So confused about everything!

[combat]

Ok so I've been pondering filing Chapter 7 for a few months now.

Back story on myself.....

I am 27 years old....had way too many credit cards at one time and many of them had high balances. Everything was fine up until I got fired at my last job and was out of a job for about 10 months. Needless to say I had to stop paying almost all of my regular bills for just about the full amount of unemployment. My truck got repossessed and I'm barely hanging on to my house.

My main questions are....

1. My house was purchased for around $42,000 about 2 years ago. I've only got around $2500 in equity into the house. Will this fall under the exemption rules for Missouri?

2. Am I required to go to any type of hearings or such at any point during the filings (other than meeting with my lawyer if I decide to do it with a lawyer)

3. They can't force me to sell any of my property that is actually mine, correct? ....I'm talking about my electonics and household items like the refridgerator, washer, dryer


Time for bed now...I will check back here tomorrow for replies and answer any questions anyone might have. Thanks!

[signal]

If you do a chapter 7, they wont force you to sell anything, they will simply take it if its not exempt and they wish to do so. That's how it works. You should read what your states exemptions are, the wiki on this site has information about state exemptions.

[pookieny]

I'm in NY and I had just under the state median for equity which was $50,000 and I was able to keep my house and all the stuff in it.

[AngelinaCatHub]

Ok so I've been pondering filing Chapter 7 for a few months now.

Back story on myself.....

I am 27 years old....had way too many credit cards at one time and many of them had high balances. Everything was fine up until I got fired at my last job and was out of a job for about 10 months. Needless to say I had to stop paying almost all of my regular bills for just about the full amount of unemployment. My truck got repossessed and I'm barely hanging on to my house. You were able to get UC after being fired? Cool. I didn't think you could.

My main questions are....

1. My house was purchased for around $42,000 about 2 years ago. I've only got around $2500 in equity into the house. Will this fall under the exemption rules for Missouri? In this market I would bet your house won't be an issue. It probably isn't worth what you bought it for.

2. Am I required to go to any type of hearings or such at any point during the filings (other than meeting with my lawyer if I decide to do it with a lawyer) Yes you are. Your 341 for sure, and any hearing that relates to selling of your estate.

3. They can't force me to sell any of my property that is actually mine, correct? ....I'm talking about my electonics and household items like the refridgerator, washer, dryer When you file bk, you don't own anything. Your Trustee is legal owner of all you own except for exempted items. If the dollar worth is above all of your exemptions, the Trustee will sell off your difference to equal the exemptions. The amount will go to paying your creditors.


Time for bed now...I will check back here tomorrow for replies and answer any questions anyone might have. Thanks!

Please read all the "stickies" on the Chapter 7 forum. Google bankruptcy and you will get masses of info and many thumbnail tips. 'Hub

[combat]

Well I can tell you everything I own. And it's not a lot.

A TV that is 3 years old. Maybe worth $250-300

A computer that is 5 years old. Maybe worth $75

An Xbox that is 2 years old. Maybe worth $125-150

A refridgerator, washer, dryer all are 2 years old. I'd say these are probably worth a few hundred all together...dont see them being worth much more...they're low end appliances.

And a sofa that is 2 years old. Maybe worth $100...sold the matching love seat for $100 a while back.

Other than that the only things that I own are clothes. I really would hope all those things wouldn't be worth more than the exemption amount. If they are, that's pretty sad honestly.

[HakunaMatata]

It surely appears all your possessions are exempt.

http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?&ST=MO#

[aljohnson007]

The TT will not come after that stuff even if it is not exempt. Just make certain you disclose everything and you will be ok.

[combat]

Just curious...and I know it will probably vary...but what did all of you guys have to pay for the entire thing?

[HakunaMatata]

I interviewed three attorneys and fees ranged from $1300 to $2500. My case isn't very complex (under median, reaffirm car, surrender house). I paid $2200.

[tdawg]

I'm paying $1,140 in total. When I last met with my attorney, he said, "You're case is so complicated. I should have charged you 4 times the amount I did, but I can't change it now." He charges a flat fee. :-)

[AboutToSink]

You were able to get UC after being fired? Cool. I didn't think you could. 'Hub

It depends on the reason and I suppose the state. I got discharged because they decided "I wasn't a good fit" and today I just got official word from the UI people that I'm eligible. I think fired for cause would be different.