how to explain the debt

[B65]

i have to write a letter explaining the debt to the chapter 7 trustee, I guess it is a lot, but it took 8 years to aquire, so hope he is in for a long read, 8 years ago had 4 kids bought a 7 seater car, second hand for 24k....... within a few weeks engine blew car was toast, nothing could be done no warantty traded itin for 12k so hence negative equity followed me since so 32k is the car I let them take as it was worth 15k and cost too much in gas. then bought a home in 2003, fixer upper.. nightmare..... bathrooms had to be ripped out to the studs, were unusable and mold had seeped in the walls, contractor did a bad job lost his license could not be found and they came leaking through the ceilings had to hire someone else pay again and have both ceilings fixed..... it was my dream home but then with being hit with another 600 a month (long story) out of paycheck we could not do it anymore... sold house 2006 carrying over a 35k loan and 50k in credit cards.
bought the house we are in now in 2006,... after being in a disgusting rental... now read carefully.... no word of a lie.. already strapped and paying back stuff from old house.... roof fell in 7 weeks after buying..... and destroyed most of the rooms upstairs... had to get a new roof and new bathrooms again!!!!!!! by this time after putting most of it on cards, we were so in the hole we were paying minimums and living off our cards and that adds up fast... Hubby 16 months ago was earning 25k less than now too.. and driving 3 hours a day for work (still does )and then it was over $4 a gallon.....

wonder if I lost the chpater 7 guy yet....


BUT here is the thing, I know they think hmmm take the car off the amount and thats,..... 125k in unsecured debt they must have assets......

the truth... not one penny... not one thing to show for all that debt.... second hand furniture........ and no savings no retirement no nothing..... i OWN nothing of any value........ How sad is that??? we never even had a vacation as we were so sucked dry with house repairs...... and 4 kids to feed......

I Hope this is a good enough explanation and I get my fresh start because i am so done with living this life..... and I always think the worse ...

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Did anyone have to explain their debt? and how much was it?

[okiemom2008]

I don't have any answers to the questions but I would like to say Good Luck. I hope it gets better for you!

[halloweendmb1]

I didn't have to do that and I gave back my car and had $128 in unsecured debt. I did keep my house which I am upside down on but I feel it will rebound very soon
Ask your att. how to write the letter

[TEW]

i was looking fo the part of the code the easy writing part is

[Phillymanhere]

B65,

Just make sure you show your writing to someone before you send to the trustee. I had a hard time following you there.

Just some advice: You don't have to have a "great reason" for declaring bankruptcy. Many people get overwhelmed with medical bills, loss of health insurance, etc. But many people (myself included here) were just plain foolish. That's actually OK with the courts long as they don't think you deliberately and stupidly ran up debts knowing you could not repay them (or planning to file for bankruptcy).

So just make it clear and practice telling your story without shame. Don't bog the trustee down in a sob story. Be matter of fact and confident.

But STUPID DECISIONS and BAD LUCK are legitimate reasons for filing for bk. Just remember that.

I am worried because if you approach this with shame, the trustee may sense that you're uncomfortable and may think you're trying ot hide something. Dump the shame! Place that regret into a fund you will use to rebuild your financial life!

Good luck.