Hi all - I found this forum last week - what an amazing wealth of information and support. I thought I'd lay out my scenario and see if anyone can spot any obvious flaws or flags. Thanks in advance, I appreciate it! If nothing else, maybe my ugly numbers will make someone else feel better...
History: blah blah blah real estate blah blah houses blah blah job blah blah stupid credit card mistakes - not to make light of it, but I'm trying to shift my focus lol.
We are over the median in WA, but pass the means test by about -650/mo - I did not use the mortgage pymts in that calculation - Sched I/J comes out about -$200/mo unless my new job really takes off, I won't be able to start working until mid-Feb as we just moved from CA and I have to get licensed here - my understanding is that we still get to use the CA exemptions? My current plan is to file 6/09 - allowing a full 12 mos for cc use and 6 mos for DH's OT to fall off the books - hopefully we will fit Ch7.
Secured debt:
2 houses - total debt about 906k, not including delinquent amts, est value about 750K?? down from apprsd value of 1.1 mil combined- how can you not laugh at that? letting them go
08 economy car- financed, low payment, no equity keeping (got out of a lease for a luxury car and replaced it with this)
93 small truck - fits in exemption amt keeping- we sold a paid for truck in 6/08 for 15k and spent 3k to buy the "new one" and used the rest to pay for school for me and DD, and monthly budget til I got through school and started working in my new field.
96 junker - deeding to daughter in Dec - will claim the value under my Homestead exemption so it doesn't look like I'm hiding assets
Student loan, about 4k
Boat loan 4.7k @ 9% (took this out in 6/08 from a friend to pay for me to go to technical school this summer, have a promissory note and records of payments by check) - secured by 2 boats valued at about 5k total, which was the original note amount
10 unsecured cards -approx 174k - racked up over the past few years, building the second house and trying to stay afloat til the economy (my job) bounced back
- many balance transfers to keep low APR's and robbing Peter to pay Paul. The balances are now going up more than 3k every month from the interest & fees - we are making small payments to each one every month, hoping that will keep them from suing til we're ready to BK.
Juniper 10.4k - last BT 3/08 9.7k (went to 1st Citi card) - last full pymt 5/08
Citi 21k - last BT 4/08 13k - last full pymt 7/08
BofA 2.2k
BofA 23.6k - last BT 12/07 19.7k- last full pymt 6/08
BofA 13.1k - last BT 12/07 10k - last full pymt 6/08
BofA 37.6k - sweep accout, only small purchases since opening about 3 yrs ago
Citi 10.3k - last BT 2/08 8.5k -last full pymt 4/08 (May's missed payment was the oops on a payment that caused all APR's to go on the rise)
Discover 11.1k -BT made over a year ago - last full pymt 5/08
GM (HSBC) 13k - purchases 5/08 $1,300 - last full pymt 7/08
WAMU 31.6k - long time balance, was at 1.9% til paid off, so I never did...sucker!
I know some months look super high, like 12/07, was 2 big BT checks disbursed out to 4 other cards, and about 4k that stayed in our account.
To make things even more fun, I just found out we are getting a huge tax refund. I plan to incorporate it into our normal monthly budget (I just adjusted it to the allowances in BK), and hope to cover any remaining amount at filing with our exemptions, or just let the Trustee take it.
So obviously, I do have some concerns. If I only have to show 12 bank statements when I file next year, I'm ok. BUT, if I get unlucky and have to show more, am I tanked?? Also, these are some pretty large BT's and lots of them, am I at a higher risk for the creditors objecting? Any thoughts on the likelihood of us being sued before we can BK?
Another thing that I'm unsure of: for household items, I think I read they are exempt up to $550/item? do you tally these us and then subtract that amount from the Homestead/wild card exemption (21k+) or are those completely separate?
Sorry, I didn't realize this would be so long! Good practice for when I meet with attorneys? Any thoughts or pointers will be appreciated.
History: blah blah blah real estate blah blah houses blah blah job blah blah stupid credit card mistakes - not to make light of it, but I'm trying to shift my focus lol.
We are over the median in WA, but pass the means test by about -650/mo - I did not use the mortgage pymts in that calculation - Sched I/J comes out about -$200/mo unless my new job really takes off, I won't be able to start working until mid-Feb as we just moved from CA and I have to get licensed here - my understanding is that we still get to use the CA exemptions? My current plan is to file 6/09 - allowing a full 12 mos for cc use and 6 mos for DH's OT to fall off the books - hopefully we will fit Ch7.
Secured debt:
2 houses - total debt about 906k, not including delinquent amts, est value about 750K?? down from apprsd value of 1.1 mil combined- how can you not laugh at that? letting them go
08 economy car- financed, low payment, no equity keeping (got out of a lease for a luxury car and replaced it with this)
93 small truck - fits in exemption amt keeping- we sold a paid for truck in 6/08 for 15k and spent 3k to buy the "new one" and used the rest to pay for school for me and DD, and monthly budget til I got through school and started working in my new field.
96 junker - deeding to daughter in Dec - will claim the value under my Homestead exemption so it doesn't look like I'm hiding assets
Student loan, about 4k
Boat loan 4.7k @ 9% (took this out in 6/08 from a friend to pay for me to go to technical school this summer, have a promissory note and records of payments by check) - secured by 2 boats valued at about 5k total, which was the original note amount
10 unsecured cards -approx 174k - racked up over the past few years, building the second house and trying to stay afloat til the economy (my job) bounced back
- many balance transfers to keep low APR's and robbing Peter to pay Paul. The balances are now going up more than 3k every month from the interest & fees - we are making small payments to each one every month, hoping that will keep them from suing til we're ready to BK. Juniper 10.4k - last BT 3/08 9.7k (went to 1st Citi card) - last full pymt 5/08
Citi 21k - last BT 4/08 13k - last full pymt 7/08
BofA 2.2k
BofA 23.6k - last BT 12/07 19.7k- last full pymt 6/08
BofA 13.1k - last BT 12/07 10k - last full pymt 6/08
BofA 37.6k - sweep accout, only small purchases since opening about 3 yrs ago
Citi 10.3k - last BT 2/08 8.5k -last full pymt 4/08 (May's missed payment was the oops on a payment that caused all APR's to go on the rise)
Discover 11.1k -BT made over a year ago - last full pymt 5/08
GM (HSBC) 13k - purchases 5/08 $1,300 - last full pymt 7/08
WAMU 31.6k - long time balance, was at 1.9% til paid off, so I never did...sucker!
I know some months look super high, like 12/07, was 2 big BT checks disbursed out to 4 other cards, and about 4k that stayed in our account.
To make things even more fun, I just found out we are getting a huge tax refund. I plan to incorporate it into our normal monthly budget (I just adjusted it to the allowances in BK), and hope to cover any remaining amount at filing with our exemptions, or just let the Trustee take it.
So obviously, I do have some concerns. If I only have to show 12 bank statements when I file next year, I'm ok. BUT, if I get unlucky and have to show more, am I tanked?? Also, these are some pretty large BT's and lots of them, am I at a higher risk for the creditors objecting? Any thoughts on the likelihood of us being sued before we can BK?
Another thing that I'm unsure of: for household items, I think I read they are exempt up to $550/item? do you tally these us and then subtract that amount from the Homestead/wild card exemption (21k+) or are those completely separate?
Sorry, I didn't realize this would be so long! Good practice for when I meet with attorneys? Any thoughts or pointers will be appreciated.