Hi Everyone:
My husband and I met with our attorney this week. We were originally going to do a short sale, or deed in lieu, but our attorney said that there isn't enough time to do either of those and file a ch. 7 or 13 if that doesn't work out before the new laws go into effect (not sure what all this is about). All of our debt is our home, which we basically built and overextended ourselves. We have a little credit card debt, student loans, etc., but we are making payments on all of these items. All our accounts are in good standing and we have good credit; BUT..,we are really scrimping to do it. We just wanted out from under our home and he made it sound so easy. I am concerned that we don't know what we are getting into!
We gave the attorney copies of all of our bills. I called them up and said do I need to let you know what accounts we want to keep. The secretary told us that they are required to list all of the accounts anyway and that they will most likely be closed due to the bankruptcy. I am now really concerned, because I supplied bills to Dr.'s, Counselors, etc. that are completely paid in full. I don't want them to even know what is going on with my financial affairs. Who exactly will be notified? Just credit card holders, mortgage, etc., or will anyone we have ever paid a bill to? What do you suggest we do. We are worried that our overdraft and checking accounts will be closed. Does this happen?
I guess overall, we really are a little lost and don't know what will happen. He also wasn't sure if we would file a Ch. 7 or 13, but said it would be about the same amount of money either way because we own our cars free & clear and we would have to pay for those if we do Ch. 7. Someone please explain what is going on!
My husband and I met with our attorney this week. We were originally going to do a short sale, or deed in lieu, but our attorney said that there isn't enough time to do either of those and file a ch. 7 or 13 if that doesn't work out before the new laws go into effect (not sure what all this is about). All of our debt is our home, which we basically built and overextended ourselves. We have a little credit card debt, student loans, etc., but we are making payments on all of these items. All our accounts are in good standing and we have good credit; BUT..,we are really scrimping to do it. We just wanted out from under our home and he made it sound so easy. I am concerned that we don't know what we are getting into!
We gave the attorney copies of all of our bills. I called them up and said do I need to let you know what accounts we want to keep. The secretary told us that they are required to list all of the accounts anyway and that they will most likely be closed due to the bankruptcy. I am now really concerned, because I supplied bills to Dr.'s, Counselors, etc. that are completely paid in full. I don't want them to even know what is going on with my financial affairs. Who exactly will be notified? Just credit card holders, mortgage, etc., or will anyone we have ever paid a bill to? What do you suggest we do. We are worried that our overdraft and checking accounts will be closed. Does this happen?
I guess overall, we really are a little lost and don't know what will happen. He also wasn't sure if we would file a Ch. 7 or 13, but said it would be about the same amount of money either way because we own our cars free & clear and we would have to pay for those if we do Ch. 7. Someone please explain what is going on!
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