Deciding against BK?

[lindsay2181]

So, has anyone here decided against BK and to just see what happens?

I came here thinking BK was definitely for me (chapter 7). Unfortunately I cannot afford an attorney right now (looking into pro bono so far has turned up zilch)...for retainer and filing fees, maybe i'd have it at the beginning of the year when income tax return rolls around. But my husband thinks we should just take our income tax return and pay as much as we can with it. I have been told by several people I'm the "perfect candidate" for Ch. 7, and by several people that I should NOT go BK at all....if I were to pay off all my debts today it would be around $7k in unsecured cc debts and $6k in secured loan. However all i am paying on is the secured loan, and the with the amount i'm paying on, by the time i DO pay it off, i will have paid $18k with the added interest. And the cc debt, that I can't even afford to pay on at all right now....who knows how long it would take me to tackle that and the racked up interest and late fees.

If I kept going the way I am...struggling to get by and paying only the secured loan..and ignoring the cc collectors, trying to dodge getting sued--eventually some of the cc's would be written off. i think i'm pretty much judgement proof, and i am not anticipating having to purchase a vehicle or home in the next 7-10 years so i *think* i could make do with the negatives on my credit report.

I'm SURE if i go to a free initial consultation with a BK lawyer they will advise against this, and will talk up BK like it's the best option, b/c they want to make their money too right? But I want to be sure I'm making the right decision. I keep going back and forth on this and don't know how to reassure myself.

[OhioFiler]

So, has anyone here decided against BK and to just see what happens?

I came here thinking BK was definitely for me (chapter 7). Unfortunately I cannot afford an attorney right now (looking into pro bono so far has turned up zilch)...for retainer and filing fees, maybe i'd have it at the beginning of the year when income tax return rolls around. But my husband thinks we should just take our income tax return and pay as much as we can with it. I have been told by several people I'm the "perfect candidate" for Ch. 7, and by several people that I should NOT go BK at all....if I were to pay off all my debts today it would be around $7k in unsecured cc debts and $6k in secured loan. However all i am paying on is the secured loan, and the with the amount i'm paying on, by the time i DO pay it off, i will have paid $18k with the added interest. And the cc debt, that I can't even afford to pay on at all right now....who knows how long it would take me to tackle that and the racked up interest and late fees.

If I kept going the way I am...struggling to get by and paying only the secured loan..and ignoring the cc collectors, trying to dodge getting sued--eventually some of the cc's would be written off. i think i'm pretty much judgement proof, and i am not anticipating having to purchase a vehicle or home in the next 7-10 years so i *think* i could make do with the negatives on my credit report.

I'm SURE if i go to a free initial consultation with a BK lawyer they will advise against this, and will talk up BK like it's the best option, b/c they want to make their money too right? But I want to be sure I'm making the right decision. I keep going back and forth on this and don't know how to reassure myself.

If you are considering settling your $6,000 unsecured debt I would wait several months, save that tax refund and make settlement offers. I had a collection agency offering me 20% on 2 Chase accounts just yesterday. If their first offer is 20% their final offer will be less. If you could settle your debt for 20% it would cost you $1,200 which is typically less than the cost of an attorney to file a Chapter 7.

[lindsay2181]

Not sure if they were bluffing, but Chase already offered me 50% settlement on the $3k and said that I only had until a certain date to accept and after that no more offers and I would owe the amount in full. I'm assuming they'd rather take something than nothing at any time and they were just trying to get as much as they could.

[AngelinaCatHub]

Lindsey, take a long close look at all possibilities as well as your mental stress level. Purchase the C7 book from Nolo Press, or hit the Library for it. nolopress.com for about 17 bucks pdf download. READ THE BOOK. From what I have learned here, in the "Stickies" and that book, I would not have made the mistakes I did, I would know what the hell the lawyer was doing or not doing, and I could and probably would go pro se and do it myself. It is all in the forms. About $225 filing fees and you can even get those forgiven with a form of insurgency.

Get your new start in life. Read those who have put this to good use and see how their lives have again become worth living. Mrs. and I are examples of success, as we lost more on paper than most make in a lifetime. BUT WE GAINED HAPPINESS. It is defined as "peace of mind".
'Hub

[AngelinaCatHub]

Not sure if they were bluffing, but Chase already offered me 50% settlement on the $3k and said that I only had until a certain date to accept and after that no more offers and I would owe the amount in full. I'm assuming they'd rather take something than nothing at any time and they were just trying to get as much as they could.

