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    #1

    My story, lots of questions

    Hi everyone. I have a lot of questions and would like to start by giving my background....

    I am 28. I obtained a lot of unsecured debt since January. I got a second job to help pay the bills and it was working out well. I bought a car in Feb and in july took out a pretty big loan, 6,800.00 to try to pay off other debts. A month after taking out the 6,800.00 loan I lost my second job and started to get in trouble.
    I called 2 debt management companies and was turned down by both since my debt is soo high now. I am in the hole 26k with the loans and credit cards, I have 42k in student loans, I have 16k left on the car. I make less than 40k a yr!! Ahhh!

    I met with a second lawyer friday and he says I am a chapter 7 case. I am worried to death about so many things...

    #1
    My car loan is with the same bank where I have an unsecured loan and credit card. I am afraid they will not let me keep my car. The lawyer said this will be tricky but he feels I will be able to keep it.

    #2
    I am worried about how much new credit I obtained since January and really worried about the loan I took in July. I took it when I had the second job. Filing bankruptcy few months later was NOT the plan and I am afraid it will be an issue in court.

    #3 I am only starting to fall behind now since I was charging for food and gas til mid august.

    #4 I am afraid of doing bankruptcy now when then I will owe taxes right away in 2009

    #5 I live with my boyfriend and have done so for 3 years. He owns his house. If I file how will they decide what to take? I do not want them to take his stuff!!

    Should I wait longer until I file? How long? I am thinking I should wait til the new year and just stop paying certain debts until then so I can eat and drive to work. Should I switch banks since my current bank does my car loan and several other debts?

    Help!!!
    Tags: None
    #2
    ok
    1. The bank doesn't tell you what you can keep. Just keep paying the car loan.
    2. did you take cash advances on those card? I think that's what you are saying. If so wait a little while before filing so they don't look fraudulent. Did the lawyer tell you about that?
    3. I did the same I lived on CC's so i had money to pay the CCs
    4. You don't pay tax of discharged debt.
    5. His income will count on your BK but they can not tuch his property.

    how long to wait if you took cash advances 90 days or longer.
    Has a lawyer run a means test for you yet?
    Chapter 7 07/30/2008
    341 09/17/2008
    Discharge 11/21/2008

    Comment

      #3
      omg. why would they count my boyfriends income? we are not married, we only live together.

      Comment

        #4
        Originally posted by inpain66 View Post
        omg. why would they count my boyfriends income? we are not married, we only live together.
        Because he is "contributing to the household"...
        May 2008 Hired 1st Attorney/Stopped paying CCs
        May 21, 2009 Retained 2nd Attorney
        May 28th - Filed for Ch 7 (FINALLY!)
        9/11/09 - DISCHARGED!!!!

        Comment

          #5
          my lawyer said nothing about this. So will this effect the means test for me?

          Comment

            #6
            yes it will.
            Last edited by TEW; 09-29-2008, 01:52 PM. Reason: typo
            Chapter 7 07/30/2008
            341 09/17/2008
            Discharge 11/21/2008

            Comment

              #7
              He is in debt too. He is in a debt repayment plan with a credit company and makes less than me. Will he have to file for bankruptcy if I do?


              Why didn't my lawyer tell me about this??

              Comment

                #8
                You need to close your checking and savings accounts now and move them to another insitution that you have no ties with, i.e. credit cards, car loans, mortgages, etc. If you don't, your bank has the right to pull money from your accounts for the cards and any other loan you might have. It is called 'the Right of Offset'. Below is a thread started by Lajazz947, telling of his experience with this:

                Right of offset - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections
                http://www.bkforum.com/showthread.php?t=26141
                Bankruptcy discussions that don't fit in existing subcategories
                "To go bravely forward is to invite a miracle."

                "Worry is the darkroom where negatives are formed."

                Comment

                  #9
                  Originally posted by AngelinaCat View Post
                  You need to close your checking and savings accounts now and move them to another insitution that you have no ties with, i.e. credit cards, car loans, mortgages, etc. If you don't, your bank has the right to pull money from your accounts for the cards and any other loan you might have. It is called 'the Right of Offset'. Below is a thread started by Lajazz947, telling of his experience with this:

                  http://www.bkforum.com/showthread.php?t=26141
                  I think this thread is a little diffrent then this posters thread. She plans to keep the car and continue the payments.
                  Chapter 7 07/30/2008
                  341 09/17/2008
                  Discharge 11/21/2008

                  Comment

                    #10
                    Actually, though I have read several threads and posts about CCs, loans, checking accounts, and cross-collateralization problems, this is the post that I remember and can find the easiest.
                    "To go bravely forward is to invite a miracle."

                    "Worry is the darkroom where negatives are formed."

                    Comment

                      #11
                      Yes. I really am going to try to keep the car. I need a car to get to work and would never be able to get another loan at this point...

                      Comment

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