Pinch me please!
For those following my story, the UST filed a statement of presumed abuse in our case. I panicked, felt sorry for myself, cried, threw in the towel... then some very wise members who had gone before me told me not to give up and to press on.
Despite handing over an enormous stack of paperwork documenting our expenses to the UST, we were told a motion to dismiss would be filed because a one-time bonus would be counted against us as income on the means test. Ours was one of those very poorly timed filings where the means test reflected income we no longer have. Had we waited a few months to file, the presumption of abuse would not have arisen.
To make a long story short, we offered to allow liquidation of everything we have of value to pay our creditors at least a percentage of what we owe. I know it sounds like a crazy and extreme thing to do, but it eliminates any perception that we are high income filers abusing the system. We were told today that the UST will be filing a declination in our case, which means our Ch. 7 will be allowed to proceed!
I know we are not out of the woods yet, but the possibility that we might actually get through this and out from under our debt is nothing short of a miracle. It will be traumatic to lose our stuff, but we have been through worse (lost our home and everything in it to a forest fire in 2000).
Our fingers are crossed that nothing changes, but I think we are now in the 60 day club... 42 days down!
Thanks to everyone who has helped get us this far. I'm sure I'll have some stories about what it's like to have all your assets liquidated.
Despite handing over an enormous stack of paperwork documenting our expenses to the UST, we were told a motion to dismiss would be filed because a one-time bonus would be counted against us as income on the means test. Ours was one of those very poorly timed filings where the means test reflected income we no longer have. Had we waited a few months to file, the presumption of abuse would not have arisen.
To make a long story short, we offered to allow liquidation of everything we have of value to pay our creditors at least a percentage of what we owe. I know it sounds like a crazy and extreme thing to do, but it eliminates any perception that we are high income filers abusing the system. We were told today that the UST will be filing a declination in our case, which means our Ch. 7 will be allowed to proceed!
I know we are not out of the woods yet, but the possibility that we might actually get through this and out from under our debt is nothing short of a miracle. It will be traumatic to lose our stuff, but we have been through worse (lost our home and everything in it to a forest fire in 2000).
Our fingers are crossed that nothing changes, but I think we are now in the 60 day club... 42 days down!
Thanks to everyone who has helped get us this far. I'm sure I'll have some stories about what it's like to have all your assets liquidated.
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