I think I need to file for BK

[dtpatt2]

Hi, A brief overview of my situation:

Am moving out of town in 45 days for job relo. No way to sell the house, am under at leat $20k on it. Couldn't rent it for my monthly payment and pay the rest of my bills plus try and rent a house to the town we're moving to.

We have a lot of debt, we're late of a few bills, not enough $. When I do a job relo(have to) I will be making $500 less a month.

My question(s) are:

Will I have a problem filing bankruptcy?

I make around $60k a year, I have 5 cc bills total $20k, three personal loans around $30k, car loan $10k, Home loan $240k, Utilities $300 mo, ATV loan $6k,

I worry that the judge won't wipe it all clean, but make me go into a ch.13 instead? Because I still make decent money? I really want to wipe the slate clean for when we move and start over. I REALLY hope that will happen. I hate the fact that I have to go bankrupt, but can't make it otherwise.

Think I'll be ok with a ch7? Think they'll discharge it?

Thanks,

Doug

[dtpatt2]

Also,

my debt-to-income ratio is not good, I couldnt get another loan if I tried.
Basically, I worry that they will not discharge my debt for me because I have barely been making payments, but have been making them? Should I not have a problem?

Thanks

Doug

[rrockinggramma]

whether you qualify for a chapter 7 or a chapter 13 will depend on your monthly expenses (do not include any debt that would be discharged) and your income. If you have income left over then you might have to file a chapter 13. However, even though a chapter 13 is tough (tight budget etc) you would be able to keep your
ATV, cram down your vehicles. Schedule an appointment with a couple of BK attorneys and go over your situation with them. They can best advise which chapter of BK you will qualify for. Good luck.

[dtpatt2]

I spoke to an attorney yesterday. He said ch 7 would work, but he didn't gives us a lot of answers, I figure it's a typical lawyer thing.

[robivi3]

Until your situation is written out they can't be real specific. Things are fluid in a BK. He needs to give you a worst case scenario.

[dtpatt2]

rob,

But, generally, mostly all ch. 7's go through?

[robivi3]

Most are discharged. It depends on your situation. 95% from what i understand are no asset. The 5% cases where there are assets can get complicated.

My situation seems comparable to yours. Salary at 60k to 70k depending on OT. Home value the same. Plus my wifes salary (part time 18k). I have to go to work now but I will give you some specifics on my experience in a day or two. What State are you in?

You want an Attorney who will let you know up front what could happen. I've been there, was discharged and closed out. CH. 13, try not to.

[dtpatt2]

thanks. yeah the attny feels it'll work and ch.7 will be fine instead of ch 13. what's 13 like? so, since i don't have a lot of assets nor are they complicating, it should go fine? thanks again.

colorado.

[Dawn1970]

Do you know how much experience your lawyer has? If he/she is well experienced and has done a lot of bankruptcies, then he/she is probably correct in guessing that you'll get a Chapter 7 discharge with no problems. I bet you'll be fine.