A few questions

[southernbelle]

1. How long after you file BK is it okay to purchase something of value, say something that costs over $3k?

2. If it determined by the Trustee that you own assets (like a car or furniture) that can be liquidated, do they offer you the option to pay for it to keep it? How are the payments normally handled (all at once or payment plan) and how do they expect you to pay if you are technically "bankrupt" and who determines the value of the items?

3. After filing, is it possible to surrender equity in a home to help your case to keep you in a Ch. 7?

4. If I feel that I am able to file Ch. 7 and the attys I've met with so far say 13, even with over 50% non-consumer debt since I'm over the Median income for Louisiana, do I keep searching for another atty that agrees with me or just tell them to file the 7 anyway and take a chance with the Trustee converting? What are the chances of having a situation like that dismissed as opposed to converted and does the Trustee at least give you a heads up with decisions like that?

Just trying to do my homework before I get into the thick of it. Still have a couple of months prior to filing. Thanks again.

[CindyLou]

1. How long after you file BK is it okay to purchase something of value, say something that costs over $3k?.

Once you have the money it is ok to purchase whatever you need just be careful that you don't use your emergency money or get youself back in debt.

4. If I feel that I am able to file Ch. 7 and the attys I've met with so far say 13, even with over 50% non-consumer debt since I'm over the Median income for Louisiana, do I keep searching for another atty that agrees with me or just tell them to file the 7 anyway and take a chance with the Trustee converting? What are the chances of having a situation like that dismissed as opposed to converted and does the Trustee at least give you a heads up with decisions like that?

kEEP LOOKING YOU ARE CLEARLY CHAPTER 7!!!!! so many attorney's are not educated on this part of the BK law and do misinform their clients. Keep looking til you find one that knows the right information. You have a failed business with business debt that is the majority of your debt. That makes you a 7. They woulnd't dismiss you if they find that is untrue. They would convert you.

[JRScott]

1. How long after you file BK is it okay to purchase something of value, say something that costs over $3k?

2. If it determined by the Trustee that you own assets (like a car or furniture) that can be liquidated, do they offer you the option to pay for it to keep it? How are the payments normally handled (all at once or payment plan) and how do they expect you to pay if you are technically "bankrupt" and who determines the value of the items?

3. After filing, is it possible to surrender equity in a home to help your case to keep you in a Ch. 7?

4. If I feel that I am able to file Ch. 7 and the attys I've met with so far say 13, even with over 50% non-consumer debt since I'm over the Median income for Louisiana, do I keep searching for another atty that agrees with me or just tell them to file the 7 anyway and take a chance with the Trustee converting? What are the chances of having a situation like that dismissed as opposed to converted and does the Trustee at least give you a heads up with decisions like that?

Just trying to do my homework before I get into the thick of it. Still have a couple of months prior to filing. Thanks again.

1. So long as you can do so with exempt money or property then at any time after you file.

2. It is possible to buy back goods. The Trustee would prefer not to waste time having to auction it off I believe in most cases you are expected to pay in one payment but I could be wrong. That's the hard thing, coming up with the money sometimes.

3. The Bankruptcy case is set at the time of filing. Changes in equity after filing do not affect the bankruptcy estate and I doubt you could tap into the equity prior to discharge since it would be considered an asset of the Bankruptcy Estate.

4. Given what I know you qualify for a Chapter 7, for business debt you do not take the means test. I would continue looking.