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    #1

    Help - Need Advice

    Here goes my story.

    My wife and I purchased a house during the boom of housing for $170,000 back in 2006. Later on in the year we got a home equity loan for $35,000. My family was moving down and we figured we could purchase a new house and rent out this one, so we purchased a new house for $260,000 all on my name.

    Forward that to today, and the house that both our name is on is upside down about $80k, the one we are living in now is upside down over $100k. I have over 20k in CC debt, 70k in student loan debt and make about $67k a year and my wife makes $40k and has about 15k in debt. The HELOC filed a 1099c for the 35k in the 08 tax year. I did the means test and passed if I file by myself.

    I am still current on all my cc, but eventually am going to file bankruptcy. After reading all of the forums, I really don't see the point anymore of paying them because they are just bad debt. My next cc payment is due in a couple of days, but dont think I am going to send anything anymore. I have used a couple of them over the past months, but for things like food, gas, alcohol, etc.

    I guess here are a couple of my questions:
    When should I file for bankruptcy?

    The first house I have not paid on in over a year, and the 2nd I have not paid on since January.

    Should I wait till they post a sale date and file? Or should I just get it over with and start the process?

    Also my wife does not deposit her check at all and does not contribute to household expenses. I am truly in a mess and just want to start over. My foreclosure lawyer said he can take care of it for $1500, but I would love some more recommendations for a good bk lawyer in central florida. Thank you for reading my story and any advice that you have.
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    #2
    I do think you are better off getting a lawyer who only does bankruptcy.
    Bankruptcy should slow down the foreclosure process a little, the mortgage company will have to lift the automatic stay before they can foreclose.
    I think it gets a bit complicated when one spouse files and the other does not.

    Comment

      #3
      I have a foreclosure lawyer already, they tried to foreclose with no paper trail of the note...so that is stalled indefinitely. I guess I am just trying to figure out the benefits to waiting, if there are any. I am still currently living in the house and need a place to live.

      Comment

        #4
        I think you're a candidate for a Chapter 13 BK. Have you done your means test?

        Did the HELOC release the lien on your house when they 1099-C'd you?
        Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

        Comment

          #5
          I know nothing and am just getting started myself but I just wanted to ask why your wife doesn't contribute to the household expenses? It's seems as though there is a bigger problem here than whether or not to file bankrutpcy.
          New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

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            #6
            The way I was planning this bankruptcy was that I would file alone, and keep her money separate, so that I would qualify for the Chapter 7. She would cash her check, and it would not go into the bank at all. I have done the means test, and it says that I will be -87K or so in the hole so I do pass. I have a phone conference with a lawyer on Friday, so hopefully I can get some advice. If I stop paying my cc now, I am going to have to find some way to spend the money. Also I have a $4000 truck that hopefully won't be worth that by time the bankruptcy goes through. Let me know if anyone else has some advice. Thanks

            Comment

              #7
              you cant have your cake and eat it too.
              Just having your wife keep her money out of the bank is not going to fly. It doesn't work like that.

              Comment

                #8
                Originally posted by obenwah View Post
                The way I was planning this bankruptcy was that I would file alone, and keep her money separate, so that I would qualify for the Chapter 7. She would cash her check, and it would not go into the bank at all. I have done the means test, and it says that I will be -87K or so in the hole so I do pass. I have a phone conference with a lawyer on Friday, so hopefully I can get some advice. If I stop paying my cc now, I am going to have to find some way to spend the money. Also I have a $4000 truck that hopefully won't be worth that by time the bankruptcy goes through. Let me know if anyone else has some advice. Thanks
                you have to include your wife's income - she's in your household, so you put the combined income and then you can also use her for household size. You don't say if you have children or not; but they count as well. I don't know if flordia is a community property state or not- but if it is- once you file BK the creditors would go after her for your unpaid balances. Someone from Flordia can clarify that fact for you...
                Did you ask the lawyer specifically about not filing with your wife? And what her income is? I would make sure you know that you can file alone and not include her income. I haven't seen that happen yet on this forum....
                Obviously you wouldn't be able to pass the means test with an additional $47k a year..
                And as someone else mentioned- her just cashing her checks doesn't matter. There is still a record of her income..
                Filed Pro Se: 10/16/2009
                341 Scheduled: 11/23/2009
                Last Day for Objections: 1/22/2010
                Discharged: 1/28/2010

                Comment

                  #9
                  Originally posted by obenwah View Post
                  The way I was planning this bankruptcy was that I would file alone, and keep her money separate, so that I would qualify for the Chapter 7. She would cash her check, and it would not go into the bank at all. I have done the means test, and it says that I will be -87K or so in the hole so I do pass. I have a phone conference with a lawyer on Friday, so hopefully I can get some advice. If I stop paying my cc now, I am going to have to find some way to spend the money. Also I have a $4000 truck that hopefully won't be worth that by time the bankruptcy goes through. Let me know if anyone else has some advice. Thanks
                  Your best bet is to put all this aside until after you speak with the attorney. Then you can start formulating your plan. Your current plan includes a little element commonly referred to as fraud.
                  Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

                  Comment

                    #10
                    That is what I figured. When I had originally talked to him (he is currently my lawyer for my foreclosure), he had stated that if my wife's money was not in the bank, that it should not be an issue at all. I have a meeting with him tomorrow at 1:00pm and will see what he has. After looking at our bills, I may be able to just get a good budget together and not file at all. I just want a fresh start, although it may just take a lot of hard work and perseverance.

                    Comment

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