So I filed in November and have my 341 later this month for a joint Chapter 7 with my wife. We have no real assets, other than 2 cars. No real estate. A significant amount of unsecured debt, combination of credit cards, payday loans, credit lines, etc. We haven't used any credit for several months now, probably since July. I've been unemployed for more than a year and of course got a job offer a few weeks after filing. I'm in the midst of negotiating the offer with the new employer, but they would like me to start in early January, which would be a week or two after 341.
We are driven to the bankruptcy filing b/c of my long term unemployment as my wife's salary does not cover our core, necessary expenses (we easily pass the Chapter 7 means test). So for the last 12+ months we've been supporting ourselves through loans and credit cards. At the same time though my gambling problem became a full blown addiction after my layoff which only added to our financial problems. I started going to Gambler's Anonymous in July and haven't gambled since then, except for one little slip up in September. I've dedicated myself to stop the gambling and getting my financial house back in order and the Chapter 7 is a step in that path.
Anyway I'm really nervous about our 341 for several reasons. First off, the new job. I feel like I have to take it as emotionally I can't take another few months of not working, but I'm really concerned about the impact of the new job on the trustee's thinking. I'm in the midst of putting together a revised I & J and it is either going to show a net positive or close to it. My lawyer is doing her best to get us prepared in case it does become an issue or question point. I'd love to hear others experiences with the issue. How did new jobs in between filing and the 341 impact your case?
Secondly, I'm really concerned about the gambling issue. Like I said I haven't gambled since July, but before then I was taking credit card advances, payday loans, etc. Also withdrew from IRAs and 401ks to help fund my gambling or pay for expenses that we couldn't afford b/c of gambling losses. Totally embarrassing to admit. With the exception of 2 payday loans all of these events happened more than 6 months ago. My lawyer feels like we should not mention the gambling unless specifically asked, but instead say that the bankruptcy filing is a result of my long term unemployment. I feel like all the trustee needs to do is look at my last few tax returns to see a history of gambling winnings and losses and the natural question is to ask how that gambling has impacted debt. Also it feels like telling a half truth and I don't want to seem to the Trustee like I'm hiding anything. The truth of the matter, if not for my gambling, we could have survived several more months on retirements savings and debt. Would we still be in the same position needing to file bankruptcy in several more months. Maybe, but it feels disingenuous to me if when asked what is making you file bankruptcy to only mention the unemployment and not the gambling.
Sorry so long. If you've read this far, thank you =)
Would love to get others thoughts and experiences on these two issues. Thanks!
We are driven to the bankruptcy filing b/c of my long term unemployment as my wife's salary does not cover our core, necessary expenses (we easily pass the Chapter 7 means test). So for the last 12+ months we've been supporting ourselves through loans and credit cards. At the same time though my gambling problem became a full blown addiction after my layoff which only added to our financial problems. I started going to Gambler's Anonymous in July and haven't gambled since then, except for one little slip up in September. I've dedicated myself to stop the gambling and getting my financial house back in order and the Chapter 7 is a step in that path.
Anyway I'm really nervous about our 341 for several reasons. First off, the new job. I feel like I have to take it as emotionally I can't take another few months of not working, but I'm really concerned about the impact of the new job on the trustee's thinking. I'm in the midst of putting together a revised I & J and it is either going to show a net positive or close to it. My lawyer is doing her best to get us prepared in case it does become an issue or question point. I'd love to hear others experiences with the issue. How did new jobs in between filing and the 341 impact your case?
Secondly, I'm really concerned about the gambling issue. Like I said I haven't gambled since July, but before then I was taking credit card advances, payday loans, etc. Also withdrew from IRAs and 401ks to help fund my gambling or pay for expenses that we couldn't afford b/c of gambling losses. Totally embarrassing to admit. With the exception of 2 payday loans all of these events happened more than 6 months ago. My lawyer feels like we should not mention the gambling unless specifically asked, but instead say that the bankruptcy filing is a result of my long term unemployment. I feel like all the trustee needs to do is look at my last few tax returns to see a history of gambling winnings and losses and the natural question is to ask how that gambling has impacted debt. Also it feels like telling a half truth and I don't want to seem to the Trustee like I'm hiding anything. The truth of the matter, if not for my gambling, we could have survived several more months on retirements savings and debt. Would we still be in the same position needing to file bankruptcy in several more months. Maybe, but it feels disingenuous to me if when asked what is making you file bankruptcy to only mention the unemployment and not the gambling.
Sorry so long. If you've read this far, thank you =)
Would love to get others thoughts and experiences on these two issues. Thanks!
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