Changing mind mid bk

[motox]

does anyone know if by some chance the trustee would not let you keep your home even if it is current and no equity(not sure if that is possible) but if the oppose a problem can you say nevermind and not go through with the bk at that time for that reason?

[BKOnce]

No!.. It's a one-way street. Once in, no way out easy! (or dismissed)

[HHM]

Spell check and grammar are your friends, not your enemy

In any event, if there really is no equity, then the trustee is not going to care.

But, to answer your question, in a chapter 7, you can't just back out without a reason. The trustee would have to approve the dismissal...if your case was a no asset case, then they might approve it, but if its an asset case, forget it, you are most likely stuck.

[almost]

HHM when you say no asset, do you mean no house. Or do you mean that a person just doesn't have anything to your name except the shirt on your back. I don't have a house but a have a junker car and a little amount of money in the bank. But I was going to place these in my exemption section. Sorry to highjack the thread. Thanks

[coma]

Asset refers to anything that is not exempted that may be of value. If your car is not worth much and you can exempt the cash, you should be ok. When we converted back to a 7, the new trustee looked at our title, and seeing that it was salvaged, he kind of laughed when I asked if we were going to lose the car They don't want things of little value because of the expense in trying to dispose of stuff.

[FreshLikeADaisy]

Motox, if your home is current (you're not late on the pmts) and there's no equity in it (you owe very close to what the house is worth) the only thing that readily springs to mind is if you simply don't make enough to afford the pmts, and that creates a presumption of hardship. If you have an atty, the court presumes that you have been counseled regarding the responsibilities of a reaffirmation and will generally not oppose it, but if you're pro se you have to have a judge's approval on any reaff. The judge generally follows the advice of the trustee, so there you have it.

However, HHM is right about getting out of bk midstream: you can submit a Petition for Voluntary Dismissal, which may or may not be granted by the court. I have also heard that if it's an asset case (you do actually have non-exempt assets to surrender to the trustee) it's darn near impossible to get out of it, because they want those assets.

[jrsmom]

HHM, could you be more condescending? I thought this forum was to help people not to scold them for having imperfect grammer or spelling. I'm sorry, but I think your comment was uncalled for.

[HHM]

HHM, could you be more condescending? I thought this forum was to help people not to scold them for having imperfect grammer or spelling. I'm sorry, but I think your comment was uncalled for.

Whatever...I guess I don't see why people cannot have a sense of humor. Come on, the OP's post is a giant run-on sentence, and is a little unclear; but nevertheless, I attempted to answer the question. I don't see the harm in mentioning a problem...a person that can communicate their concerns and questions clearly, will get better answers.

Calling someone a ***** is uncalled for, calling someone names is uncalled for; but mentioning to someone in a jesting manner that they should probably proof read their posts, I do not think that rises to the level of "uncalled for".

[motox]

I am hearing that they go with your last 6 months paystubs to show income.. if that is the case then according to my paystubs i dont make enough to afford the house..My income is from March through september which in those months is when i make all my money and the other months are pretty much $10 an hour. I have never missed a payment on my house or been late and want to keep it... As for a no asset chap7 does that mean that pretty much everything you own you owe money on it? or anything you have that you dont oew money on isnt worth too much anyway so it doesn't count?

[FreshLikeADaisy]

Motox, if AFTER all the remainder of your debt is discharged you still can't afford the house, then you should probably consider letting it go, instead of trying to keep it and just continuing the struggle.

Asset vs. no-asset Ch7 is actually very cut and dried: if, after you have applied all applicable exemptions to your property, you find that you have nothing left over to surrender to the trustee, that's a no-asset. Asset means that, after you have applied all applicable exemptions to your property, there is salable property left over that could be surrendered to the trustee and sold to pay your debts, which is why Ch7 is sometimes referred to as a "liquidation" bankruptcy. It actually has a great deal more to do with your property, your state, and what your exemptions allow you to keep than anything else. And yes, equity in your house IS an asset, but you say you have none, so you're quite safe there. Good luck!!!

[motox]

Do they base you being able to afford your house according to your paystubs or do they look at the fact that you have never been late and are current and have always been current even when i had the other debt?

[Minnymouth]

Motox,
If they look at you paystubs and your income is close to what your house payment is, THEY ARE GOING TO WANT TO KNOW where you get the rest of your money to live on..... for utilities, groceries, etc.

You can only afford sooooo much for a house payment within reason, after that you can't afford it unless you have "help" from some outside source.

Current house payments is GREAT, but logically the money has to come from somewhere if the house payment is high and the income is low.......

Could be very questionable by the Trustee......... the Court could determine that you really can't afford the house payment and need to downsize....

[motox]

although i would assume that when i sit down with the lawyer and we go over my expenses and my income forms he will tell me what the deal will more then likely be before i even get to the trustee right?

[FreshLikeADaisy]

Motox, yes, your atty should advise you about this, but just in case he doesn't (or doesn't do so clearly) it's good you're questioning it all now... you won't be likely to let the subject slide when you get to his office.

[TomBrady]

Motox,

I do not intend to be a preacher here, but the one thing I have learned so far is to try and learn where I went wrong in the past.

My question to you is how did end up with all the other debt. If your home is more expensive you will find yourself charging stuff just because your short money from making the house payment on time. Perhaps that contributed a little to CH7, I find myself looking for the root cause of why I am in the situation that I am in and I unfortunatly do not have a good excuse like loosing a job, it was just plain poor budgeting. I plan to learn from that mistake I hope that was not yours but if it was I hope like me you are taking a strong look at what you can really afford not what you want to afford.