So I need some help......

[Twiztedkonceptz]

I have been reading this forum for about a month now, and I have seen a lot of answers to some of my questions. Its been a pretty big help. I just have a few other questions that I was hoping somebody could help me with. I have been researching filing Chapter 7 bankruptcy, and have a few concerns. For one the only real reason why I am filing bankruptcy is because I have a couple of judgements against me, that I wont be able to pay, and I know as soon as I find a job, they will garnish my wages. I am looking forward to the financial freedom, i havent seen that for a LONG time! So here are my questions I am hoping to find an answer to:

1. I need to buy a car, I can get financed for one right now, but with a really high interest rate. I dont absolutely need one for a couple of months. If I filed now, how long do you think it would take before I could actually buy one?

2.Do i need an attorney, or can I file on my own? I have already found all of the creditors, and information for the accounts I want included in the bankruptcy, but the attorney wants 1500 to file it for me, and I can get the papers and file for around 350 if I do it my self.

I guess I have just been procrastinating about this for the past year or two, when I should of just done it and got it over with. I have heard a lot of success stories, but has anyone really had a harder time after bankruptcy? I am looking forward to all your feedback...Thank you so much!!!

Nick

[StaciMM]

You can file on your own, but if you try, keep in mind that with the new laws your case WILL be dismissed if you do not submit everything that is required, when it is required. If dismissed, you start over, pay the filing fee again, and the 2nd time may not get the automatic stay. Things are more complicated now than before 10/17.

People finance cars after BK, APR may or may not be sky high. My guess-being new to a job in addition to the BK may make it difficult. The longer you can put it off, the better.

[bkfiler]

i wouldnt suggest you file on your own. keep searching for a better price. it can only help you.

also, i wonder if this person shouldnt try to get a vehicle now? wouldnt that mean they could end up keeping it with payments? or would this cause complaints from the trustee? there wouldnt be any value in the behicle to take right? what about the 20 day lien crap (that no one ever answers my question to and that i always remember to wonder about) for this situation?

[StaciMM]

I don't know the details but I think that reaffirmations are mandatory now w/ the new law changes. If Twizted could get around that, he could get a car now, NOT reaffirm, and down the road (maybe 6 months after filing, once some time is built up on the job) surrender the car and get something better?

[Twiztedkonceptz]

My plan....

well what I planned on doing, was right after I file I was going to get a secured card with a 500 limit so that I can start building my credit again. And then in about 4-6 months, try to buy a car. My dad filed a long time ago and told me that he got a truck two months out of discharge. How long does the whole process take? I have heard everything from two months up to six months for a chapter 7...Thank you for the replies!

Nick

[Twiztedkonceptz]

Also....should I get the secured card from Orchard bank before or after I file? Sorry for all the questions, but thank you for all the help!!

Nick

[bkfiler]

i wouldnt 'plan' on getting any credit and certainly not 'plan' on using any credit you get. i do realize that you are going to get a secured card. but if you need a car then you might need the money for that instead. also remeber that the APR rates right out of bk are terrible and he prob over payed on the vehicle price and the APR too. they target bk filers and take advantage of them. things are to unpredictable after a bk.

you dont know if you can get any credit. although orchard seems to be a good start. having said that you imo should start building credit asap but wait until after the 341 at least and to be safer after the discharge if you dont want any problems whatsoever.

maybe try buying a 'beater' or something under $1000 max. check it well and drive it 3 times at different times of the day/night to try to verify it works. try craigslist.org and pick your city to the right to find a car in your area.

also, the bk process takes 90 days minimum from the time you file. and if problems creep up then it takes longer.

[bkfiler]

Also....should I get the secured card from Orchard bank before or after I file? Sorry for all the questions, but thank you for all the help!!

Nick

after. you should not apply for anything before. it makes you look fraudulent if you use the credit, and they might just shut it down afterwards anyway. wait until after the 341.

[Twiztedkonceptz]

Another question

I am filling out the papers for the expenses and everything, I am unemployed and not collecting unemployment. I just moved here not too long ago, and have been living with friends and trying to take care of all of this crap. What do i put for expenses since I am not making money. If i put down what I am supposed to pay, but have no income, isnt that going to look bad???? Im not sure what to do, and thanks for the help....

Nick

[Twiztedkonceptz]

Also I just got a cell phone, and its in my old business name, is that going to affect my bankruptcy? I decided to wait on the business, but the cell phone is still under my ein for my business. Am i going to lose it, or should i just not list it under the debts???

Nick

[bkfiler]

make sure its paid off and then you dont have to list it.

the expenses thing is an issue i was dealing with. and most attorneys didnt know how to deal with it either or maybe they just didnt worry about it as much as i did.

im unemployed but collecting unemployment. so i asked should i list my expenses that i was living on just in case i get a job or list what i am living on with unemployment. they were all throwing answers out without knowing what to do exactly. i know it seems straight forward but its not.

anyways, you need to make sure you expenses exceed your income more then $100 if not $200+ imo . thats number one.

in your case im guessing you are going to need to show how you are living without money. list all of your expenses and then list your income as $0. question becomes do you list things as if you had an income or as if you are living without income. id make a mix of both to cover myself for the future.

basically, all you are trying to show is that you dont have any extra. and you dont so you are ok.