Pre bankruptcy questions

[sjr19]

Hello all, thank goodness for this forum. Seems like a very helpful resource.

I have some questions about bankruptcy. I am almost positive I can file for chapter 7, as i make below the median income for my state (Pennsylvania). I am currently engaged to be married next year and live with my fiance in a rented apartment.

I guess my first question concerns what will be taken of my property. I know they won't take my furniture, but for example, can they take my TV? my computer? My Xbox? (I know the last one sounds immature, but hey, everyone has their vices.)

Second question: I make under the median income now. After I have filed for bankruptcy and got the debts discharged, if I began making more than the average income does that jam me up?

One last thing. After filing and going through the process, are you required to follow a budget that's set by someone? i.e the Trustee?

Thank you for your time and (hopefully) your responses

[SinkingFast]

In PA, you can choose State or Federal Exemptions. Depending on your needs, you'd decide which to use.

Here's a link to PA Exemptions:

http://www.bankruptcyinformation.com/PA_exemp.htm

The Federal Exemptions allow for more $$$'s for personal property protection.

Very few people here have lost anything filing BK. Generally speaking, we're pretty poor before we file. Used household goods aren't worth much and don't sell well. And the BK Law does allow for people to have some small amount of property to begin rebuilding with.

You'll have to do a pre-BK Counseling Session with a DOJ approved Credit Counselor. Basically to go over your finances and see if you have other alternatives. If you do file BK, you'll have to complete a post-BK Debtor Education Course. Again with a DOJ approved provider. But the Court does not mandate any sort of budget that Debtor/Filers must follow after filing.

[sjr19]

Thank you for getting back to me!

Do you or anyone else know what would happen to my fiance if I filed for bankruptcy as a cosigner on some of her loans/credit cards?

She was the borrower, I am the co-signer who got her the credit (ironic now, eh? ... Would I be putting her in a bad spot as her co-signer if i went under?

[lrprn]

She was the borrower, I am the co-signer who got her the credit (ironic now, eh? ... Would I be putting her in a bad spot as her co-signer if i went under?

After you file, she is solely responsible for paying back the loans and the balance on the cards that you co-signed with her. Will all the loan and cc payments be up to date when you file?

If the loans and cc's are all up to date, then as long as she makes all the payments on time (and I assume after your case is discharged, you will contribute to making the loan and cc payments too), then she should be ok. Now if she can't make all the payments on time, then that could be a problem.