Newbie Need's Heads Up:$180K in the Hole

[PANewStart]

[email protected]

[keepmine]

Looks like Pa. lets you use federal exemptions.

http://www.bankruptcyaction.com/paexemptions.htm

Bk won't help you a bit unless, you can support yourself post bk. You need to start looking for a better job.

[JRScott]

Welcome to the forums

What was your gross income the last 6 months?
What is your current mortgage payment monthly?
What is your current car payment?

One thing to do is run by NADA.com and get a value for your car. You'll need that as you go forward with the process.

Don't worry we have all been here.

[AngelinaCatHub]

Looks like Pa. lets you use federal exemptions.

http://www.bankruptcyaction.com/paexemptions.htm

Bk won't help you a bit unless, you can support yourself post bk. You need to start looking for a better job.

Keepmine is right. You can't live on $500 a month. Usually depending on the value, you can keep your car. Is it paid off? If not you can pay through or reaffirm. I'm not sure about PA but in FL we have a homestead right and only the mortgage holder can take your house.

You sound like a candidate for a 7. 'Hub

[TheKingOfSting]

H
I have no savings and $5000 in my checking accounts (money I was able to borrow from my last 2 credit cards to live off of and pay utilities). I’m drowning!!

This might hurt you depending on when you borrowed the money versus when you file for BK. If you borrow the money, then immediately file, the creditor can claim fraud in that you borrowed the money knowing you'd never pay it back.

There are many threads on these boards about this topic. Proceed with caution.

King

[fltoo]

Looks like Pa. lets you use federal exemptions.

http://www.bankruptcyaction.com/paexemptions.htm

Bk won't help you a bit unless, you can support yourself post bk. You need to start looking for a better job.

You are always realistic with good advice.

[TEW]

This might hurt you depending on when you borrowed the money versus when you file for BK. If you borrow the money, then immediately file, the creditor can claim fraud in that you borrowed the money knowing you'd never pay it back.

There are many threads on these boards about this topic. Proceed with caution.

King

PA I think there is 9300 per filer

[PANewStart]

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