Mr. paul

[Paulywog]

Thinking of claiming a ch 7 using a full service help center most likely one of the top two. We have a $205,000 home owe about $155,000. We own two vehicles both are clear and have about $25,000 in CC debt all are in good standing. My wife and I are both completely disabled mine just recently our combined income is now much less than the amount we owe. We are still using the cards, doing a few low or no interest transferes but see the inevitable.

Yes we have assets while I was working we bought nice things ran up about $50,000 in CC debt received $65,000 in WC settlement and paid it all off, I thought I was to return to work just to find out that my injuries are permanent.

Want to discharge CC debt continue making the mourtgage keep the paid for cars and settle into this new income.

Please advise

[AngelinaCat]

If you are seeing the 'Ineveitable' coming, you need to start making life changes NOW. Stop using your cards and go 'cash only'. You need to put aside the payments you were formerly making to those cards, into an "emergency only' fund. And I DO mean EMERGENCY only!

Cut back your expenses every which way you can. Another member, expecting a baby shortly, was telling us how proud she was cutting back all the unnecessary stuff she had been paying for every month, but really not paying attention to it.

Then you need to purchase the C7 book that nolopress.com offers. It is written in plain English and will help answer many of your questions. They have an online version, as well as a print version. Purchasing from nolo directly will save you about half the purchase price of your local retail bookstore's price.

Good luck.

[jessegirl]

Yes, do what angelina is saying. You must stop using the CC's now. When do you plan on filing?

[biotechsolution]

Thinking of claiming a ch 7 using a full service help center most likely one of the top two. We have a $205,000 home owe about $155,000. We own two vehicles both are clear and have about $25,000 in CC debt all are in good standing. My wife and I are both completely disabled mine just recently our combined income is now much less than the amount we owe. We are still using the cards, doing a few low or no interest transferes but see the inevitable.

Yes we have assets while I was working we bought nice things ran up about $50,000 in CC debt received $65,000 in WC settlement and paid it all off, I thought I was to return to work just to find out that my injuries are permanent.

Want to discharge CC debt continue making the mourtgage keep the paid for cars and settle into this new income.

Please advise

first you have to make sure you live in a state that will cover your equity in your home. In addition you won't be able to keep both cars if you own them outright, unless there value is next to nothing.

[FreshLikeADaisy]

Paulywog, you've gotten really good advice so far, and I hope you follow through on it, but I'd like to add that it is CRITICALLY important, if you think you may be filing bankruptcy, not only to stop using the credit cards but to absolutely stop any cash advance/balance transfer activity. The bare minimum is 90 days before filing for them to be considered dischargeable debt and avoid creditor objections, but honestly, the more time you can put between your filing and your cash advance/balance transfers, the better. Good luck!!!

[Paulywog]

Mr. Paul

Thank you for the great advice, I called the Ins. Co. today and plead broke to them explained the car accident and that it left my wife completely disabled and that I am also disabled but all they said was you have good credit and assets so no we will not release the debt, they did offer 50% less if paid in full. And if you can believe this they even suggested a BK.
Now did I understand this right to stop making my CC payments, obviously stop using the cards for a min. of 90 days and them file the claim and if so do I tell them I'm going to claim the BK , I mean won't it go to collections and then I'll have to deal with that.

Thanks Paulywog