A Million Questions and a Stomache Ache

[LoserBoy]

I'm talking to a lawyer tomorrow, I just can't hold out anymore.

Long story short: I got "downsized" in a merger (from a great job, I'll add) and started my own company. Did great for a while but eventually tanked. Have been looking in earnest for something in my field while living off of my wife's salary and savings (and obviously credit cards), and have come very close on several occasions, but nothing concrete. I have sold many of my most beloved possessions to keep this boat afloat while I search for a position including the truck i used for my business, my rolex (favorite possession of all time), some guns and my telescope (second fave). I am relatively possessionless now and I hate it.

I have avoided BK for a long time and have done everything in my power to see that we didn't have to do it, but I can't fight it anymore. I feel like a complete and utter failure, loser, idiot, you name it. I have two little kids that look up to me and this is what I do? I don't deserve to be anyone's dad and I don't deserve to be anyone's husband.

So, I'm sucking it up and talking to an atty tomorrow and I now have a stomache ache.

QUESTION 1.
I have a leased Lexus with a fairly stiff payment that is our ONLY car right now. I have about 16-18 months left on the lease and I need a new set of Michielins at roughly $325 a pop. I had thought about buying a much cheaper car with a smaller payment before I file (using wife's income and my still high FICO), reffirming it after I file and just letting the Lexus go back. Does that sound like a plausible plan? Or would it raise some sort of red flags?

QUESTION 2.
Is the "less than $1000 per card-60 days prior" rule meaning that it's an aggregate of $1000 or does it mean ONE item or charge of $1000 at a time? What if it's $900? 500? etc?

Ok, maybe not a million questions, but I'm sure I'll think of more.


Thanks guys---I'm glad to know you're out there. Misery loving company such as it does.

[HHM]

Regarding question 2

The rule is within 90 days prior to filing BK, no charges for non-necessities on any ONE card in excess of $600, but the charges are "cumulative". So if you spend $300 one day, and $500 the next, that would be $800 and you would exceed the limit.
The trick with the 90 day rule is that for the charges to be non-dischargeable, they have to be for non-necessities, so if you are charging $200 per week in groceries in the month leading up to filing BK, those charges would not fall within the 90 day (but, the creditor may object to discharge of that debt on other grounds).

[dscurlock]

I'm talking to a lawyer tomorrow, I just can't hold out anymore.

Long story short: I got "downsized" in a merger (from a great job, I'll add) and started my own company. Did great for a while but eventually tanked. Have been looking in earnest for something in my field while living off of my wife's salary and savings (and obviously credit cards), and have come very close on several occasions, but nothing concrete. I have sold many of my most beloved possessions to keep this boat afloat while I search for a position including the truck i used for my business, my rolex (favorite possession of all time), some guns and my telescope (second fave). I am relatively possessionless now and I hate it.

I have avoided BK for a long time and have done everything in my power to see that we didn't have to do it, but I can't fight it anymore. I feel like a complete and utter failure, loser, idiot, you name it. I have two little kids that look up to me and this is what I do? I don't deserve to be anyone's dad and I don't deserve to be anyone's husband.

So, I'm sucking it up and talking to an atty tomorrow and I now have a stomache ache.

QUESTION 1.
I have a leased Lexus with a fairly stiff payment that is our ONLY car right now. I have about 16-18 months left on the lease and I need a new set of Michielins at roughly $325 a pop. I had thought about buying a much cheaper car with a smaller payment before I file (using wife's income and my still high FICO), reffirming it after I file and just letting the Lexus go back. Does that sound like a plausible plan? Or would it raise some sort of red flags?

QUESTION 2.
Is the "less than $1000 per card-60 days prior" rule meaning that it's an aggregate of $1000 or does it mean ONE item or charge of $1000 at a time? What if it's $900? 500? etc?

Ok, maybe not a million questions, but I'm sure I'll think of more.


Thanks guys---I'm glad to know you're out there. Misery loving company such as it does.

i was thinking about the same thing for question 1 - do i keep the crap car i got now, or do i go get a better car before i file...
why waste a perfectly good credit score and BK, use the good score to get a better car payment, then file, I do not know how that would be treated if at all...looks kind of funny that you run out and buy a new car then file BK...or maybe buy the car and wait a few months to file...im not sure what the legal aspect of this would be...
i think once a person files, it will be that much harder just to run out and get a new car at a decent rate.

[keepmine]

It makes perfect sense to buy a more economical car now and let the lease go in the bk.
Not something that would concern your trustee as long as the repalcement isn't a BMW or some other luxury car.

[HeatherB]

I have avoided BK for a long time and have done everything in my power to see that we didn't have to do it, but I can't fight it anymore. I feel like a complete and utter failure, loser, idiot, you name it. I have two little kids that look up to me and this is what I do? I don't deserve to be anyone's dad and I don't deserve to be anyone's husband.

So, I'm sucking it up and talking to an atty tomorrow and I now have a stomache ache.

Thanks guys---I'm glad to know you're out there. Misery loving company such as it does.

FIRST of all. Bankruptcy makes you, in no way, a failure, loser, or idiot. Those two little kids don't care about your watch, your car, or any of your "stuff". All they care about is their daddy and mommy and the love and Affection that they are given. (The loving "stuff" part doesn't come until they are teenagers...lol) It may take a wise man to learn to build a ship, but it also takes a wise man to jump off the ship if it's sinking.

I have a 4 year old and one year old and, if anything, they are happier now that I filed cause mommy and daddy can laugh and play with them instead of being depressed and stressed over money all the time.

Hug and kiss them babies and all will be fine.

[jennyn]

Heather,

Can't say it any better!!!! There is soooo much more to life than stuff. I know others have mentioned it but LB, check out Dave Ramsey, he helps keep things in perspective, and allow us to hope for better. Stay positive.

[WantToBeDebtFre]

I'm trying to keep positive about this bankruptcy and see it as the best thing I can do for my children right now and have hope of a good future. If I don't file now, we'll have nothing for a very long time. I owe way to much in credit card debt and that will probably follow us for the next 10-30 years (or longer?), but if I file bankruptcy now then I can get a fresh start and have hopes to provide my children with an excellent future, even being able to save money for their college, etc. My children are 12, 3, and 6 months. I've already talked to my 12 year old about it just because I want it to be a learning experience for her. It is disappointing that it's come to this but we'll learn from it and move on.

I know it's hard but you can look at this in a positive way, I'm trying to.