Finally spoke with lawyer- few questions

[Geisha]

I finally spoke with a lawyer today who seemed very knowledgeable, but some things were still kind of hazy. We didn't get overly detailed as he would rather make an appointment which is understandable. I will briefly repeat my situation. I am a new mother who left my job last year to have a baby. I had good size bills before the baby but never had a problem paying them. I was out of work for 3 months without any pay and had to pay my own health insurance $400/month. I thought I was okay but money got very tight very quick. My fiance who helps pay all the bills couldn't pay both so we let mine slack. So, finally I am now close to $30,000 in debt including $12,000 in school loans, $18,000 in credit with $4,000 and one year left to pay on a car. Nothing else!!! I now pay $600/month in daycare.

My fiance and I have a joint checking account: how will that affect the BK?

I bought furniture 18 months ago with 0% interest and only paid minimal so far: Is there any way I can keep the furniture? My parents said they would pay the furniture in cash so there is no trace of a large some of money going in and out of my checking account from them.

Vehicle is in great shape/ one year left to pay: reaffirm? I need a car for the baby and work.

Assets: I have a $4500 engagment ring as my only big possession. We have a wedding in 5 months that parents are paying for. Will the courts try and take the ring

Thanks for any replies!!!

[Cmonlottery]

Talk to a few more attorneys. It really doesn't seem like you are a good candidate for BK. If the school loans are regular student loans they will not be discharged in the BK, and you want to keep your car and your furniture which brings the total debt you are eliminating down to what(about 10-12 grand, depending on how much of it is the furniture)?

You might try talking to a few Credit Counseling agencies. (Try the HUD site, they list some non-profit organizations by state that might be able to help)

[Geisha]

I probably underestimated the credit card debt...NOT including furniture it's closer to 18k

[klux]

To decide if you qualify you need to list all your expenses and see how much disposable income you have each month after paying all expense, this needs to be minimal. I think you have to do your share, not fiances.

As for the joint checking account, get your name off it before you do anything. As for secured debts, which your furniture and car are you can keep paying them and keep the collateral. IF you can pay the furniture off, better yet. IF it's done with cash and done before you file then it wouldn't even be listed on your schedules as a debt, only as an asset and remember that when you list your assets you use "garage sale" value. Is the car worth more than you owe, not sure what the exemption on vehicles is in your state, but in Wisconsin it's only $1200.00.

[Geisha]

Well taking my name off the checking account at this point is probably a bad idea.

Because certain bills like cable, electric are in my finaces name can I still claim them as bills since I live in the same household?

If I were to live on my own with the baby I would be about $500-$600 below my monthly income. With my finace's name on certain bills I'm $100-$200 below my monthly income and I didn't take into account gas money and groceries and baby expenses(formula).