Many questions

[4rivers]

Hi! I found this site last week and have been reading. I should have been taking better notes since there is so much information. Last week I actually admitted I was in trouble.

3 hurricanes last year was the last straw for my undercapitalized small business. I got out of the business, currently unemployed (although I am selling leftover stock on ebay for income), and have a mountain of debt.

I made the appointment for this week with an attorney. Obviously from what I have read I am late doing this.

**The price quote I got is 900-1250 for the lawyer. Yikes. The price did go up.

** I am concerned if I alone file I will lose the auto in my name. It is my husbands work truck. I have it through Capital One auto finance. I read the fine print on my papers and it says if bk = default. Does that mean there is no way to save it?

Anyone else out here just file? Do you think it would be best to try to wait it out a few months and let the kinks get worked out of the new laws?

Thanks for any tidbits of info. I'll keep reading but I wonder how much of everything is going to be so different. I did read the good posts that lays everything out. Knowing what I now no I should of done this long ago. Should is not my middle name!

[StaciMM]

Regarding the truck, since you're financing it there is a good chance you owe more than its worth. (Vehicles depreciate FAST!) If you want to keep it, that probably won't be a problem-just keep your payments current.

Regarding fee, the #'s you quoted don't seem too bad. Before 10/17, I think $750-1000 was standard. The fee most likely does not include the court filing fees.

If your income has dropped very recently, then waiting may be best. Under the current law, they take the average of your last 6 months. If there hasn't been a significant drop, it shouldn't be an issue.

[AAAArt]

One more caveat and a suggestion. Wince you closed your small business and are trying to liquidate your inventory...If you file now, you will prob. have to list the inventory as an asset and the court will seize it. (Depends how your business was registered) Also be sure to keep records of what you sell and ESPECIALLY where the money went (Bills, house repairs, lvining expenses, etc.)
Best suggestion...Most atty's will give you a free consultation. Interview 3 - 4ASAP and get their advice.
Best wishes, Art

[4rivers]

Thanks for the replies!

I am having second thoughts. I think this is still part of my denial.

My Mom offered tonight to move my husband and I to the state she lives in. She is sitting on a chunk of property and would let us live there. That's if my husband could find a comparable job making what he is making here in Florida or least close.

I printed up tonight my sales on ebay and that is likely to throw my income over the new means test. At the least I think it will make it messy to figure. As for my inventory I was a Sole Proprietor.

Maybe I should look for the free consultation. The place some told me about is a $200 fee and if I go with them they will put that toward the total fee.

I may call tomorrow and reschedule until after the first of the year. I really don't want to be a test case while working through the new laws.

[bkfiler]

as soon as you put down money toward an attorney that is the start of you considering filing bk and all events and action afterward can be looked at as being done so with intent to file bk.

[FLGirl]

4rivers I sent you a private message. ;)

[robivi3]

The kinks will not be worked out in afew months. Not even in afew years. Start the process now, get through the counseling requirements. As far as inventory, do what is necessary to survive. I was in the same boat. The Trustee will definitely get picky about inventory. Keep records of all that you do. I am also in Florida (Sunrise).