Questions about BK7

[OoMG]

I am new here and looking around, but I have some questions. So far I have been researching and have a book, but some areas are still grey cause I just can't find the info in all the massive information I guess. Unbelievable minutia.

Valuing assets, I see conflicting info here about replacement vs fair market. Which is it? Are their some charts some where to help come up w/ some ideas? and how detailed? Like for clothes.
Things like wedding rings would seem hard also, cause that can vary wildly especially w/no appraisal.

The term creditor is also confusing. If you have some monthly things you pay that u are current on and have no plans not to be, do you list those as a creditor? That you need to reaffirm or not? Say like the phone? or cable svcs? The idea they would be canceled before getting behind. How about a charge card NOT a credit card that is paid every month. (some of that could include the mnthly pmts I mentioned)

Also I see refs for avg mnthly expenses. Is the irs link in the expense link the way to go. I thought there was a ref for this is the small bus link on irs in sticky the one to use for both bus and consumer?

I understand to pull a credit report. Since CC's reporters especially move everything around how can you make sure you are getting the current amts they claim or right companies. Would credit report back you up? I have heard put all you think it is listed as to be covered, but one might show not listed, or different amt. (got no idea what they base the numbers on anyway, can slap a thousand or hundred here or there.) Does it create confusion if you actually have same alleged acct listed from multiple people? Do u just right them all down as stated off the report?

Also, regarding spouses in an individual bk case. I understand both incomes apply for means test, but monthly expenses I am not clear on. Do you list like household? Meaning technically one spouse is responsible for some pmts and not the other. Also co-owned issues in my state seem to indicate a 50/50 split?

Are there any BPP directories to look up local BPP's. I am finding in my area lawyers abound, but not seeing BPP'S. Nolo doesn't even seem to show them. Can't see using an attny. Money is just too important for survival at this point and can't see things being too complex for a BK7.

Thanks.

[tcreegan]

Hi OoMG, and welcome!

Valuing assets, I see conflicting info here about replacement vs fair market. Which is it? Are their some charts some where to help come up w/ some ideas? and how detailed? Like for clothes. Things like wedding rings would seem hard also, cause that can vary wildly especially w/no appraisal.

Almost everyone overvalues their stuff. For prices, go to yard sales or see what things are selling for in the thrift shop. In Virginia wedding/engagement rings don't have a limit. If you want some more minutia see Va. Code Ann. § 34-26 (1a) (actually you will need the state code for schedule C, here is a link to some more: http://leg1.state.va.us/cgi-bin/legp...?000+cod+34-26 )

Utilities/phone/TV do not need to be listed unless you owe them a chunk of change and want to discharge it in the BK. If you want to continue using the service, not a good idea to include them in the BK. The fate of the charge-card is going to be up to the issuer. If you have no balance, don't list it in the BK. Be prepared though, the issuer may have a service to monitor BK filings and cancel the card once you file.

The avg expenses probably refers to the IRS standards used to complete the means-test. see: http://www.justice.gov/ust/eo/bapcpa...anstesting.htm This also gives you 'median income' that determines if you have to fill out the bulk of the means test or not. (under = no, over = yes) If you are over median, keep this link handy: http://www.justice.gov/ust/eo/bapcpa...anstesting.htm

Does it create confusion if you actually have same alleged acct listed from multiple people? Do u just right them all down as stated off the report? ...generally you list them all to avoid hassles later. For accts gone through various collection outfits, list the original creditor, under it put the collection agencies, lawyers, for amount put 'included above', and use the highest number you find on the original creditor line.

Filing separately from your spouse brings in lots of complications. Virginia is not a community property state, is the non-filing spouse still liable for joint debts? Transfers to non-filing spouse in the previous year creates a problem, whose name is on the mortgage deed/car title/bank acct, on top of the expenses question. Might be a good idea to start a new thread just on this topic.

BPP.....I would be very carefull, especially w/ the online ones. There is a reason NOLO doesn't list them, if you can understand the NOLO book you know as much as a BPP does and don't need them. They can't give legal legal-advice and aren't responsible if your filing gets screwed up.

Keep asking questions, lots of good folks here to help out !!

Tom in Colo

[LadyInTheRed]

BPP.....I would be very carefull, especially w/ the online ones. There is a reason NOLO doesn't list them, if you can understand the NOLO book you know as much as a BPP does and don't need them. They can't give legal legal-advice and aren't responsible if your filing gets screwed up.

To put a finer point on the issue, all a BBP is allowed to do is act as your typist and take your petition to the court for filing and pay the filing fee using your check. They can't even include the filing fee in their fee and write a check to the court clerk. They can't decide how to fill out the forms or tell you what information goes where.

Here's a good article on BBPs. http://www.scbankruptcyattorney.com/...parers/2010/06

[OoMG]

Thanks for all the good info. There are no joint debts for this tho, but good points. It is a commonwealth. This is from research and bk book I got. Yeh the unfortunately I just can't see anyway to pay an attorney. I agree the married filing single can be a topic in itself from state to state. If you sell stuff, I know they say wait at least a yr and up to 2 yrs right? Seems a bit ridiculous, have even heard they can look back 4 yrs. Got this thing about eating... (lol)

[LadyInTheRed]

As long as you sell stuff for fair market value, you don't need to wait to file unless you've sold so much that it significantly inflates your income in the 6 months before filing. Be prepared to prove you sold things for fair market value, especially if you sold things to friends or family.

[daylate]

And just ..to add to your confusion (but I think confusion is necessary to ultimately figure this out) many attorneys say that selling things is not income if you didn't make a profit-makes sense but some districts/trustees apparently consider it as such...but then again most attorneys I have talked to have said that selling things at fair market value to raise funds for living expenses is ok...confused?...welcome to the club, just keep reading this forum and asking questions-eventually it all starts to make (some) sense.
Best piece of advice I can think of is read this forum as much as possible, try and identify things that will apply to you, make a list of those things and use them as a checklist for talking to attorneys. Things will vary from district to district and (I think) even from trustee to trustee within a district so it makes sense to have a local,knowledgeable attorney to work on your case. Good luck.