new and have a few ?'s

[drowinindebt]

I am going to meet with a attorney on fri, but like most of you I have some questions. It might help for me to tell you my situation. I am living check to check, counting on overtime just to barley make it. Then I got in a situation where I am going to have to pay some money I dont have. I think chapter 7 would be the best option for me. But I am over on the means test by about $1000.00 a month but thats because of the overtime. If I stop working overtime for about 4-5 months I should be under and hence I could file. I dont want to keep anything I have at all. My house is worth about $50,000 less than I paid for it, my truck is a lease that gets 13 mpg, and my motorcycle could be bought used for about half of what I owe. My main question is if I see a attorney on friday and know I cant "file" for 5 months when should I stop payin for the house and truck. How long will it take them to kick me out, and what should i do with my money beside pay court and attorney fees. if I wasn't so upsidedown in my house I would keep it but its not worth the headache to me. Also if i know I am going to give up my truck should I go get a new car before I file so I would get a lower interest rate? Sorry about the long reading I am just a little distraught about the whole situation I tried so hard for so long and am just done with it all!

[b_girl]

If I were you, I would indeed find a new auto before your credit tanks, but if you give up your vehicle this early, they will have time to come after you....better to keep paying for it until closer to time to file. Once you file, a stay will be in effect and they cannot come after you for the deficiency (they might still come after the auto before your discharge, depending on the lender). Course, once you stop paying some of your bills, your credit tanks, so it's kinda a catch 22 there...

Same thing about the house...depending on your state, they might have time to take it before you file (in our state, foreclosures only take 6 weeks per my attorney). And you never know when complications might arise which might delay filing...for example, we intended to file in 6 mths, but it ended up being almost 9 months because of unforeseen expenses that we encountered along the way. Luckily, the only bills we stopped paying following our October visit with our attorney were the credit cards (we kept up with loans with secured collateral--2 vehicles & 2 houses) so when we were finally able to file, we still had all of these in our possession and are now working on voluntarily disposing of them.

Course when you meet with your attorney he might have much better advice based on your state's laws, so I would definitely pose all these questions to him/her Friday. Good luck!

[drowinindebt]

so i should pay on both of them for at least the next 3 months? do you think that would be long enough

[Cali]

Just because you over the median, doesn't mean you can't file C7. I filed C7 and I was over a lot more than you are.

I stopped paying on one of my vehicles in March, and filed in June. I called them a week ago and they came to pick it up. I don't there is one right answer, it all depends.

Good luck!

[TEW]

Your attorney is most likely going to tell you to stop paying anything you don’t want to keep. Stop pay the CCs you use that money to pay your lawyer and you’ll need a place to live after your house is gone. I have not paid my mortgage in 4 months and I am still here no sing of a sheriff. it depends on what state you live on how long it takes to foreclose. As soon as you file you will get an automatic stay that the mortgage company will move to have lifted so that can foreclose. TAKE your time leavening. Save that money for your move and restart. You’ll need it since your credit will be in the tank.
I have 3 car dealership that want to sell me cars the day of my 341.
Talk to a couple of lawyers 3 or 4 ,
Relax this is not the end of the world it’s a fresh start.

PS I am over median and file chapter 7