Last year (around 9 months ago) we bought a Mac computer on an Amex card for around $2100. I was in the hospital in June and do not have health insurance. The hospital wants $31,000, so this was the straw that has broke the camel's back. I plan on filing a Ch. 7 in several months. I have to wait until I can show 6 months of making less than $4100/mo. in my state to qualify for the means test.
Anyway, this computer is worth nothing if we tried to sell it on Craigslist. Computers lose value faster than anything. Do you think Amex would want the computer back or would we get to keep it since it was unsecured debt?
We also plan on giving back one of our cars. We paid $43,000 for our SUV last year. Today it's worth $25,000. My wife really loves it and it gets close to 30 MPG on the highway, so I don't know if I should include it in the BK or not. The payments are $740/mo.
This month's gross income may be between $2800 and $3500. I can afford our mortgage and that SUV and not much else. We need to discharge about $20,000 in debt on my wife's credit and over $100,000 for me for repo's I've had in the past. I had a repo in March of this year and another one last year, plus numerous others from 2003 and beyond. I don't want any of them coming back to haunt me. Out of this money coming in for this month (I get paid only once per month), I have to pay self-employment taxes and I sometimes have $300-500/mo. in advertising expenses. Instead of putting away money for taxes all year, I've been paying creditors instead. I need to start paying the IRS now with the vouchers and stop paying the creditors or I will be in much deeper trouble for 2009 when it comes tax filing time. My wife doesn't see it this way. She has no idea how nasty the IRS can be and how high the penalties will be.
A friend of mine bought a brand new SUV in 1999. He got into trouble with a credit card and did not pay it in 2001. In 2007 he started a new job. Just over a month later, he came outside and found his SUV missing. By then, he had it fully paid off. It turned out that the credit card company put a lien on it and repossessed it right from under him since it was paid off. He was in shock. They said, "If you want it back, you're gonna have to pay us $7,000 with the fees." So he borrowed the money and got it back. The sad thing is, less than a year later, the transmission and transfer case went out. That cost him another $5,000 in repairs. Between the $5,000 and $7,000 he had to pay on a vehicle that is now worth $2500 today, he would have been much better off letting them keep it.
This is why I want to go bankrupt on those repo's and stuff from the past. If we ever did pay off our SUV, those people could attach a lien on it and make a big, nasty mess of it things like they did for my friend. He lives in north Florida.
What are your thoughts on the computer?
Anyway, this computer is worth nothing if we tried to sell it on Craigslist. Computers lose value faster than anything. Do you think Amex would want the computer back or would we get to keep it since it was unsecured debt?
We also plan on giving back one of our cars. We paid $43,000 for our SUV last year. Today it's worth $25,000. My wife really loves it and it gets close to 30 MPG on the highway, so I don't know if I should include it in the BK or not. The payments are $740/mo.
This month's gross income may be between $2800 and $3500. I can afford our mortgage and that SUV and not much else. We need to discharge about $20,000 in debt on my wife's credit and over $100,000 for me for repo's I've had in the past. I had a repo in March of this year and another one last year, plus numerous others from 2003 and beyond. I don't want any of them coming back to haunt me. Out of this money coming in for this month (I get paid only once per month), I have to pay self-employment taxes and I sometimes have $300-500/mo. in advertising expenses. Instead of putting away money for taxes all year, I've been paying creditors instead. I need to start paying the IRS now with the vouchers and stop paying the creditors or I will be in much deeper trouble for 2009 when it comes tax filing time. My wife doesn't see it this way. She has no idea how nasty the IRS can be and how high the penalties will be.
A friend of mine bought a brand new SUV in 1999. He got into trouble with a credit card and did not pay it in 2001. In 2007 he started a new job. Just over a month later, he came outside and found his SUV missing. By then, he had it fully paid off. It turned out that the credit card company put a lien on it and repossessed it right from under him since it was paid off. He was in shock. They said, "If you want it back, you're gonna have to pay us $7,000 with the fees." So he borrowed the money and got it back. The sad thing is, less than a year later, the transmission and transfer case went out. That cost him another $5,000 in repairs. Between the $5,000 and $7,000 he had to pay on a vehicle that is now worth $2500 today, he would have been much better off letting them keep it.
This is why I want to go bankrupt on those repo's and stuff from the past. If we ever did pay off our SUV, those people could attach a lien on it and make a big, nasty mess of it things like they did for my friend. He lives in north Florida.
What are your thoughts on the computer?
Comment