When is the Best Time to File CH7

[OhioFiler]

We made the decision to file BK in February. We were very close to the median income. I work in commissioned sales so I determined I could manage my income for 6 months so we stay under the median. Things changed.

I didn't have to manage it as sales have been weak. We also lost my spouse's child support in April as her ex-husband lost his job. There is no balance accruing. We will remain under the median for several months.

We are retaining our house and 2 cars and we remain current on those debts. We stopped paying our unsecured debts in February and collections calls don't really bother me.

The question I want feedback on is would it be better for us to file now and get it behind us or wait until we have to file to avoid a civil judgement?

[aces67]

I have you talked to your lawyer? If your income is below median and you don't have disposable income leftover every month then I would just file now and put it behind you.

[OhioFiler]

We retained an attorney in March. She seems to be inclined to not rush it.

I know there are two schools of thought on this and I would like to see the pros and cons of both approaches.

[JustOverBroke]

OhioFiler,
DW and I filed on July7th we stopped paying in February as you did.
Our plan of action was to put as much space as we could between our last transactions on the credit cards and our filing date.

We made it to June when we were slapped with a lawsuit for a medical bill thus changed up our plan just a bit(I wanted to wait until August/September to file).

Our filing has been smooth so far and I wanted to be filed before charge off.

Just make sure to remain on time with the payments on the cars and house and you'll be fine,time is on you're side.

Just make sure you have all the paperwork ready to go should something arise you don't expect this is what I did and I'm glad I did because I never saw the Lawsuit coming.

If you just want it to be all over with and you have all you're ducks in a row,then by all means "NUKEM".

Quiet phones are a beautiful thing,you'll also sleep better once it's done.

[LuciluS]

Our Attorney, who we retained late last Sept., wanted us to file in Jan. 09. Dh found this forum and I found out some monthly monies I was receiving would be deemed income and would put us over the State Median Income. Because of the market tanking, those monies stopped in Feb. I also had a lawsuit pending and I rushed to get it settled in Feb.

We've had some medical crises occur. Feb., I had a breast biopsy. March, I had cancer surgery. April, Dh was hospitalized for over a week and off work without pay for most of the month. Last week received $250 bill for biopsy & Dh received a Nephrologist bill while hospitalized of $138.50. He has an appt. with nephrologist this Fri. and we don't have the money to pay the $138.50 plus the $35 co-pay. Hoping they will let me pay it out in 3 installments. Received notice from my Onocologist Aug. 4 is time for digital mammo at the same place I owe the $250 to. Breast cancer is very predominate in my family & I feel a knot. No way to pay both bills.

I wanted to be under the State Median Income as I did not want the UST involved. Dh's income from Mar - Aug will be way below our State's Med. Income. I receive SSD which is used for determining DMI. I'm sure we will have a negative DMI as prescriptions and medical bills are quit high.

We are current on our house and truck payment. My van is paid off & is worth more than NADA retail value. I backed into my father's brick mail box about 5 years ago & never got it repaired as we had, at that time, a $1,000 deductible. Will get an estimate for that repair & hoping the difference I can exempt as medical equipment as the back seats are out & a lift with remote control installed to use my scooter. Dh will take picture of van.

We are filing 9/30/09 as our BK Attorney files all BKs' the last business day of the month. I have a lot of work left to complete as Dh is a long haul truck driver & has tons of receipts I need to total by the week. Also, because I'm disabled, Dh does the grocery shopping on Sat. & buys milk, bread, deli meat, cheese & snacks to take in the big truck when he leaves on Sun am. Those items need to be separated on the grocery bill to reflect true grocery bill and trucking expenses.

I don't think I would want to file in the winter months because of the 341 hearing. The parking garage is 1/2 block from the Courthouse & cold weather and I don't like each other

Also, we've learned to live without Credit Cards since August of last year. That, in itself, is not an easy task if you relied on them to aid in paying prescriptions and medical bills. So it won't be quite a shock as compared to filing close to use of CCs.

Just my thoughts.

Luci

[keepmine]

If there is a good reason to delay filing like, putting time between cc usage or, an insider or preference issue then, hold off.
But, if the decision has been made to file and you have no real reason to delay then, I'd just get it over with.