Filing for the first time, meeting attorney on Monday

[wantout]

Hi, new guy here. I have been reading this forum for a few weeks, finally registered.

Long story short, I owe just about $50,000 in CC debt, with everything they are doing, esp raising rates to extreme highs, I can no longer meet the minimum payments, I have no other choice.

I have called them and tried to reason with them, but they just tell me to pay it. I cant.

I called an attorney and spoke with his para legal, gave her the run down on everything, first thing she said was chapter 7, when can you come in.

I did the means test online and it shows I am -500 every month, my income is about $1500 per month below the state median for my state.

So hopefully on Monday I will have an attorney and can get this started. I have never missed a payment or been late on anything, ever in my life, I am in my late 40s.

I have sold off most of my assests, have no savings, no 401k.....

I do have 2 mortgages, but I owe less than what my house is worth and am half way through a 30 year fixed.
The lady I talked to said I should be able to keep my house and my truck, not to worry.

Yes I borrowed the money but at the time the terms were do able and everything was fine, but now I am tossing out $1200 a month and cant get ahead, add to that I am having to use cards for everyday expenses, every month hole gets deeper and deeper....

So what do you think the odds are that I should be able to file a chapter 7?

[liz417]

How much do you have in equity? What are your homestead exemption laws for your state? I would recommend you setting up at least 3-4 more appts with local BK attorneys before retaining this law firm.

[wantout]

How much do you have in equity? What are your homestead exemption laws for your state? I would recommend you setting up at least 3-4 more appts with local BK attorneys before retaining this law firm.

This attorney come highly recommended from some friends who file a couple years ago, I have allready talked to one other who referred me to another.

I have about 15k in equity in my house.

Not sure about the home stead exemption.

[jb300]

Your states exemptions would be important to find out. What state do you live in?

[wantout]

Homestead exemption for my state is $125,000 so I should be good to go there,.

Google is my friend sometimes...

[liz417]

Oh, okay then. what state are you in?

[wantout]

oh, okay then. What state are you in?

ok.

[liz417]

ok.

Sorry, what State do you live in? (not what "state of mind" are you in? )

[wantout]

Sorry, what State do you live in? (not what "state of mind" are you in? )

OK as in Oklahoma....alot like the musical, but without all the singing.

[jb300]

I think he means Oklahoma.

[liz417]

ok. Got it

check out your homestead exemption here: http://www.creditclean.com/state_oklahoma.htm

Seems like you are fine with the exemption on your home, but even better news, you can exempt 100 chickens, 10 hogs, 5 cows and 20 sheep

You should be fine with a ch 7, especially since your means test shows a (-)500

Good Luck!

[wantout]

ok. Got it

check out your homestead exemption here: http://www.creditclean.com/state_oklahoma.htm

Seems like you are fine with the exemption on your home, but even better news, you can exempt 100 chickens, 10 hogs, 5 cows and 20 sheep

You should be fine with a ch 7, especially since your means test shows a (-)500

Good Luck!

All joking aside if it were not for the deer and turkey I took last season, I would not know what meat tasted like, seriously, man can only live on raman for so long....
Leave my chickens alone, they give me eggs...

[wantout]

I do have a question about the 75% of pay for the last 6 months I can exempt, does that mean I would have to pay the other 25%?

[liz417]

All joking aside if it were not for the deer and turkey I took last season, I would not know what meat tasted like, seriously, man can only live on raman for so long....
Leave my chickens alone, they give me eggs...

<laughing> hey, you can ONLY exempt the cows *if* they produce milk for human comsumption...
Best of luck to you

[eddiep]

hi wantout!

In your original post you said "I have sold off most of my assests". I just wanted to warn you that this is one of those areas you have to be careful with just before filing. As long as you got fair market value and/or did not sell them to an insider it won't be an issue but your attorney will need to know about them. The trustee will be interested to make sure you are not hiding or transfering assets. My attorney asked if we had sold any vehicles or property within the past two years.

OK has a very generous homestead exemption! great news for you!

I agree with Liz, interview a couple other attorneys before you give the retainer, I don't know why but it bothers me that your attorney handed you off to a paralegal on the very first call. Having a good attorney makes all the difference.