My Story

[mattson06]

Greetings all, just joined this forum and it's helping me get through my bankruptcy process.Last year, income fell some and got behind in bills. i tried all sorts of resources to pay credit cards and auto loan.The payday loans didn't help in the long run. Anyhow, i called an attorney,He looked at my income and debt.He compared it to the means test scale which my income fell below,which qualifies me for chapter 7.I decided to surrender my car 3 months behind.After a long process of getting my attorneys fees paid.I have already finished my pre-bankruptcy test and just 2 weeks ago my papers were filed.Yesterday i finished my post bankruptcy test,now comes the 341 meeting.As all have stated,yes i'm nervous,i just want everything to be order for the trustee. i keep everyone updated.good luck to all who are still in process like me.To all your case is over congrats and good luck in future.

[Mynameis]

Wow, good luck!
I'm new here too. We just decided we need to file for bankruptcy..or else we might have our home foreclosed. We've been late the past 2 months with no sign of being on time any time soon (with all the credit card debt we have). This is my first step of researching online. I hope I can gain some good information from here, seems like you all are quite informed which is great!
So I guess my next step is to contact a bankruptcy lawyer. Right? Any tips/advice from anyone? We are blank slates over here...

sorry mattson for kinda veering off your post.
Good luck on your bankruptcy!! Keep us posted!

[JollyGG]

Welcom Mattson06 and mynameis I'm sure you will find a wealth of information here and a sypathetic ear for venting and frustration. I hope both of your bankruptcies go unevntfully.

Mynameis - If you stopped paying your credit cards could you get caught up on your house?

Best of luck to both of you.

[Mynameis]

Mynameis - If you stopped paying your credit cards could you get caught up on your house?
Best of luck to both of you.

JolyGG, I just posted our situation, if you've got about an hour to spare... lol
Yes, if we stopped paying on all credit cards we could get current on our mortgage, but it would still take a few months at least. Is being current on your mortgage a requirement for BK when you want to keep your home?

[jal1129]

If you are filing chapter 7, yes, you must be current on car and house if you intend to keep them. If you cannot get caught up on your own then you can file chapter 13 and you can catch up back payments within the plan.

edited to add: Welcome to the forum to both of you!

[mattson06]

Hi ggjolly,thanks for the welcome,hope things work out well with you and family.i think even after my bankruptcy is over with ,i will continue to post things here.there is great support group here.

hi mynameis,i'm sure after you consult an attorney,you'll feel much better.it's nice they don't charge for 1st consultation. keep your head up.

[mattson06]

hi jal,thanks for the welcome and best to you see you got 341 coming soon as well take care

[mattson06]

hi jal sorry misread your 341 date good luck on your closing

[ilovemycaitybug]

Welcome! We are on similar timelines as far as 341 and deadline to object Only a little bit to go until our 341's! I'm nervous, too. But, I am glad to have a chance to learn a lesson and not have to pay forever for it. I hope to never get in this situation again (I won't if I can help it~!)

[mattson06]

hi ilovemycaitybug

thanks for the welcome.we should have good reports to share the same day.throw a big party yes so true learn from mistakes and go on living again but more wiser.i want to find a good money management program or something to help me learn more about properly taking care of my finances. i like this forum alot.it's good to be able to talk to others and encourage each other.i haven't shared anything with my co workers or even friends.i don't want to be judged.i'll be judging myself enough with out any help from them,lol.just another good reason i can talk about it here. any how hope all goes well with your case.i will see you around i'm sure take care.

[JollyGG]

JolyGG, I just posted our situation, if you've got about an hour to spare... lol
Yes, if we stopped paying on all credit cards we could get current on our mortgage, but it would still take a few months at least. Is being current on your mortgage a requirement for BK when you want to keep your home?

To file a Chapter 7 bankruptcy you need to be current on all secured assets you want to keep. From your other post it looks like you are below your state median so would qualify. A chapter 7 gives the quickest and easiest fresh start. However a Chapter 13 does also have it's advantages as it allows higher income filers to get their fresh start and allows filers who are behind on secured payments to catch up in the plan. The disadvantage of a Chapter 13 is that all of your disposable income goes into the plan for 3 to 5 years.

I would suggest you visit a few lawyers for free consults and take a visit to a credit counseling agency. You need to do credit counseling before you can file. They will work up a budget with you and you can see where you stand.

You also need to look at weather or not you really can pay all your bills on time and in full if you don't have cc bills. You may need to take a hard look at your mortage and decide if you can afford it or not. Sometimes surendering a home is the hardest decision, but the smartest. That is a decision you will need to make after you make up a realistic budget.

No one is going to come after you for their money for a while yet. You have plenty of time to stop paying on your cards. Learn to live on your current income, find a lawyer and weigh all your options.