One more question here>>

[mesa777]

Lets say I get a new job in a different state now at a much lower pay scale. Would I now have to wait two years to file for bankruptcy? If my pay were to be reduced could this hurt or possibly help a new bankruptcy case?

I make over $51K a year however would not rule out moving to a different state, no house payment now and starting out around $32K.... What problems would I have by doing this??

[keepmine]

It's never a good idea to take a serious pay cut just to file bk. The object of the execrise is to improve your finances-not destroy them.
Exactly how much cc debt do you have in total? You posted that you paid $30K in cash for a new car. I know it has a $5K lein now but, could you sell it and net north of $20K and use that to pay down those cards?

[mesa777]

I have around.... $37,000 in total cc bills... $213,000 on mortgages, $5000.00 lien on the $30K car, have another car leased.... Attorney was talking about giving this car back, the lien would be paid off and I would get $5000 to go out and buy a used car????? AM CONFUSED.... stated that what ever was left over would go to creditors.... BAD BAD situation here...

[mesa777]

I am at the point where I am about to just walk away from my huge house payment and bills... I would love to move out of state, get a new job and fresh start here at this point.. I just dont know why I am being forced to file a chapter 13... I can barely pay the bills I have and I have not even filed for bankruptcy yet...

[dscurlock]

It's never a good idea to take a serious pay cut just to file bk. The object of the execrise is to improve your finances-not destroy them.
Exactly how much cc debt do you have in total? You posted that you paid $30K in cash for a new car. I know it has a $5K lein now but, could you sell it and net north of $20K and use that to pay down those cards?

he can not sell the car until the $5,000 lien
is taken care of first...im curious, what was
the lien for?

[keepmine]

Let's think this through.
You said in another post you had some equity in your home {minimal I know}.
Can you sel the house for close to what you owe? If so, sell that car and use the proceeds for any shortfall and then a downpayment on cc debt.
You won't get a Chapter 7 and still have a car with over $20K equity.
View this car as a source of funds to alleviate your financial problems.

[dscurlock]

I have around.... $37,000 in total cc bills... $213,000 on mortgages, $5000.00 lien on the $30K car, have another car leased.... Attorney was talking about giving this car back, the lien would be paid off and I would get $5000 to go out and buy a used car????? AM CONFUSED.... stated that what ever was left over would go to creditors.... BAD BAD situation here...

NOthing to be confused about, Mr Trustee wants
all your money or cash from assets to pay for
your BK.

[dscurlock]

I am at the point where I am about to just walk away from my huge house payment and bills... I would love to move out of state, get a new job and fresh start here at this point.. I just dont know why I am being forced to file a chapter 13... I can barely pay the bills I have and I have not even filed for bankruptcy yet...

No one is forcing you to do anything. you can not
file chap 7 - you make too much, plus you have
a high asset car, if you do not have money now,
then you surely will not have any for chap 13
for up to 5 years, with the new bk laws, im
sorta screwed myself.

how did you get a $200k mortg with $50k income? 2 years ago, I was making $60k, i barely got into a $100k home, so i can imagine your payments are rather high.

we both have similar problems, you do not make enough to barely get by, I make too much to want to give it all up to chap 13 for 5 years...life is to short for me to be broke for the next 5 years...

[keepmine]

he can not sell the car until the $5,000 lien
is taken care of first...im curious, what was
the lien for?

That's obvious. He and the buyer and leinholder can meet at the buyers bank, the leinholders office,etc. and do the deal. Done everyday.

[danaf]

if you are ready to give it all up and move, maybe consider Texas. I don't think they can garnish wages there. Then you can wait out the 2 yr period and file (depending on your income and marital status and you qualify for a 7). Or you could even file in Texas after 6 mos.

not much help, I know. Otherwise, if you move to a les debtor friendly state, take a job under the median, wait out the 6 mos period (so your income reflects your 6 mos lookback), then you could file as well.

i don't know what State you are in but the thing to worry about is wage garnishments because that can take a big chunk out of your pay.

deciding to move to another State is not against the law. and taking a lower paying job is not against the law either.

[mesa777]

I purchased my home back in 2004, during the last couple of years I have re-financed and went out and blew the money.. its 150% my fault, I am not blaming anyone else but myself here.... I cannot even sell my home here in AZ as the real estate prices have fallen over 12.5% this month... I am screwed... no way in hell I can pay any sort of a CH 13 repayment program and still keep my home... I have not taken the "means" test however there is no way I could pass it and be required to pay any monthly payments....