Once you make a settlement, you will be out of bk ballpark for at least 90 days. It would be a preferential payment if you find that you have no choice but to file. You are looking towards a tax return on the 'come' and if late or 'Bammy screws us, it may not come at all. If those people who said you are a "shoe in" for a 7, are knowledgeable, I suggest you take the many free "means" test on the Internet and see just how much you qualify. If you are really in it, you will not have to take an official means test. We did not have to. 'Hub

[lindsay2181]

Well, the free means test shows we are $2k under the median income for Louisiana, I already knew we were under before looking at the numbers. Even with us both working full time we'd be under.

I've read up some on pro se and just kinda nervous about going it alone. I have dr friends that I can get free medical advice...but no lawyer friends lol. If so, I'd most definitely go pro se.

I'm so at a loss and the more I read the more lost I am lol.

[AngelinaCatHub]

Well, the free means test shows we are $2k under the median income for Louisiana, I already knew we were under before looking at the numbers. Even with us both working full time we'd be under.

I've read up some on pro se and just kinda nervous about going it alone. I have dr friends that I can get free medical advice...but no lawyer friends lol. If so, I'd most definitely go pro se.

I'm so at a loss and the more I read the more lost I am lol.

This is why I suggest the C7 book. This site has great experiences. I could not have made more mistakes than anyone here, but I lucked out and should have been dismissed not discharged. I had a good Trustee.

The forms are simply the hardest part. The 341 is "piece of cake". The wait is exciting. The discharge is euphoric. 'Hub

[WaitNSee]

So, has anyone here decided against BK and to just see what happens?

I have decided against BK (at this time) not because of cost but I need time after the sale of an asset that might be considered questionable.

I am "collection proof", only income SS and govt pension. I rent and don't own enough to exceed judgment/bk exemptions. I will continue to follow this forum daily for information to help me with the future judgments, summons and responses that are inevitable.

I am getting calls now, which I avoid, from a CA for a hospital, (with another to follow). I have JUST NOW become late on an auto loan and 2 CC. The total for all is near $40K. I am getting ready to voluntarily surrender auto to CU.

If I were younger and had assets I would probably be dumb enough to file Pro Se just because I'd think I was smart enough.

But for now I will do the WaitNSee as in your question and my ID.

[AngelinaCatHub]

I have decided against BK (at this time) not because of cost but I need time after the sale of an asset that might be considered questionable.

I am "collection proof", only income SS and govt pension. I rent and don't own enough to exceed judgment/bk exemptions. I will continue to follow this forum daily for information to help me with the future judgments, summons and responses that are inevitable.

I am getting calls now, which I avoid, from a CA for a hospital, (with another to follow). I have JUST NOW become late on an auto loan and 2 CC. The total for all is near $40K. I am getting ready to voluntarily surrender auto to CU.

If I were younger and had assets I would probably be dumb enough to file Pro Se just because I'd think I was smart enough.

But for now I will do the WaitNSee as in your question and my ID.

You give yourself too little credit "Waitnsee". You are wise enough to know you do not know enough to go it alone. However educate yourself as I have done these couple years, and I would gladly file pro se. It sure could not be worse than the lawyer we had. I would not have made the several stupid mistakes if my lawyer educated me a bit. We told her everything and she allowed us to make mistakes that should have gotten us dismissed. We lucked out and flew through (Yeah with two broken wings) and got by all hardships including an AP.

As I stated above in this thread, get Nolo's book on C7. BK is a breeze if you qualify and are honest and accurate. Thee is no one out there attempting to sabotage everyone who makes unwise financial decissions as we all have. 'Hub

[anykey]

I have not done anything. I am worried about my house. (PA) I am current on the payments- and that is not a problem. But a judgment is days away.

[frogger]

My lawyer certainly didn't push me into doing anything. He looked at the numbers, told me his opinion, and asked what I wanted to do.

Of course, I knew the answer before he asked the question, but all attorneys are not trying to push everyone into bk.

[HakunaMatata]

I had the same experience as Frogger. Two out of three consult attorneys left options wide open (no BK hard-sell). Ultimately, I selected the path of least resistance. I could have paid off the CC debt; however, I was tied to a money pit house in a deficiency judgment State. My mental health and desire to move forward financially were huge factors in filing (I didn't want to ride out the SOL on deficiency judgments and if one occurred, I'd likely be bankrupt). My attorney was very candid about my financial situation and options. He offered non-BK alternatives and advice prior to be retained.