All:
You were a source of great comfort and information during this troubled time. Below I have provided a summary of my thoughts on my case with the sole intent of trying to help others, and things I have learned:
See my other questions and posts if you want to follow my story. For now, I'm going to duck out and work in re-establishing my credit. I think I'll do my taxes today. For the first time in 10 years they should be relatively simple to do!
I wish everyone the best. There are a lot of people in this country going through bankruptcy - so you're not alone. In fact, I discovered in poking around Pacer that both my sets of in-laws that live nearby me had also filed around the same time we did! That of course is too bad, but at least I didn't feel so alone.
Good luck to all.
You were a source of great comfort and information during this troubled time. Below I have provided a summary of my thoughts on my case with the sole intent of trying to help others, and things I have learned:
- Hire the best bankruptcy attorney you can find. Do not do this alone. I am certain just the presence of our attorney at the 341 and my attorney's prior dealings together with the trustee helped our case.
- If your attorney won't give you good answers, or implement a strategy you think is reasonable, dump him/her and find another one. There's plenty out there. I went through two attorneys that wouldn't file Ch. 7 for me based on my income, until I finally found one that would. My case was work, and the first two attorneys just didn't want to do the work...
- There exists misinformation about income and Ch. 7 bankruptcy. Those that say you can't make six figures and file Ch. 7 are wrong. I have a discharge to prove it.
- There exists misinformation about filing bankruptcy and having a nice home/cars, etc. You don't have to be destitute to file bankruptcy. You just have to state your income and expenses honestly. If you have/make a lot and owe a lot - in general you'll still be entitled to a bankruptcy (at least under the old law).
- Answer the trustee honestly during your 341. It is not a big deal. Its nothing to get all worked up about. I have probably the most complicated Ch. 7 in history, given intertwining failed business issues, unpaid taxes, high debt, high income, transfer of property within one year of filing, etc. My 341 lasted 10 minutes, tops.
- If the trustee notes an asset in your case, and wants it, give it to 'em. It's not worth haggling over. You're better off getting the hell outta there unscathed. We thought we had a no asset case, but the trustee took interest in a car we had that we thought couldn't be worth more than $1,500. In the end, we gave 'em the car, nice and easy. We can always borrow or get another car.
- You will still get bills and phone calls after your discharge. Be prepared to fax letters, etc. to handle it. At least you've got your discharge.
- This whole process is tough, a major life event - but "this too shall pass." There's a lot worse things than bankruptcy, like death of a loved one, divorce, imprisonment, terminal illness. Count your blessings...
See my other questions and posts if you want to follow my story. For now, I'm going to duck out and work in re-establishing my credit. I think I'll do my taxes today. For the first time in 10 years they should be relatively simple to do!
I wish everyone the best. There are a lot of people in this country going through bankruptcy - so you're not alone. In fact, I discovered in poking around Pacer that both my sets of in-laws that live nearby me had also filed around the same time we did! That of course is too bad, but at least I didn't feel so alone.
Good luck to all.
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