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  1. #1
    Join Date
    Jan 2009
    Posts
    5

    Default Re: Almost All Secured Debt

    Quote Quoting gigirle
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    You will have to list all your collections in your bankruptcy and risk surrendering them.
    What does that mean?

    Keep in mind I will be collecting unemployment for 6-9 months and providing some income. Does it make sense to wait until I'm not going to have any income vs the unemployment income? My wife remembered something from our visit with our personal attorney, he said we had to have a judgment against us to actually file.

    I do not have a great desire to keep the house or boat, although not thrilled with moving, especially since our youngest is a sophomore in HS.

  2. #2
    Join Date
    Jan 2008
    Posts
    164

    Default Re: Almost All Secured Debt

    I am not a lawyer but you do not have to wait till you have a judgement, you will have to wait until your income matches the gross income that will allow you to file in your state cpt 7. So that could take as long as 6 months depending on you r past income. I would not wait to long secure a BK lawyer so you know what path you will be on. If you are not confortable with him or her find one that you trust with your situtation. I am in the same boat filed 13 and now a 7 go this thursday for the 341 meeting. The blessing is all debt will be forgiven bk is your only way out of peace of mind. Don't feel bad i beleive we aare going to have so many BK in this country it will make your head spin. The bible tells us just all that is happening in the world today.

    God Bless You and All Who Will Follow!

  3. #3
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: Almost All Secured Debt

    Quote Quoting bankrupt
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    What does that mean?

    Keep in mind I will be collecting unemployment for 6-9 months and providing some income. Does it make sense to wait until I'm not going to have any income vs the unemployment income? My wife remembered something from our visit with our personal attorney, he said we had to have a judgment against us to actually file.

    I do not have a great desire to keep the house or boat, although not thrilled with moving, especially since our youngest is a sophomore in HS.
    A ch 7 is a total liquidation of your assets. Do some research on the net and this site as well. When and if you file, you will have to list collections that you own. Lets say one of the collections you own are cars. The court can order you to sell them to pay creditors.
    Even if you will be collecting unemployment, you should be able to qualify. Take the means test to see if you qualify. I'll also go out on a limb here and say that your wife misunderstood your personal attorney. You DO NOT have to have a judgement to file, but if you have a suit in the works, then you should file.

  4. #4
    Join Date
    Jan 2009
    Posts
    5

    Default Re: Almost All Secured Debt

    Quote Quoting gigirle
    View Post
    A ch 7 is a total liquidation of your assets. Do some research on the net and this site as well. When and if you file, you will have to list collections that you own. Lets say one of the collections you own are cars. The court can order you to sell them to pay creditors.
    Even if you will be collecting unemployment, you should be able to qualify. Take the means test to see if you qualify. I'll also go out on a limb here and say that your wife misunderstood your personal attorney. You DO NOT have to have a judgement to file, but if you have a suit in the works, then you should file.
    thank you gigirle

    I will call my attorney and clarify both the judgement comment and why he wants to wait. I don't have a collection of anything, just one car that's upside down and I would like to find some way to keep... but understand it may be going away.

    The irony here, we very seldom used charge cards for anything and would frequently pay them off, and saved enough money for emergencies, but never anticipated this financial perfect storm that hit. My house three years ago was rediculously high value, and has sunk to the point of being rediculously underwater. Boat up until last fall was tracking my loan value down literally dollar for dollar, and now that has tanked. My car was doing ok, until the OEM flooded the market with money trying to avoid their own bankruptcy. I could deal with all of that until the job went away

    Up until 1/31 I was current on everything, so still a little bit early. Scary watching my high 700/800 credit go away. But I whine...

  5. #5
    Join Date
    Jan 2009
    Posts
    5

    Default Re: Almost All Secured Debt

    talked to my attorney, he said we're waiting for several reasons, one I'm sitting on too much cash (benefit of a somewhat frugal life), two there is still a chance I'll get back to work and may impact what gets files, and three he's waiting to see if there are going to be some legislative changes that would benefit any potential filing. He also suggested that the housing market isn't even close to bottoming out and if the lender even considered resetting the house value, nobody could tell him the current market value. I especially agree with that statement

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