Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Discharged!!! 8/25/11

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  • Discharged!!! 8/25/11

    Hello all,

    Yahoooooo... We got our No-consumer no asset chapter 7 discharge 8/25/11. I'm totally psysched.
    It's been a while since I posted, but I just wanted to give a big thanks to all of you who responded to my questions with such sage advice.

    I also wanted to say to those getting ulcers' worrying about thier situation a few things:
    1. Get a good attorney. Find one that is very organized, has a good working relationship with the trustee, and communicates well. I can't stress this enough. Don't just find a BK attny in the phone book and go with them. INTERVIEW THEM.. They are a business, they work for you.
    2. Get yourself organized. Get all your financial documents in order. I bought a hand held file container and it worked great. It sucks being in a meeting and not having some particular document. Being organized relieves a lot stress
    3. Don't beat yourself up. People make mistakes. Some things are not completely your fault; economy tanking, bad advise, you name it, etc... Things just happen. Learn from them and move on. Get your bad situation taken care of. That is why the system is there.
    4. Learn from your mistakes, and don't make them again. Cut up the credit cards, don't take anymore home equity loans, don't buy homes you can't afford paying [email protected] loans on. That's what I learned. We didn't have any cc debt, but lots of Home debt. When I can buy a home again it'll be one that I can afford, without HE loans and such.
    5. Non-Consumer Ch 7 is a good way to go if you can qualify. If you have over 50% of your debt in business debt, you should research and find out if you qualify. In Idaho where we live, our 2 rental properties helped qualify for NC Ch 7, and we were able to go on without having to do the means test. We wouldn't have qualified for ch 7 going the consumer way.
    6. Really consider not reaffirming your home mortgage. Read the sticky about this and do a lot of thinking. I can rent a comparable home, save $, and in 2-3 yrs have a lot more $ in the bank, while my home value is still 90-100k underwater.
    7. Save your money $$$$$. Roth IRA's are a great place to put your money. They can't come after them. Be smart and get good advice as to where and how to save your money.
    8. Use the cool and kind people on I got a lot of good anwers and questions to ask my attny from this forum.

    Well that's all I can think of. Please contact me if you have any questions regarding how we went about getting our NC Ch7 done.

    Thanks again
    filed 5/2/11, 341 6/9/11, discharged 8/25/11

  • #2
    Hooray!! I'm very happy for you!!

    A couple of did things work out with your tenants? If you had tenants during the BK, did you have to turn over your rental income to the trustee? (assuming there was any)

    I'm currently going through a non-consumer chapter 7 and hope to be in your shoes by the end of the year...

    Non-Consumer Chapter 7
    December 2011


    • #3
      Congratulations. Here is your Victory Dance presented by all of us in the Forum:

      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.


      • #4


        • #5
          Awesome - another pair of retirements saved! Live long and prosper!


          • #6

            Good for you.

            I agree with all your advice, but would like to add that just because an attorney can practice law does not mean he has your best interest in mind. Even though you are paying them, do your homework and challenge them on anything you suspect can be done better.

            The folks here helped me stage my BK13 beautifully.
            11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP


            • #7
              Congrats! I wholeheartedly agree with you! Can't wait to be there, about 4 weeks to go!


              • #8
                Congrats on the discharge! Cheers to your fresh start! And great tips for future bk-ers.
                Chapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11


                • #9
                  Originally posted by HighUnder View Post
                  Hooray!! I'm very happy for you!!

                  A couple of did things work out with your tenants? If you had tenants during the BK, did you have to turn over your rental income to the trustee? (assuming there was any)

                  I'm currently going through a non-consumer chapter 7 and hope to be in your shoes by the end of the year...

                  To answer your questions.
                  How I dealt with the tenants was to be completely honest with them. I didn't want my situation to disrupt thier lives. I told them we were going to stop paying our mortgage and that they could live free with the condition that they take care of the property and pay HOA fees and such. They jumped at the chance to save money.
                  With the tenants not paying, I didn't have to worry about rental income that the trustee could take. Some people need the rental income to live off. I didn't. I couldn't have taken their money and kept it. That's just me. They would have found out about the defaulting anyway and would have probably stopped paying. I know I would if I was in thier situation.
                  Honesty and integrity works wonders. People really appreciate it.



                  • #10
                    Congrats!!!!!Good Luck
                    Down but not out!! filed c7 august 2011...341 september 2011... Unsecured debt over $100k.....bk attorney $ Priceless!!!!!


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