Hello,
First of all let me just say that I have just come across this site and have already found it VERY helpful. What a great resource! I do not know much about BK so hopefully my questions will make sense.
My husband and I realized today that we most likely need to file Ch. 7 BK (we are in NC by the way). Our CC debt is over $50,000. Up to this point we have been making the minimum payments due each month (which total over $1000) and we have to put grocery/gas/walmart on the CC. If we didn't have to pay these minimum payments then we could use the cash for the things we put on the CC. We are now to the point where we have just about maxed out every CC and we can no longer make all the payments. Would it be better to try to keep paying the minimum payments or to stop making the payments and use that money for the groceries, etc? I read something on this site about not using the CC 90 days prior to filing. What happens to the items I charged recently, prior to realizing that we needed to file?
By the way we will be speaking to a BK attorney next week so I know my questions will be answered then. It is just that I am nervous about this and am trying to learn as much as I can.
We have an '85 motorcycle and a '93 small cheap car that are both paid for. My van is 6 years old and I have just 2 more payments on it. I know the numbers differ from state to state on exemptions. If a couple is filing jointly can you double the car exemption and wild card exemption to cover all of the vehicles or do the exemptions have to be used on just one car. I realize that last sentence doesn't make a lot of sense. I would like to keep all three of our vehicles, obviously. I have got to have my van as we have 3 kids and we have a baby with a life threatening heart defect that requires us to travel 2 hours away for surgeries and doctor visits frequently. Say , for this example's sake, that the car exemption is $1500 and the wildcard is $3500. Would we double bith numbers for a total of $10,000? If so would it cover the three vehicles if their total value was under $10,000? Or would both my husband and I have a total of $5000 for our own cars? OR does it work a whole different way? Can you tell I am confused?!
I really appreciate any help and I thank you in advance for taking the time to help me.
First of all let me just say that I have just come across this site and have already found it VERY helpful. What a great resource! I do not know much about BK so hopefully my questions will make sense.
My husband and I realized today that we most likely need to file Ch. 7 BK (we are in NC by the way). Our CC debt is over $50,000. Up to this point we have been making the minimum payments due each month (which total over $1000) and we have to put grocery/gas/walmart on the CC. If we didn't have to pay these minimum payments then we could use the cash for the things we put on the CC. We are now to the point where we have just about maxed out every CC and we can no longer make all the payments. Would it be better to try to keep paying the minimum payments or to stop making the payments and use that money for the groceries, etc? I read something on this site about not using the CC 90 days prior to filing. What happens to the items I charged recently, prior to realizing that we needed to file?
By the way we will be speaking to a BK attorney next week so I know my questions will be answered then. It is just that I am nervous about this and am trying to learn as much as I can.
We have an '85 motorcycle and a '93 small cheap car that are both paid for. My van is 6 years old and I have just 2 more payments on it. I know the numbers differ from state to state on exemptions. If a couple is filing jointly can you double the car exemption and wild card exemption to cover all of the vehicles or do the exemptions have to be used on just one car. I realize that last sentence doesn't make a lot of sense. I would like to keep all three of our vehicles, obviously. I have got to have my van as we have 3 kids and we have a baby with a life threatening heart defect that requires us to travel 2 hours away for surgeries and doctor visits frequently. Say , for this example's sake, that the car exemption is $1500 and the wildcard is $3500. Would we double bith numbers for a total of $10,000? If so would it cover the three vehicles if their total value was under $10,000? Or would both my husband and I have a total of $5000 for our own cars? OR does it work a whole different way? Can you tell I am confused?!
I really appreciate any help and I thank you in advance for taking the time to help me.
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