top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

341 Meeting--Not a good experience

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #16
    Originally posted by CATCHMEIFYOUCAN View Post
    Reading some Bk info somewhere, depending on which Bk you are filing, believe it or not, there are limits to the amounts.

    What?! Please give details.
    Chapter 7, California system 2, no assets. Pro se with Nolo.
    Filed: 10/8/08
    341: 11/5/08
    Discharged: 1/5/09

    Comment


      #17
      I think this is what CMIYC is talking about:

      (e) Only an individual with regular income that owes, on the date
      of the filing of the petition, noncontingent, liquidated, unsecured
      debts of less than $250,000 and noncontingent, liquidated, secured
      debts of less than $750,000, or an individual with regular income
      and such individual's spouse, except a stockbroker or a commodity
      broker, that owe, on the date of the filing of the petition,
      noncontingent, liquidated, unsecured debts that aggregate less than
      $250,000 and noncontingent, liquidated, secured debts of less than
      $750,000 may be a debtor under chapter 13 of this title.

      http://caselaw.lp.findlaw.com/caseco...ction_109.html
      Filed Ch 7 - 09/06
      Discharged - 12/2006
      Officially Declared No Asset - 03/2007
      Closed - 04/2007

      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

      Comment


        #18
        Thanks. Do you know the limit for ch7?
        Chapter 7, California system 2, no assets. Pro se with Nolo.
        Filed: 10/8/08
        341: 11/5/08
        Discharged: 1/5/09

        Comment


          #19
          To my knowledge, there's no debt limits stated for Ch 7.

          Generally, if all of your debts are dischargeable, a Chapter 7 would be advisable. However, if your financial situation is clouded by rent or mortgage arrears, tax debts, student loans or substantial non-exempt assets, a Chapter 13 may be advisable.

          http://www.abcny.org/Publications/bankrupt.htm

          A Chapter 13 adjustment of debts enables an individual with regular income to propose in good faith to pay all or part of his or her debts from future income over a period of time. If the court approves the plan of payment, the debts may be settled in this manner, even if the creditors are not willing to go along with the plan. If the individual makes the payments as required, he or she will not have to surrender his or her property. Unsecured debts may not exceed $307,675, generally, with a maximum of $922,975 for secured debt obligated.

          http://www.floridabar.org/tfb/TFBCon...f?OpenDocument

          But I have to wonder if the allowable debt limits set for Ch 13 are applicable to Ch 7.
          Filed Ch 7 - 09/06
          Discharged - 12/2006
          Officially Declared No Asset - 03/2007
          Closed - 04/2007

          I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

          Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

          Comment


            #20
            Originally posted by SinkingFast View Post
            But I have to wonder if the allowable debt limits set for Ch 13 are applicable to Ch 7.
            Yeah, me too. For example, once my cc's are in default, won't the debts continue to grow indefinitely due to the endlessly accruing finance charges? I couldn't let this go on forever if I intended to file ch7 at some point.
            Chapter 7, California system 2, no assets. Pro se with Nolo.
            Filed: 10/8/08
            341: 11/5/08
            Discharged: 1/5/09

            Comment


              #21
              All mine were charged off at 180 days

              Or 6 months and then picked up by debt collectors. No interest has accrued since that charge off. The debt is no longer on the original credit cards' books as accounts receivable.
              August '05 Business failed.
              Spring '06 Found this site, thank heavens
              Chap 7 (no asset) filed 11/10/06; 341:1/31/07
              disharged 2/26; closed 4/17/07

              Comment


                #22
                Originally posted by IOIOIO View Post
                Yeah, me too. For example, once my cc's are in default, won't the debts continue to grow indefinitely due to the endlessly accruing finance charges? I couldn't let this go on forever if I intended to file ch7 at some point.

                Originally posted by Bobby'sGirl View Post
                Or 6 months and then picked up by debt collectors. No interest has accrued since that charge off. The debt is no longer on the original credit cards' books as accounts receivable.
                None of ours got to Charge Off status prior to us actually filing. In 9 months of missed payments, interest, penalties, and fees added $25K to our total CC debt.
                Filed Ch 7 - 09/06
                Discharged - 12/2006
                Officially Declared No Asset - 03/2007
                Closed - 04/2007

                I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                Comment


                  #23
                  Originally posted by SinkingFast View Post
                  None of ours got to Charge Off status prior to us actually filing. In 9 months of missed payments, interest, penalties, and fees added $25K to our total CC debt.
                  uh oh...
                  Chapter 7, California system 2, no assets. Pro se with Nolo.
                  Filed: 10/8/08
                  341: 11/5/08
                  Discharged: 1/5/09

                  Comment


                    #24
                    2 wks.after 341 trustee wants more income info

                    Originally posted by CATCHMEIFYOUCAN View Post
                    Reading some Bk info somewhere, depending on which Bk you are filing, believe it or not, there are limits to the amounts.

                    Catchmeifyoucan
                    We qualified for 7 according to means test, but now he wants proof of all our income. Will be dismissed Oct. 30th, 06 if problems are not worked out.The letter used the term bankruptcy fraud.

                    Anyone know what that means.

                    Comment


                      #25
                      Welcome to the Forum, Mon26!!

                      Maybe start a new thread and tell us what's happening in your case. Maybe with a few more details, folks can give you some help.
                      Filed Ch 7 - 09/06
                      Discharged - 12/2006
                      Officially Declared No Asset - 03/2007
                      Closed - 04/2007

                      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                      Comment


                        #26
                        There is no debt limit for filing bankruptcy, just certain amounts of debts may throw you into a different chapter of bankruptcy. For example, you may not be able to file chapter 13, but you may be forced into filing a much more expensive chapter 11.
                        Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
                        Plan Confirmation 6/16/06 :yahoo:
                        Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:

                        Comment


                          #27
                          Originally posted by aa06a47 View Post
                          There is no debt limit for filing bankruptcy, just certain amounts of debts may throw you into a different chapter of bankruptcy.
                          Any idea of the threshold for Chapter 7?
                          Chapter 7, California system 2, no assets. Pro se with Nolo.
                          Filed: 10/8/08
                          341: 11/5/08
                          Discharged: 1/5/09

                          Comment


                            #28
                            wow, 30 mins huh..I can only imagine how stressful this is on you right now.
                            I am so sorry you are having to go thru this. Im sure the others are right and they only need more documentation. What you are experiencing now is my biggest fear when we go for our 341 also. Our lawyer says ours is the easy case that day for him but I'm so afraid it won't be and we will be the ones singled out Hang in there, relax and lets think positive Everything will be A OKAY! Saying a special prayer for you won't hurt either
                            9/28/06: Filed Chapter 7
                            10/25/06: 341 meeting Done!
                            12/25/06: Last day for objections.... Dear Santa, can we have a bk discharge for Christmas please?
                            1/12/07: Discharged & closed!!

                            Comment


                              #29
                              Originally posted by IOIOIO View Post
                              Any idea of the threshold for Chapter 7?
                              I don't believe a chapter 7 has a limit. Chapter 7 is a complete liquidation.
                              Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
                              Plan Confirmation 6/16/06 :yahoo:
                              Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:

                              Comment

                              bottom Ad Widget

                              Collapse
                              Working...