suggestions on this situvation please

[johny]

Hi ,

I am close to owing zero assests with just a bank balance of 8k which would just abt cover my 2 months living expenses ... can probably extend to survive for 1 more month if i stop payments to cc.

Mid october i finally decided to see a bankkruptcy lawyer and so started browing this site.

its just the pressure of thinking on how to deal with the phone calls from debtors once i default and also the fact that i have 80k in cc debt with no job for the past six months that made me make this decision.

I just want to get out of this situvation before i start fresh. Yes i am an engineer and will start looking for a new career...its just that the job situvation in michigan is so bad specially for people like me in the auto industry...that i gave up all hopes.

Last week i got a call from a possible employer for a potential overseas job in europe. Even if this works out ( it is just in the initial phase and have not yet interviewed ) Do i stop seeing this attorney ? I have an appointment for this friday oct 30. the job agency says if hired a big IF then my start date date wld be jan of 2010

Alternately...if this does not work out i dont see any other opportunities in the near future

My dilema is if i go ahead and meet the attorney and if i qualify for ch 7 given my present situvation from the posts here my guess is i will have to stop making cc payments and wait for a min of 90 days before filing( i am current on all my min payments as of this month ). Question is can I file ch7 before the 90 days ? if not can i file it after taking the job offer and moving of of the country in january 2010. I guess after waiting for 90 days from lets say nov 1 and file for ch7 on feb1 ( after the 90 days ) Question is if my job offer works out in my favor and starts during this 3 month period will i still qualify for ch7. I just want to get rid of the existing debt and start fresh. Given that i will be moving out of the country i really dont care abt my credit score.

Thx for spending time on reading this thread.

[backtoschool]

Hi ,

I am close to owing zero assests with just a bank balance of 8k which would just abt cover my 2 months living expenses ... can probably extend to survive for 1 more month if i stop payments to cc.

Mid october i finally decided to see a bankkruptcy lawyer and so started browing this site.

its just the pressure of thinking on how to deal with the phone calls from debtors once i default and also the fact that i have 80k in cc debt with no job for the past six months that made me make this decision.

I just want to get out of this situvation before i start fresh. Yes i am an engineer and will start looking for a new career...its just that the job situvation in michigan is so bad specially for people like me in the auto industry...that i gave up all hopes.

Last week i got a call from a possible employer for a potential overseas job in europe. Even if this works out ( it is just in the initial phase and have not yet interviewed ) Do i stop seeing this attorney ? I have an appointment for this friday oct 30. the job agency says if hired a big IF then my start date date wld be jan of 2010

Alternately...if this does not work out i dont see any other opportunities in the near future

My dilema is if i go ahead and meet the attorney and if i qualify for ch 7 given my present situvation from the posts here my guess is i will have to stop making cc payments and wait for a min of 90 days before filing( i am current on all my min payments as of this month ). Question is can I file ch7 before the 90 days ? if not can i file it after taking the job offer and moving of of the country in january 2010. I guess after waiting for 90 days from lets say nov 1 and file for ch7 on feb1 ( after the 90 days ) Question is if my job offer works out in my favor and starts during this 3 month period will i still qualify for ch7. I just want to get rid of the existing debt and start fresh. Given that i will be moving out of the country i really dont care abt my credit score.

Thx for spending time on reading this thread.

Hi Johny, Weclcome.

I am in Michigan too. If you have not bought any luxuries over $500 on your cards, you probably would not have to wait 90 days to file. Many people use their cards for necessities right up to the day they file.

To qualify for a chapter 7, the income period is the six months prior to the month you file. So, if you get a job, the sooner you file, the less of your job income will be averaged into that six month look back period.

You will not be able to be out of the country while you file unless you are willing to fly back for your 341 meeting which is mandatory, and for any other meetings the trustee requires (which are rare. Usually you will only have to attend the 341 meeting).

Good luck on the the job opportunity!

[OhioFiler]

You can file tomorrow if your petition is ready. There is no rule against you paying your bills before filing.

I would stop paying my cc's and wait until I had confirmation of the new job before I file. The last thing you want to do is file bankruptcy with no idea what income and expenses you may have in the near future.

[AngelinaCatHub]

You can file tomorrow if your petition is ready. There is no rule against you paying your bills before filing.

I would stop paying my cc's and wait until I had confirmation of the new job before I file. The last thing you want to do is file bankruptcy with no idea what income and expenses you may have in the near future.

Well OH, what would it matter? If he cannot pay his CCs now or his meager saving will be eaten up by the payments if he did, whether he gets the job or not, would not matter to get unburdened from the debt. It sounds like a cool job and perhaps income tax free. (maybe). If he does not get the jobs keeping the CCs is only a matter of time when they will be calling anyway, and to increase the debt knowing you cannot pay them off is near fraud. Agree, or no? 'Hub

[OhioFiler]

Well OH, what would it matter? If he cannot pay his CCs now or his meager saving will be eaten up by the payments if he did, whether he gets the job or not, would not matter to get unburdened from the debt. It sounds like a cool job and perhaps income tax free. (maybe). If he does not get the jobs keeping the CCs is only a matter of time when they will be calling anyway, and to increase the debt knowing you cannot pay them off is near fraud. