luck!!!!!!!!!