Question Im new here and completely lost

[megz]

I have never even considered bankruptcy until recently when I had to change my phone number just for 5 minutes of peace. I dont know what kind I need or even if I would qualify. Where do I start?

[helpmeout]

Each forum has posts that are "stickies" at the beginning, read them. I found most of them informative. I'm new here, as well so won't be able to help you as much as the more seasoned posters.

[jb300]

First we will need a little background about your situation. How much debt do you have, what kind is it, what kind of income do you have, your assests, where do you live, are you married and if you are married are you both filing? That is a start, I am sure others will chime in.

We have all felt like you have and I just finally quit answering the phone.

[megz]

I have about 14 thousand in debt. Its credit cards, a personal loan, an old phone bill, a collections account with wells fargo for an old bank account, and medical bills.

I have an income of approx 800 bi-weekly and I live in Indianola Iowa.

I am married but the bankruptcy would just be me and not with my husband.

Anything else that would help?

[jb300]

What about vehicles, houses, any assests that might be worth money? How big is your family, do you have anything of value? What do you want to keep if you have any assests? Are you in any type of job that could be affected if you file BK?

[megz]

I have a car that I still owe 13k on but I dont want to include it because I dont want to lose it. I rent so I dont have a house, my family is me, my husband and our two kids. I dont have any assets that I know of other than personal property in the house we rent. I have no idea if this would affect my job. How would it?

[jb300]

You will have to list your car on the BK even if you want to keep it. All debts have to be listed.

As far as your job, I have read on here that certain jobs would be affected if they filed BK. You will have to wait for someone more informed about these things than I am to chime in on this. There are some very knowledgable people on here and I am sure they will chime in.

It sounds to me like you would qualify for Chapter 7 but again lets wait for someone else to chime in on this.

[megz]

I really dont want to lose my car. I cant afford another one and I only have 2 1/2 years left on this one. I dont have money to buy another one out right and my credit is far too bad now to qualify for another car loan.

I work in insurance. Im a licensed insurance agent in the state of Iowa. I have no idea if this would affect my job, I sure hope not.

[jb300]

Until someone else comes along to answer some of the questions and give you more detailed guidance I will tell you another thing.

You are required to take 2 classes. One before you file and one before discharge. You are looking at about 90 days from when you file. About 30 days until your 341 meeting and then you have the 60 day wait after your 341.

[megz]

What is a 341 meeting?

[jb300]

That is the meeting of your creditors. More or less all of your creditors are notified of the BK. They are also notified of the date and time of your meeting. This is held at a location your attorney tells you, usually the Federal Courthouse in your area with you, your attorney if you get one and the BK Trustee. The creditors have the option to come to it. You are required to go. You can't pick the day or time. They tell you when you have to be there. This is one meeting you go to sick or not or you take a chance your case will be dismissed.

[megz]

Whats a BK trustee?

[HGolightly]

Hi Megz - I would recommend that you read ALL the stickies on this forum - they are full of the best information and guidance on bankruptcy. Also, go to NOLO.com and purchase/download the "How to File Chapter 7 Bankruptcy" book, which basically walks you through the entire process and even has forms you can use.

Read everthing on here. Get some free consultations from bankruptcy attorneys in your area (they pretty much all will talk to you for an hour for free) - and take it from there.

Best of luck to you!

[nerves]

Megz - if you have any licensing with FINRA - you will need to report it. Unless you signed some agreement/contract that outlines bk is subject to end your employment, your employer can't legal eliminate you because of bk. Good luck to you.

[megz]

Do I even have to tell my employer? Im not an independent agent, I just work for an insurance company and have my license because I talk on the phone to insureds. I dont see why I would have to tell them but if I have to should I email HR and ask before I file?