New to Forum

[ourf8]

I am a new user, I have been hovering on here for a few weeks and am ready to join in. I am just getting ready to file C7 Pro SE this morning. I used an online service to fill out paperwork and everythink looks pretty straightforward. Does anyone on here have any history with the Northern NY bankruptcy courts? Just wondering what i should expect. Also questions I have which I would appreciate any input (even if just viewpoint oriented):

1. Owe 17k on a charged off vehicle (charged off in July 2007 but not picked up) Fair market value is around $5400. We are looking to redeem, but will that cause my exemptions to be exceeded since NY vehicle exemptions are not great? Anyone have any experience with negotiating. Lender is GMAC and they didn't want to negotiate months ago when trying to catch up even though I have paid on it for four years now.

2. I sold an asset for over appraised value last month so I could make rent (I am on unemployment, so we are at deficit every month) It's a bank transfer so I know I have to disclose it, but is an asset sale considered income or just an asset sale like a garage sale? (sold for $1500, appraised for $1300)

3. If I fail to redeem the truck, how will it report once I hand it over? Will they let me redeem it even though I am unemployed? (been unemployed for 7 months due to reasons outside my control)

4. Foreclosed house was sold at auction to the original lender for $100, leaving deficiency judgement of $159,000. Will this judgement go away in the BK?

I haven't seen anyone putting judgement on others but I do feel the need to explain. I don't consider myself a victim, I made conscious choices based upon our situation at that time. As everyone on here knows, things change. Ours changes quickly with a job loss, new baby, and a few lawsuits at the same time. We spent two years trying to fix it and now realize we shoud have done this 18 months ago. Any help is much appreciated.

[fltoo]

No need to explain. You are simply making a business decision that is best for your family.

Keep us posted as to how the online service works out.

[WoodSprite]

Welcome, ourf8; I so glad you've found us. I don't have any answers to your specific questions, but it does look as if you're thinking very clearly about this. Good for you for taking this step.

If you haven't already filed and you don't absolutely need to file today, I'm sure someone will tell you to get your hands on a copy of the NOLO book, and I'd definitely recommend that before you file. I got mine from the library, but there's a new edition out, which you can download for less than the cost of buying a paper copy. There's a sticky on this here.

Aside from the NOLO book and this forum, the most helpful info I found was on the Bankruptcy Law Network. There's a sub-index of state-specific issues which I found very helpful.

I filed in the Northern NY district and can only say that everything happened in a timely fashion, my trustee was a decent human being, and the whole process went almost eerily smoothly. No scary greedy Florida trustees, or exceptionally confusing PACER oddities. All business.

Welcome!

[ourf8]

Thank you guys! I did have to file quickly so i didn't lose the truck to repo. I actually had to wait until yesterday, as embarassing as it is I didn't have enough money to buy ink to print out the 104 page petition or enough for gas to drive to Syracuse. I did get there yesterday and it was an interesting situation. After not finding the building, I stopped for directions only to find out it was three blocks away. I got to the Federal Courthouse after parking two blocks away only to find out at 3:57 (they close at four) that they are in a separate building 3 blocks away. I ran three blocks, the escalators in the building were already turned off so I had to run up three flights of stairs and the wonderful people in the office still let me in! So at 4:22pm I am officially filed and the only thing missing or incorrect were the payment advices because they are a local form? They were so sweet and understanding! Thank you guys for welcoming me, I hope to contribute once I gain some knowledge.