Chapter 7 for me?
A little about me, I am a single man of 40 years old, I own my own house (with a first and second mortgage) and there is no other income in the house.
I have never considered Bankruptcy, and 15 years ago I did goto Credit Counseling and paid everything off , that is when I didn’t make much…
Well, within the last year, I have had one disaster after another, from plumbing problems, AC being rebuilt and emergency surgery, my empty credit cards have gotten full and out of control. Along with hospital and medical bills on top of that. I have started a new job, as I was previously in the mortgage business, and we all know how that has gone. The new job doesn’t pay that much at this time, and wont really get much of a raise, if any, after my probationary period. I am basically back to where I started 10 years ago. Its come right down I cant pay anything but the mortgage, utilities and everyday living expenses.
My first and second mortgage are current and I don’t plan on getting behind in those.
I have a truck, a car and a motorcycle, I bought them all many years ago, and own them outright, actually . All 3 added together are not worth maybe $6000 combined. I did have a family member send me money for the bike and in the process of sending them the title and paperwork. I also have had the car in the Autotrader for months now, and no real buyers, just tire kickers.
As for personal belongings, all my stuff is pretty much second hand, other than the TV, and a laptop, I bought 5 years ago. I have 2 other computers I built from second hand parts. Other than that I really don’t have anything else new…. At least not that affected my cards in the last 6 months at least.
As for purchases in the last 90 days, I have bought nothing but food, some clothing, and necessities to help me through my recovery period after my surgery. I go in for my second, and last surgery , on Tuesday. So those bills will be added to this whole mess and it seems like a snowballing effect…
from credit cards to medical bills, i will probably be have about 20-25,000 in debt.
Here are my questions if I go Chapter 7:
1) Does chapter 7 sound right for my situation
2) If I cant sell the car , will I be able to keep it?
3) What of my personal possessions will I be able to keep and what will I have to get rid of ? what is the rules on anything I can keep or bought in the past?
4) Is there a comprehensive website or nomenclature that I can see exactly what the rules are that spells the whole process out in plain English?
5) Can someone give me an overview of what they did make their filing easier? What they did to help them keep their personal possessions?
6) Has anyone ever had any vehicles they owned out right , taken from them? I mean ones you have had for years
These are all my questions so far, I am sure I will have more later.
Thank you
AH
I have never considered Bankruptcy, and 15 years ago I did goto Credit Counseling and paid everything off , that is when I didn’t make much…
Well, within the last year, I have had one disaster after another, from plumbing problems, AC being rebuilt and emergency surgery, my empty credit cards have gotten full and out of control. Along with hospital and medical bills on top of that. I have started a new job, as I was previously in the mortgage business, and we all know how that has gone. The new job doesn’t pay that much at this time, and wont really get much of a raise, if any, after my probationary period. I am basically back to where I started 10 years ago. Its come right down I cant pay anything but the mortgage, utilities and everyday living expenses.
My first and second mortgage are current and I don’t plan on getting behind in those.
I have a truck, a car and a motorcycle, I bought them all many years ago, and own them outright, actually . All 3 added together are not worth maybe $6000 combined. I did have a family member send me money for the bike and in the process of sending them the title and paperwork. I also have had the car in the Autotrader for months now, and no real buyers, just tire kickers.
As for personal belongings, all my stuff is pretty much second hand, other than the TV, and a laptop, I bought 5 years ago. I have 2 other computers I built from second hand parts. Other than that I really don’t have anything else new…. At least not that affected my cards in the last 6 months at least.
As for purchases in the last 90 days, I have bought nothing but food, some clothing, and necessities to help me through my recovery period after my surgery. I go in for my second, and last surgery , on Tuesday. So those bills will be added to this whole mess and it seems like a snowballing effect…
from credit cards to medical bills, i will probably be have about 20-25,000 in debt.
Here are my questions if I go Chapter 7:
1) Does chapter 7 sound right for my situation
2) If I cant sell the car , will I be able to keep it?
3) What of my personal possessions will I be able to keep and what will I have to get rid of ? what is the rules on anything I can keep or bought in the past?
4) Is there a comprehensive website or nomenclature that I can see exactly what the rules are that spells the whole process out in plain English?
5) Can someone give me an overview of what they did make their filing easier? What they did to help them keep their personal possessions?
6) Has anyone ever had any vehicles they owned out right , taken from them? I mean ones you have had for years
These are all my questions so far, I am sure I will have more later.
Thank you
AH
A NEW START!!!
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