We're filing on Tuesday --Finally!
Well, DH and I met with our attorney today to go over our paperwork one last time, update with the 8 or so new CA's, etc. Our two homes were supposed to go to foreclosure sale in March and April... never happened! For whatever reason, after the sale dates were set, they didn't follow through! Not sure what happened there, but I guess that's good for us as we'll just have the BK on our credit, not the 2 foreclosures as well. Not that we care about our credit scores anymore! 
Some things that I thought I'd share from today...
Apparently our local Trustees are looking high and low for spare change, so we're being extra careful with spending down the bank account (DH gets paid Monday) by paying the bills with cashier's checks, and quadruple checking our exemptions. We would do that anyway, but the attorney said they are now going after MUCH smaller amounts of money than they used to. He said they are pretty surly and gruff, but they are mostly all bark...
We are under the median by about $500 per month, and aty says we don't even have to do the means test! I know some places make you do it anyway, which is what I anticipated. He also said that he doesn't anticipate any problems or hang-ups on our filing - our district has never had a random audit, and he doesn't see anything that would interest anyone as we are a clear case of under median, no assets. Good news, and I hope he's right!
He said that we can expect to be asked these questions in addition to the usual:
1) How did we accumulate so much credit card debt?
2) How have you been paying for everything when you have a negative $700 on schedules I&J?
3) Thorough questioning as to our practice of tithing 10% of our income
We answered these questions to him as "practice" and he believes our responses will satisfy the Trustee.
I don't know what our cc's are up to now, but I'm guessing somewhere around 185k - plus the two homes with 4 mortgages to the tune of about 900k, so it's a fairly large filing for individuals in this area.
I am in the process of starting my nail business now that my health has improved, and will be opening on June 15th. We started the business with $2500 from the tax return and have signed a one year lease (will reaffirm if required), our attorney said this should pose no problem - I will take a YTD P&L to the 341 showing our loss, with the statement that I anticipate not making a profit for some time to come.
Sorry for the book, just wanted to update!
Some things that I thought I'd share from today...
Apparently our local Trustees are looking high and low for spare change, so we're being extra careful with spending down the bank account (DH gets paid Monday) by paying the bills with cashier's checks, and quadruple checking our exemptions. We would do that anyway, but the attorney said they are now going after MUCH smaller amounts of money than they used to. He said they are pretty surly and gruff, but they are mostly all bark...
We are under the median by about $500 per month, and aty says we don't even have to do the means test! I know some places make you do it anyway, which is what I anticipated. He also said that he doesn't anticipate any problems or hang-ups on our filing - our district has never had a random audit, and he doesn't see anything that would interest anyone as we are a clear case of under median, no assets. Good news, and I hope he's right!
He said that we can expect to be asked these questions in addition to the usual:
1) How did we accumulate so much credit card debt?
2) How have you been paying for everything when you have a negative $700 on schedules I&J?
3) Thorough questioning as to our practice of tithing 10% of our income
We answered these questions to him as "practice" and he believes our responses will satisfy the Trustee.
I don't know what our cc's are up to now, but I'm guessing somewhere around 185k - plus the two homes with 4 mortgages to the tune of about 900k, so it's a fairly large filing for individuals in this area.
I am in the process of starting my nail business now that my health has improved, and will be opening on June 15th. We started the business with $2500 from the tax return and have signed a one year lease (will reaffirm if required), our attorney said this should pose no problem - I will take a YTD P&L to the 341 showing our loss, with the statement that I anticipate not making a profit for some time to come.
Sorry for the book, just wanted to update!
It's been a long time since you have posted. Hope you are feeling better. Sounds like everything is going great with your bk and good luck with your new business!
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