Officially filed today, still confused

[Confused33]

My Chapter 7 was filed today. What is next? I have lots of ?s so I'm going to keep this simple:

1. Do I have to spend the money that is not going to bills or can I save it?

2. Now that I've filed am I out of the woods or could something still go wrong?

3. If I passed the means test and filed does that mean I'm free?

4. If not, what could go wrong?

5. Do I need to be worried or should I be sleeping better at night? (I feel like a new man)

6. I'm letting a boat and truck go back (both to same local lender), reaffirming home and two autos, discharging about $48K in cc debt. Will there be any complications there?

7. Should I cash my checks and put them into the account in my wife's name, the new account I just opened, or in a sock drawer?

I'm so confused. I have searched and read and asked my lawyer a ton of questions but still feel apprehensive. Thank you for your help/answers.

[TEW]

My Chapter 7 was filed today. What is next? I have lots of ?s so I'm going to keep this simple:

1. Do I have to spend the money that is not going to bills or can I save it? save the money or use it for things you NEED

2. Now that I've filed am I out of the woods or could something still go wrong? If you were honest on your petition and nothing lurking then you will be fine

3. If I passed the means test and filed does that mean I'm free? Keep an eye on pacer make sure your case is going in the right direction take your training watch the flags

4. If not, what could go wrong?

5. Do I need to be worried or should I be sleeping better at night? (I feel like a new man) Get some rest it will be over before you know it.

6. I'm letting a boat and truck go back (both to same local lender), reaffirming home and two autos, discharging about $48K in cc debt. Will there be any complications there? reaffirming gerrrrrrrr

7. Should I cash my checks and put them into the account in my wife's name, the new account I just opened, or in a sock drawer? It's your mony

I'm so confused. I have searched and read and asked my lawyer a ton of questions but still feel apprehensive. Thank you for your help/answers.

good luck you will be fine

[Confused33]

good luck you will be fine

THANK YOU!

Why do you say "Reaffirming Gerrrrr" ??? Whats that mean?

[Help!]

My Chapter 7 was filed today. What is next? I have lots of ?s so I'm going to keep this simple:

1. Do I have to spend the money that is not going to bills or can I save it? I agree - save it!

2. Now that I've filed am I out of the woods or could something still go wrong? Things can go wrong, but don't waste your time and energy worrying. If complications arise, address them then.

3. If I passed the means test and filed does that mean I'm free? No. You "pass" the means test only if the case trustee and US Trustee believe you do.

4. If not, what could go wrong? I'd say look up what happened to me, but again - no sense worrying unless there's something to worry about.

5. Do I need to be worried or should I be sleeping better at night? (I feel like a new man) Sleep better. You're one step closer to freedom.

6. I'm letting a boat and truck go back (both to same local lender), reaffirming home and two autos, discharging about $48K in cc debt. Will there be any complications there? I agree... reaffirming... Grrr. I can't understand why anyone would choose to remain in debt when they have the opportunity to get out from under ALL of it.

7. Should I cash my checks and put them into the account in my wife's name, the new account I just opened, or in a sock drawer? My Grandma said never to put all of your eggs in one basket. I'd put half in the new account and half in a sock drawer.

I'm so confused. I have searched and read and asked my lawyer a ton of questions but still feel apprehensive. Thank you for your help/answers.

You're ahead of the game if you're here - good luck!

[TEW]

JMHO reaffirming is a bad idea the way the economy is going things can happen and you could end up in situation with no way out.

[Help!]

My thoughts exactly.

[Confused33]

I'm only definitely keeping one car and the house. Still undecided on my 03 Tahoe but no one gave me any good advice on it it when I posted. Maybe you can if you look at the post? I won't waste your time telling you why on the other two things.

HELP! - I just did a search to try and find out what happened but I wasn't sure where to start because you have over 500 posts...LOL Have a link?

I was completely honest on everything I gave to the attorney and haven't withheld a thing. I have obsessed over this since its inception a short while ago. I'm ready to put the computer away and know that I don't have anything to worry about.

[Help!]

For your own good, I'm not going to post a link. My case was a nightmare and I don't want you to worry unnecessarily!

On your '03 Tahoe, are you upside down like everyone else who owns an SUV? If so, why on earth would you pay more for something than it's worth? Same with the house, only on a larger scale. The scary thing about reaffirming a mortgage is that when you emerge from BK, not only do you not have that 8 month salary emergency fund Suze Orman urges everyone to have... you have NO savings! What if a financial emergency happens (income loss or decrease, furnace dies, car dies, hospitalization, etc.)? What if you have to relocate to find work and you can't sell the house for what you owe? Maybe you have a good plan B, but it's my opinion that getting that savings underneath you is more important than home ownership.

[Confused33]

Thank you for your consideration as I would definitely stroke out about it.

I definitely owe more on the Tahoe than what it is worth but I'm unsure how to go about replacing it. My wife is not filing so I suppose we could finance something in her name but she is limited and I had to co sign on the vehicle she's in. What is your advice on that topic?

I am about even on the house and I'm in a neighborhood that is and has held its value for the past 50 years or more. I'm in a great area with alot of good things happening around it and saved like crazy to get into it in the first place. We don't have plans on relocating and I don't see that being something we would do anytime soon with our strong family ties to the area. The payments, insurance, and taxes are all very affordable so renting wouldn't be a better position for us financially.

Thank you for taking the time to help me!

[TEW]

you don't have to replace the cars or the house. you can just ride them through the BK. If you get sick of them can't aford them you call the bank and tell them to come get them. And you'er done....
I am big on keeping my options open.

[Help!]

Assuming you do not live in a community property state and your wife has no liability for the debt you're discharging, my advice would be to let the Tahoe go. If you add up all the money you won't be paying on your debt once you file, how much money would you have saved up in four months? What if you were to buy yourself a beater just to get you from point A to point B until you can afford to buy something better... without a loan?

[Confused33]

I'm in TX so I am in a community property state. Wife and I are joint on her vehicle, which we are reaffirming. We've been married since June.

I am going to start looking for something inexpensive today on the local craigslist. I can definitely find something cheap in this city! LOL

[danaf]

I'm married and filed solo in a C. prop. state. The majority of debt was from before marriage. It is a widely unknown area, filing solo in a c. prop. state but it can be done and is done. The bk protects future income of both spouses (from garnishments ect) because income is considered c. property. The only thing I was unaware of is that I should have listed my husband's assets on the petition as well as my own. The trustee asked about this. Luckily he didn't have anything of value.

[Help!]

I'm in TX so I am in a community property state. Wife and I are joint on her vehicle, which we are reaffirming. We've been married since June.

I am going to start looking for something inexpensive today on the local craigslist. I can definitely find something cheap in this city! LOL

I'll assume your lawyer has advised you that because you live in a community property state, creditors can come after your spouse for any debt that was acquired after June even if her name is not on the account - right? If you file, will the two of you be debt free or does your wife also have debt? You don't need to answer - I'm just trying to provoke thought. My point is that you may be better off filing jointly at this point and getting out from all of your debt rather than you filing BK just so the two of you can be "less in debt" as a couple.

[Help!]

One more point - look, but don't buy a vehicle until the Tahoe is repossessed if you decide to go that route. You don't want to acquire a new asset before discharge!