Wondering about possiblity of BK

[desperatio]

Hi all, first let me say how grateful I am that there is a place where I can
hear from others with more experience in these matters.

My situation is that I have virtually no money. I haven't worked in almost a
year and live with my parents. Is it possible to file for BK with no income?
I do not own a vehicle either. It is something that I have been wondering
about as many (most) who file have income. I really see no choice in filing
because I have several thousand in CC debt and am about to be sued by
one creditor.

Any answer would be appreciated because currently I am not sure what my options even are.

[scorpion35]

Hi all, first let me say how grateful I am that there is a place where I can
hear from others with more experience in these matters.

My situation is that I have virtually no money. I haven't worked in almost a
year and live with my parents. Is it possible to file for BK with no income?
I do not own a vehicle either. It is something that I have been wondering
about as many (most) who file have income. I really see no choice in filing
because I have several thousand in CC debt and am about to be sued by
one creditor.

Any answer would be appreciated because currently I am not sure what my options even are.

yes u can file BK with no income.
but because u live with your parents their income will count towards finding out wether or not u qualify for chapter 7 or 13 and for the means test

[keepmine]

How much is "a few thousand"? How much debt total do you wish to discharge?

[jadams]

yes u can file BK with no income.
but because u live with your parents their income will count towards finding out wether or not u qualify for chapter 7 or 13 and for the means test

No.

It will limit what he can use as expenses to qualify, but with no income there shouldn't be a problem.

It is not like his income of none is added to theirs of "over median" and whoops no chapter 7.

[momofthree]

You don't have a job or own any property, correct?

IMO, I wouldn't file until you have a job. Reason being--so much could happen in the interim. I'm guessing you don't have medical insurance? What if you were in a car accident, were diagnosed with a medical condition, or some other such situation that would cause you to go possibly hundreds of thousands of dollars in debt without having bk as an option.

The way it stands now, the creditors can get a judgment but as long as you keep cash out of a bank account, there's really nothing they can do with that judgment if you don't have a job or own property. When you file at a later date, you can have the judgment removed...

Of course, this is JUST my opinion. I'm sure you'll hear others as well.

How much debt do you have???

[desperatio]

How much is "a few thousand"? How much debt total do you wish to discharge?

Sorry, I should have been more clear, it's more than a "few" it's around
$18,000! Yes, I realize now how foolish it was to run this up, but I fell
into the trap of living on the cards, sure that things were going to turn
around employment-wise. And thank you everyone for the info.

And as far as property, I don't have anything left of any great value, probably
my tv or computer are the most valuable things I have left, and neither could
probably go for more than $300-$400.

[keepmine]

Sorry, I should have been more clear, it's more than a "few" it's around
$18,000! Yes, I realize now how foolish it was to run this up, but I fell
into the trap of living on the cards, sure that things were going to turn
around employment-wise. And thank you everyone for the info.

And as far as property, I don't have anything left of any great value, probably
my tv or computer are the most valuable things I have left, and neither could
probably go for more than $300-$400.

Yeah, that's more than a few thousand all right.
Here's my suggestion. Reread momofthree'sost. IMO, she knocked the ball out of the park.
Your biggest problem is not the bad debt but, no job. I'd put all efforts and thoughts into getting a job.Put the bk on the backburner for the time being and focus on getting your finances stable. Bk will still be an option once you get a job and can support yourself.

[researchnerd]

Yep, you are pretty much judgment-proof at this point. If you have no assets and no pay to garnish, there's nothing they can do. Save that BK for when you have something to protect.

[desperatio]

Thanks again everyone for your help. On the employment front I am actually hoping that I have a chance to get some real, long-term work soon. The last year and a half have been very rough for the area where I live, it was hit very hard by the economic situation.

I'll certainly take everyone's advice about waiting on the BK, but the only worry I still have is that I've heard that after a judgment they can levy your personal property. I don't have very much, but I'd hate to end up sleeping on the floor. I don't have anything of any real value, certainly nothing over $400, does anyone think that they would come after personal property in a situation like this?

[shark66]

Even if they were to get the judgment against you (not very likely that you'd be sued to begin with IMHO having no income or real estate, not even a car) that takes time, as in months...

Personal property...I honestly don't see it happening in real life. It would cost your creditors more to get it and dispose of it than it would bring back.

By most accounts, you're collection proof at this point in the game. No need to file, life might have more surprises ahead of you...

My $0.02 only...

Good luck.