Chapter 13? or 7? ..........

[CAB_44]

Yes SF, for sure. It's just that BK does get out, especially when you are in the business world, I'm a hairstylist, so I'm sure there will be some gossip about it......I haven't told anyone about this, but it has it's way of rearing it's ugly head......people are just mean. But I guess I'll just have to suck it up and take my punches, it won't be easy, this I know.
I just read a post from a guy on MSN that was written to me, he gave me his story, very moving story.. he gave me plenty of hope and encouragement. It was an awesome story.
We go to the attorney a week from today~ I'm ready
Thanks for your encouragement too, I DO appreciate it!!!!

[CAB_44]

by the way Oklahoma is my state

[SinkingFast]

http://www.usdoj.gov/ust/

That's the link to the DOJ's website regarding Mean's Test and the Schedules allowables.

The Median is based on Gross earnings. I believe you'll see that your "after tax" income is probably gonna exceed the allowable Median for Oklahoma, unless you have a BUNCH of dependents.

It would appear on the surface, at least, that you're probably looking at a Ch 13 payment plan.

Schedule some Consults with attnys and see what they have to say.

If you do wind up in Ch 13, you definitely wanna have newer vehicles going in. You won't be able to take on any new debt during the plan, except for auto or home loans. And then, ONLY with the permission of the Trustee, AND after you've been in the plan for a year.

DO NOT, as Allen Greenspan suggested earlier, cash out any retirement savings you may have. Retirement savings, including 401K's, are expressly protected and exempted in the New BK Law.

[alh]

We're in good company. There are are several of these lists on the web but here is one of famous people who have declared bankruptcy.

http://www.brettweiss.com/bankruptcy/FAQ/famous.htm

Thomas Jefferson
Walt Disney
Mark Twain
Henry Ford

were a couple that stood out to me.

[CAB_44]

thanks alh~ I kind of chuckled when I read some of the names....oh well, like the saying goes.....if at first you don't succeed....try , try again..........
good advise~ good advise!
I want to do the chap 7 thing, but my husband is still not sure, he feels we should do 13, but I want it wiped clean~ I've been paying the bills, so I am more stressed about this and more willing to give in, where he has not completely looked at the numbers....
he carries two jobs, has for a long time, and I want him to quit one of them, then we probably would qualify for the 7....we go to the attorney on Mon....I'm ready~ soooooooooooooooo ready~
thanks guys for your support and advise~ on MSN i'm getting bashed......guess I need to stop going there......
anyway~ thanks again!

[SinkingFast]

Another thought for you is to file seperately. If one of you can go Ch7 and the other go Ch 13, that might be a route for you. Eliminate the debt for the one spouse who's under the Median, and then set up a payment plan for the other spouse that's over the Median.

Could wipe out some debt totally and make the remaider of the debt a much lower payment than if you both filed joint one way or the other.

Yes the attny's fees would be more and so would the filing fees, but this could be a way for you to "reduce" your Ch 13 payment plan.

[CAB_44]

Hey anyone~
Isn't it illegal for a creditor to hound you at your work???
We've had this just this week.... seems like I've read that before...
I guess it won't be for much longer, we go Monday to the attorney. If anyone knows anything on this I would appreciate advise~
Thanks SF for that advise earlier, that is a thought....we'll certainly have to look at it and I do appreciate your input!

[bkbiker]

Yes, tell those debt collectors that your employer does not allow collections calls and that as of now they have been given notice, any further calls are in violation of the US Code Collection Title 15, chapter 14, sub-chapter 1692.

If they call again, report them to the Federal Trade Commission, on-line complaint form, and to the Attorney General Office of your state, also you may now go after them and sue them in small claims court.

Don’t take any abuse from your creditors, if they call ask to speak with their supervisor and have your phone number removed promptly.

At home, any debt collector’s calls can also be stopped by writing a letter demanding that they cease all contact with you. If they continue these calls, than sue them in small claims court.

Good luck,
bkbiker

[CAB_44]

woo hoo..that's what I thought~
those hound dogs.......good grief, this is the first time i've been late , but dang, did they jump on it....I didn't think they would for at least a few weeks.... but one in particular, it's been a month/2 payments as of yesterday. Thanks BKB

[lrprn]

Hey anyone~
Isn't it illegal for a creditor to hound you at your work???
We've had this just this week.... seems like I've read that before...

