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chapter 7 scared to loose all posessions

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  • chapter 7 scared to loose all posessions

    hi thanks for reading. thank you for your help and guidance.
    I am still in the process of finding a attorney and talking to my husband, but i am trying to find out and research before i decide which way to file or to even file.
    Long story short we owe roughly 110,000 in credit cards and loan. we bought a house in 2016 that i am desperately trying to pay ( i am a month behind)
    we have a lot of stuff that we had for years and mostly big ticket items we paid cash for ( tax returns, etc. my husband used to make say 8,000 month and this past year and half we started making 4000 month due to job change, deposits that stopped when daughter turned 18. Some of our items we paid with cards and paid off the cards years ago, or in order to make ends meet or even eat for the next few days i sold some of our things for cash. We don't have any cash anywhere ( savings, 401k, life insurance loans) i had to cash all out to pay for dental work last year and recently to pay bank fees (300$ in over drafts). i am beyond ashamed I put us in this situation and ruined our credit and now potentially have to sell our belongings.
    our house bought in 2016 has approximately 53,000 equity, i tried to get a refi but credit is now in the low 400's its a VA loan owe 228,000 original 235,000 same house next door sold for 305,000.
    our working car is 2011 tahoe we bought new a put alot down and refinanced in 2015 we have roughly 11,000 left ( never missed a payment) we are having car trouble last few days had to buy a battery and having warning lights come on (possible rat chewing on wires in engine)
    we have another car 1998 jeep Cherokee husband bought new its paid off, but doesn't run also has electrical damage, needs a new battery and new starter, has a oil leak at the pan gasket, potential heater core issues.
    Also my daughter who still lives with us (19 in college) she just bought a butt ton of gagets ( computer, tv, tablet, phone) is her stuff considered our assets?
    we also bought my two sons through out the years 2 ipads, game concoles (wii u, switch, x box) again these were bought years ago and paid cash or paid off the card.

    I also sell on eBay ( 99% is used toys, clothing personal) i have "inventory" in storage 15 giant bags of clothing, 15 tubs of toys new used and 5-6 tubs of antique ish items. my parents passed away 20 years ago and left me tons of family heirlooms ( pictures, letters, trinkets) and Amazon bought wholesale items or retail send it off to them, my inventory is maybe 30-40 items. I would say roughly 99% of all items i have sold for a loss between shipping, fees. I have a business license and filed taxes, but at a 7000 loss. I also have items for my business ( camera, printers,packing equipment, laptop( broken) scanners ect., but most of the equipment i have sold or going to sell due to my medical condition. I did last year buy a cricut machine and tons of vinyls, everything to make anything with the idea to sell on etsy or fb market place. i have sold on facebook and roughly 99% for cash.
    I apologize for being all over the place, i am just scared beyond words for our financial situation and my health situtations. i am looking at brain surgery in two months with a hefty co pay and also dealing with re occur ant melanoma for the 3rd time. i am only 36 and never thought i would be in this situation.

  • #2
    Originally posted by hopeandpain View Post
    I would say roughly 99% of all items i have sold for a loss between shipping, fees.
    This is the salient point--you are not making money selling online. I found this out years ago, that selling on Ebay and other similar websites is a money-loser unless you are reselling stuff that you got for free, and can get enough to cover the shipping and fees. If you are actually paying for your inventory, there's no way to turn a profit, because large-scale sellers get better wholesale pricing, better bulk shipping rates, and more importantly lower Ebay and Paypal fees compared to what you'll be charged.

    As the "business" is a loser, you really should not care if the bankruptcy trustee asks for your "inventory" but chances are he won't because he can't get much money out of it either! When you have time, you can always hold a yard sale, and sell the stuff for whatever people are willing to pay.

    That being said, DO NOT FILE UNTIL YOU ARE DONE INCURRING MEDICAL BILLS! This is very important. Take care of your health first, obtain whatever medical care you need, regardless of cost. Once your health has improved, you can always declare bankruptcy and include the medical debt.

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    • #3
      Thank you and yes almost everything I sold in the past has been a loss with the few exceptions here and there. My financial decisions with the "business" was horrible and I kept telling myself if I could just sell x amount every day we would be fine. Then all my medical issues started and I am in pain 24/7 some days I can't see so it's hard to list. I am concerned about waiting so long to file and not paying the bills, I have two credit cards that are with our bank that I have to pay but the others it just feels so wrong before all of this we paid everything did t carry hardly any balances or even ask for more credit what a difference a year makes. About 5 months ago all of our credit cards that had any balance started dropping limits and pushing our interest rates up then cards we had for 10 yrs we use once in a while and paid off the creditors canceled the cards.
      My husbands mom went through chapter 7 I think 6 years ago and from what I understand now is pretty close to doing it again she bought 3 new cars, got solar panals for her house, bought a rv, just crazy stuff. I never want that to happen my god I have learned a huge lesson and realize I have a problem, but I also truly believe if I didn't start this stupid ebay/ Amazon business we would not be in this situation in the least bit. I adore crafting and making things for people, it relaxes my soul and in turn eases my pain slightly.

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      • #4
        There's no reason to feel bad about any of this. Bankruptcy is a financial decision, plain and simple. It is not a sign of irresponsibility or poor morals. Bad things happen to good people. Your creditors are faceless corporations, and their business model takes into account the fact that a certain percentage of their customers will fail to repay their debts.

        At this point, I would suggest quitting payments on all credit cards which are closed or maxed out, and only continuing to pay on ones which still have available credit. Of course, you do not want to declare bankruptcy at this time, because you will be having more medical procedures done, and thus will incur more debt.

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