Hi folks, this site is a great resource with a wealth of information. Decided to share my story, hopefully someone will get some use out it.
I filed Ch. 7, 6/11/08 due to a failed business and the left over credit card debt that mounted to about $170K. From reading this forum, I followed advice and waited over 6 months w/o using or paying credit cards. And yes, the calls were horrible (my cell phone battery would die every few hours from so many calls, I ended up changing a number I had for 10 yrs).
Two weeks after filing I received a letter from the Trustee office stating that they determined the majority of my debt was "consumer" and they were requesting a Means test. I assumed my house mortgage which was $185K was more than my credit card and that turned it into the consumer category. So, submitted Means test and passed with negative numbers on income vs expenses.
The first 341 Meeting was held 7/15/08, I was nervous and showed up with a huge file of everything that their letter said I needed to bring; paystubs, car title, proof of insurance, deed of trust, etc. The UST was very nice, he only asked a few questions and looked at my bank statement for the amount at time of filing. His assistant, on the other hand was hitting up my Sch I & J. She asked if I knew that sch J is showing $1,700 net after expenses, then I realized I made a mistake. She said that she's recommending this go Ch. 13, unless I file an amended form, I told her that the calculations were wrong because I just started a new job before filing and had not received a paystub at the time of filing. My 341 was continued to 7/29/08. I corrected the numbers in my sch I & J and ended up $-487 on sch J and submitted forms.
The second 341 Meeting on 7/29/08 was held. The UST asked me to briefly explain changes I made. I did this and he said, OK, I have no questions, then his assistant said, are you expected a 2007 tax refund this yr? I said I'm not sure. She said, well, you recieved one for 2005 and 2006 due to business loss so you'll most likely get one this yr right? I said I suppose. She said that the 2007 tax refund should be divided by 12 and that figure subtracted from monthly federal taxes paid. I said was not aware of this and had not read this anywhere in form J instructions. She asked if I could provide her with my last paystub for 2007 and she would adjust the form for me. The UST then concluded the 341 meeting. BTW my 2007 tax refund would be approx. $5,600.
And it would change my sch J from $-487 to $-16. But I also have $570/mth into a 401K which I assume is fair game for the UST. Funny thing is they didn't even ask about the 401K deduction.
I sent her the paystub this morning. Now I'm not quite sure if I'm in the 60 day club, or if my case is going to fall C13, or if things will just work out in C7.
I pass the means test which I "thought" was the determining factor for C13. Anyone know any different???
BTW: as far a Pro Se, at yesterday's 341, people with lawyers were not doing any better. Actually, one lawyer walked around calling the name of his "client" whom he'd never met, and his client didn't have a proper ID or a bank acct, they had to come back in two weeks.
I can't wait till this time next year when this will all be a just a bad memory
I filed Ch. 7, 6/11/08 due to a failed business and the left over credit card debt that mounted to about $170K. From reading this forum, I followed advice and waited over 6 months w/o using or paying credit cards. And yes, the calls were horrible (my cell phone battery would die every few hours from so many calls, I ended up changing a number I had for 10 yrs).
Two weeks after filing I received a letter from the Trustee office stating that they determined the majority of my debt was "consumer" and they were requesting a Means test. I assumed my house mortgage which was $185K was more than my credit card and that turned it into the consumer category. So, submitted Means test and passed with negative numbers on income vs expenses.
The first 341 Meeting was held 7/15/08, I was nervous and showed up with a huge file of everything that their letter said I needed to bring; paystubs, car title, proof of insurance, deed of trust, etc. The UST was very nice, he only asked a few questions and looked at my bank statement for the amount at time of filing. His assistant, on the other hand was hitting up my Sch I & J. She asked if I knew that sch J is showing $1,700 net after expenses, then I realized I made a mistake. She said that she's recommending this go Ch. 13, unless I file an amended form, I told her that the calculations were wrong because I just started a new job before filing and had not received a paystub at the time of filing. My 341 was continued to 7/29/08. I corrected the numbers in my sch I & J and ended up $-487 on sch J and submitted forms.
The second 341 Meeting on 7/29/08 was held. The UST asked me to briefly explain changes I made. I did this and he said, OK, I have no questions, then his assistant said, are you expected a 2007 tax refund this yr? I said I'm not sure. She said, well, you recieved one for 2005 and 2006 due to business loss so you'll most likely get one this yr right? I said I suppose. She said that the 2007 tax refund should be divided by 12 and that figure subtracted from monthly federal taxes paid. I said was not aware of this and had not read this anywhere in form J instructions. She asked if I could provide her with my last paystub for 2007 and she would adjust the form for me. The UST then concluded the 341 meeting. BTW my 2007 tax refund would be approx. $5,600.
And it would change my sch J from $-487 to $-16. But I also have $570/mth into a 401K which I assume is fair game for the UST. Funny thing is they didn't even ask about the 401K deduction.I sent her the paystub this morning. Now I'm not quite sure if I'm in the 60 day club, or if my case is going to fall C13, or if things will just work out in C7.
I pass the means test which I "thought" was the determining factor for C13. Anyone know any different??? BTW: as far a Pro Se, at yesterday's 341, people with lawyers were not doing any better. Actually, one lawyer walked around calling the name of his "client" whom he'd never met, and his client didn't have a proper ID or a bank acct, they had to come back in two weeks.
I can't wait till this time next year when this will all be a just a bad memory
Comment