Check out the Federal Trade Commission's Fair Debt Collection at http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm - great summary of what a creditor can do and not do when trying to collect money owed.

Here's what the FTC says about how a debt collector can contact you:
"A collector may contact you in person, by mail, telephone, telegram, or fax. However, a debt collector may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if the collector knows that your employer disapproves of such contacts."

In your case, if the collectors are hounding you at work, tell them your employer doesn't allow personal calls at work and keep records of who you talked to and when. If the collection agency continues to call your work after you've told them not to, then you have a clear case of unfair collection practice and you can sue for damages.

Your phone will quiet down considerably once you've filed. Within two weeks ours was silent except for family and friend calls. Good luck with your filing!

[Jman30]

I have to say, that dealing with collectors was one of the ONLY positive points of filing a Chapter 13. I took such great joy in telling creditors as they called that I had just filed Chapter 13 and they were never to contact me again. After all the harassment I took from them, I took great pleasure in finally having some ground to stand on when they called.

[Fedler]

Hairstyling is not the "business world". The only way your co-workers find out is if you tell them while shampooing a client. The only way your clients know is if you tell them. I'm not on a last-name basis with my barber. I wouldn't know if he were a convicted murderer. He just cuts my hair well.

[bobby125]

CAB 44....I just read through the whole thread, so forgive me if I am repeating something.....

My income was $94k in 2005 between my wife and I and I had about $90,000 in credit cards (I actually forgot!)....and I was never late on anything ever, but what happens is, I think, that the ccards get notice of the overall debt and start to come down hard, because they know you will not be able to pay it. For example I had an AMEX card with a $27,000 limit and then it went to $1500 overnight, then same thing with other cards.

With $90,000 you will never get out of it, or at least 99% chance you wont.

I dont know how exactly a chapter 7 works, but if you file a chapter 13, you will not regret it, or at least I dont think so

I am barely into mine, but it feels like years since I thought about credit cards, minimum payments, and how I will get out....now I just think about making my leftover cash last through the month.

I hope I can make it all the way through, but at least this way, there is actually an end in sight..........

Keep updating and ask whatever neccessary

I dont know what the real point of this post is, I guess just to let you know, that you have nothing to be embarressed about. Especially in a 13, I mean you do have to pay back something......and it really does make you notice how much cash you were wasting

anyways

GL

[CAB_44]

WAHOO~ You guys feel like "life preservers" to me~ You don't know how truly GREAT it is to have some support instead of bashing, it makes me want to cry (as if I haven't been already) but this is actually good tears instead....
Thanks so much for the info GL, Fedler, Jman, IRPRN, and to the others that posted help earlier... you have been an insight of inspiration~
You know, I know things happen for a reason in our lives, and I believe even though this is and probably will remain a hardship for us, we WILL LEARN an important lesson and carry on with our lives with a lot more carefulness with our finances...we made dumb decisions, over many many years, and it just kept snowballing....I know and accept the responsibility of it all, and I blame no one but myself. This has been the hardest decision I have ever made in my life, to do this, but it is the only way that I can go on and take charge of the situation. It's great to know that someone has "been there, done that" and wants to help others as they trod their journey through the same "poop", but being "encouraging" to help one another, which is one of the things we're supposed to do with our fellow human beings~
Jman30.... I LOVED your donation here, yes, as of this coming Monday, I too will be able to tell them with delight that they can now leave me alone....forever!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!! That part will be a perk for sure~
As far as people calling my work (hairstylist) no they haven't been hounding me but my husband who works at a hospital...no he isn't a Doctor....hahaha~
but I am afraid that they have contacted his boss...which he doesn't seem to be too worried about, but this really is not my husbands fault, it is mine~ he says he's in it too, but I feel total responsibility...anyway all, I will keep you posted on how our sessions turn out, and we can all laugh and cry together.....THANKS AGAIN!!!!!! Blessings to you all~ and your families
CAB

[jane taylor]

You will feel a sense of relief when the creditors stop calling. I tend to alternate between feelings of relief, shame, and anxiety. When I really thought about this whole thing, I said, "Duh!! This is a loss like anything else and grieving occurs in a cyclical fashion and not in neat little finite stages. If it were only that easy."

I promise you will feel better. You will have good days and bad days. We will celebrate the good days with you and help ease the burden of the bad days.

Peace,
jane