Maybe you should take the semester off from School and get a full time job and tackle some of this debt. It doesn't make sense to me file a BK with what you are stating on this thread. I don't know your situation, but I'd get on a budget and make a plan to pay off the debt. Granted you do graduate from college, many companies run credit checks before they hire you. I may be wrong but good luck.
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Should I take the student loan proceeds and pay off the deficiency balance? Once I get that money, how would the court view it? what should I say to them?
This is the reason he needs to stay in school. He is living on student loans.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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Out of curiosity, as I was looking into the small claims in Michigan, apparently if the plaintiff knows about assets I own, apparently after getting a judgment, and being allowed by the court, they can seize various assets... what's the likelihood they'd get the Sheriff to take my current vehicle? It's totally owned by me, and worth maybe $1,000-$1,200 at dealer auction....Comment
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It would be nice, but Michigan was and still is economically collapsed... yes, I do have two jobs, but one is for minimum wage, and the other I mainly make $11.15 an hour on the weekends, but work isn't too good (home improvement store... not to many people are buying things right now...) The minimum wage job is usually only one day a week, but sometimes I can get up to three if my other job is slow...
There aren't too many full time jobs in the area that would hire me....Comment
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The only one who can answer that question with any accuracy is the creditor.Originally posted by aaengel View PostLadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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I mean legally, can they do it? Or would it be one of those, it's his only vehicle, thus it's off limits? Obviously they don't own the note on it, thus it would have to be seized.... Nevertheless I assume they're only going to try to garnish my bank account or wages thereof....Comment
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Why not just take your money out of the bank and live on a cash basis until you file?Originally posted by aaengel View PostFiled 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15
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At any given normal time I have no more than a couple hundred in there... thankfully my student loan proceeds just showed up.... so I'll cash it and keep it in my other credit union's account until the lawsuit and withdrawal the cash then.... until then, the new car I just bought needs work done (timing chain possibly) and was just quoted over $700 to have it replaced.... ho hum... I guess it's better than an engine. Timing chains are labor intensive....Comment
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That's a different question. I suggest you do a little research to find out what assets are exempt from seizure by a judgment creditor in Michigan. The exemptions may or may not be the same as bankruptcy exemptions.Originally posted by aaengel View PostLadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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Here's a site that may answer you car question..........http://www.wbsonline.com/resources/m...et-exemptions/Filed CH 7 4/15/11
341 5/23/11
DISCHARGED & CLOSED ON 7/27/11Comment
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Hope this helps, but it is not meant as legal advice – I still think you need to find away to get to those pro bono clinics I gave you links to.
If a judgment is entered on March 6 the court will ask if you have the means to pay the debt that day, if not the judge can then entered a payment schedule that has been agreed on by the plaintiff. The plaintiff is entitled to payment within 21 days but the judge can order a reasonable timeframe – that is the unknown factor due to a 3rd party - the judge – plus the plaintiff must agree to that reasonable timeframe.
The plaintiff is entitled to discovery – you may be asked to complete a debtor exam (discloser of assets – wages, bank accounts and personal property) on March 6 prior to leaving the court – I not 100% sure but I believe you can refuse that discover – BUT that would trigger a subpoena that would require you to go back to court to disclose asset directly to the judge.
What discovery will entail can be found here half way down the page: http://courts.michigan.gov/scao/self...lp.htm#request
As for exemptions I can’t seem to find any on the Michigan Court website and the web searches swings from 1,000 to 4,000 – I have to defer this to a Michigan lawyer only they can answer this one with 100% accuracy.
(What Sunshinepa posted was BK exemptions – not garnishment exemptions – I can tell by the wages category)
Don’t assume anything if your bank accounts and wages do not satisfy the total debt due they will have no choice be to garnish personal property and state income tax refunds.
Good luckFiled Pro Se: 11.12.2010 ~ 341: 1.12.2011 ~ Discharged: 3.9.2011 ~ Officially an Asset Case: 3.30.2011 ~ Last Day to File Asset Claim: 6.28.2011 ~ Trustee Final Report: 8.1.2011 ~ Asset Distribution: 8.31.2011 ~ Case Close: 11.15.2011Comment
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Umm, didn't intend to mislead, read the title wrong apparently. Thanks for catching it DesdemonaB!Originally posted by DesdemonaB View PostFiled CH 7 4/15/11
341 5/23/11
DISCHARGED & CLOSED ON 7/27/11Comment
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The Michigan law on exemptions from collection is available on the internet. Because he is considering filing BK pro se, I was hoping aaengle would try to find the law himself so he gets in the practice of finding and reading the law. aaengle, give it a try. A hint: I chose my words carefully in my last post to try to guide you in your choice of search terms. Post what you find and I'll tell you if its the same thing I found.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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We filed in Dec. 2011, we had rec'd student loan funds in September. We have a great attorney that argued our student loan disbursement did not fall under the heading of income, its a loan. We had no issues, trustee did not even inquire about it, our attorney had addressed it long before the 341 meeting in January.
We as a family of three pack our lunch everyday. Under no circumstances should you be eating out, as previously suggested get a cooler! Bring enough food to get you through classes and jobs, everyday. Also, your salary structured is on the low side so is it possible to find a similar job with similar pay closer than 30 miles? On that salary it really is counterproductive for you to be spending so much in gas for that pay. Is it a chain store you are working at? Maybe you could transfer to a closer one? The best of luck to you!Comment
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It's a chain store, but the closest ones are all 30ish miles away.... as for my school, school is 30 miles away as well.
That's what you get when you're in Rural Michigan.
Until I file for bankruptcy there's no possibility of me moving closer.Comment
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