Is this ok for ch7

[itcaughtup]

First off thanks for all the great info on here, so far it is very informative. I have read through the forums and have some questions that seem to have been answered somewhat but i would love some feedback from anyone with some answers, here is my story (the short version). I'm 29 and have approximately $75,000 in cc debt ( I have no idea how that number got there but it's there) i own a condo, that zero equity in, i bought it a year and a half ago and the market has gone down in my area slightly so i'm lucky to be even on the condo or even negative slightly. My car is a lease and I have no other assets to speak of, 2 expensive watches (one i bought the other was a gift) totaling about 10-12k. I make more than my states median but that is of recently and for the 6 months prior made just under it. my question is do i sound like a candidate for ch7 given the absurd debt i have and will my condo have to be sold? I imagine the answer to the condo question is no due to the lack of equity but any help here would be appreciated. I have an appoinment tomorrow with a bk lawyer who helped a friend of mine out but that was in 1999, before the new laws took effect..

[FreshLikeADaisy]

Icaughtup, depending on your state's exemptions, you may or may not lose the watches in a Ch7, but it would be up to you to reaffirm the mortgage on the condo or let it go, depending on whether you can reasonably afford the payments. If there were equity above and beyond what you could exempt, then yes, it might have been an issue. But if you don't own it you can't lose it. Same goes for any car you might have: the less equity, the better off you are.

Also, if you're going to file, file as soon as you can before yor income puts you over the median. Also, please do see more than one atty, because being so close to the median you really need one that can go to bat for you on a 7 if it becomes an issue. 13's are much more lucrative for the average bk atty than 7s, so don't be surprised if they try to steer you into one; just avoid that. It sounds, without knowing more detail, that you're actually a good candidate for a 7, so stick with that if you can. Good luck!!!

[itcaughtup]

Thanks a lot for the info, it seems like a disaster process but a necessary one for now. It seems as if people here are proof that life goes on, thanks again.

[FreshLikeADaisy]

No problem. It really WILL get better. The worst part is right before you file... iow, right where you are now, unfortunately. But it WILL get better. I wish you the best!!!

[itcaughtup]

One last question, does it matter that my girlfriend lives with me, she is not on the home loan but does live here and pay some bills.

[FreshLikeADaisy]

It matters to a certain extent; you will have to include the amount she contributes to household expenses on your filing. But beyond that it will not affect her, assuming you have no jointly held debt, and you do not have to include her entire income as if it were your own. It might be different if you were married, but you're not, so only the actual amount she contributes to the household on a monthly basis will come into play. She will not have to provide any direct information to the trustee or volunteer her own financial info or anything like that. Good luck!!!

[itcaughtup]

Thanks again for all the info, much appreciated.

[CindyLou]

As far as the watches. The one that was a gift...hmm....I don't know if I would mention it..... That's just my thought. Other's may disagree.....but just an opinion.