Filing

[freedom]

50k Down........filing Soon. What If I File, Stop Paying Debt, And It Doesn't Get Discharged? Then What. I Don't Own A House (living With Girlfnd That's In Her Name) And I Own My Truck. All Credit Card And A Loan. Used My Credit Card For Gas A Few Weeks Ago...

Advice Please...

[Boscoe]

Will need a little more info.

What is your annual income, approximately?
What state?
How much is truck worth, i.e. blue book value?
What is the "loan" for?

Assuming your income is below your state median, then you can file a chapter 7. This would allow you to file the bk and finish the entire process in about 120 days. Then you would get a "discharge" of all your debt that could NEVER be collected by your creditors. EVER!

So, please provide this info above and we will give you more details. Looks promising so far though.

[freedom]

52k / delaware / 12k = truck / loan was for a 4-wheeler....no longer have it though.

attorney said i may be able to get the median down with living allowances.....

[freedom]

Correction On Truck Estimate....

Blue Book Says $7700.oo!! Lol

[Boscoe]

Maybe some others can advise if 52k is over the Delaware median, but my guess is that you are below - but it may be close.

How did you get a loan for a truck that you no longer have? Is there nothing that secures this loan? If not, it is unsecured and will go away with your discharge.

As far as the truck value goes, you want it to be as LOW as possible. Look it up in Edmunds.com (they tend to give lower estimates than kelley blue book). You can most likely exempt it (i.e. keep it) by using your state exemptions. Take the book value, less the outstanding amount on your loan to determine equity. You also probably have some type of "wildcard" exemption that will let you keep the truck.

But the answer you want is this: All credit card debt, the loan for the 4 wheeler, etc. will be discharged and you will not owe it anymore! Unless there is a big problem with your case, i.e. fraud or something like that, you will get the discharge 120 days after you file. But, you need to come in under the median income for Delaware to file the chapter 7.

Go see a few attorneys (most offer free consultations) and tell them your story. Then go with the one you are most comfortable with.

[guzzie]

welcome freedom....hope all works out for you and you get a fresh start soon.....

[freedom]

just to clarify - my truck is paid off. 4-wheeler is the loan.

my median income for delaware is 46,641. attorney said i may be able to meet the minimum from living expenses. is this true? i don't really want to file a 13.

what if i file 13 and it doesn't get discharged and i've stopped paying for the time i was in filing status?