Questions about chapter 7 bankruptcy?????

[tydog8]

I am at an end and have no money and am basically going to have to declare chapter 7.

Here are my questions.

Will my wife and I lose our vehicles? One is a new loan at 12000 and the other is a older one that was at 8500 and is paid off down to 4000.

Will we lose the house? Owe about 35000 on it. Worth right around that I would say.

What about credit cards. I hear if so called luxuries are charged to them within the last 3 months they will not be wiped clean. Is this true? Also what is considered luxury?

I have a cheap boat and cheap trailer that have no liens on them. Should I sell them now? They are not worth over $1000 together.

I also own an old crappy truck and a old datsun. Will they take them? Truck worth maybe $2000 and car worth $500.

My Simple IRA retirement money. Like $4000 in there. Will it be affected?

Hospital bills- about $10000 worth. ???

What about home repairs or vehicle repairs charged to a credit card?
Any other advice someone can give me?

[robivi3]

It depends on your State and you need to supply some clesrly thought out info with no heavy detail about income, etc... Be very careful about the sale of items within six months of filing. You need a good Attorney. That costs some upfront money, generally around $1100.00 to start unless you file yourself. It doesn't sound like you have alot of assets and it will depend on how much your vehicles are worth.

Be very careful about hasty cash deals with the Trustee, always offer your property (clothing, furniture, old beater cars). Remember he wants quick cash. The company that comes to pick up your stuff will likely refuse it once they see it, THEY WANT QUICK CASH ALSO. Most of all, the Trustee IS AN ATTORNEY probably with a major "Legal" Firm of his own. HE IS IN IT FOR THE $$$$. He takes most cases pro bono but $5000.00 asste cases he gets a percentage. He is not, as I've seen written here, IMPARTIAL. That is only in no asset cases! Have assets and he can be vicious as hell! I know. Listen to your lawyer. Have no available bank funds when you file. You may be asked to supply banking info. for 6 mos. to a year prior.

Right now your head is reeling (I've been there!) You will get through this, it is hard, but you will

[rrockinggramma]

chapter 7 questions

Here is a link to the state's exemptions for BK. It will tell you what you are allowed to keep and how much. Almost all attorney's offer their initial consulation free. Meet with several and then decide the one you feel most comfortable with. Selling off assets prior to filing is a tricky area and you need an attorney to tell you what you can do and what you can't. Good luck.

http://www.cyberstation.net/paralegal/states.htm

[tydog8]

between me and my wife we only make about 36,000 a year total. Just had a kid so thats going to even be more of an expense.

Now if I sell off my truck now and wait over 6 months will I be fine? I gotta pay off some student loans.

I live in Nebraska. That link doesnt work for me. Brings up some pop up ad.

[HRx]

between me and my wife we only make about 36,000 a year total. Just had a kid so thats going to even be more of an expense.

Now if I sell off my truck now and wait over 6 months will I be fine? I gotta pay off some student loans.

I live in Nebraska. That link doesnt work for me. Brings up some pop up ad.

These these links:

http://www.thebankruptcysite.com/bankruptcy-exemptions/nebraska.php

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

Good Luck!

[tydog8]

so the exemptions mean what?

WIll I lose my house?

[rrockinggramma]

house

If the amount you owe on your house and what the house is worth is within Nebraska's guidelines for exemptions, then no you won't lose your house as long as you are current on your payments. If you are not current, of course they can foreclose.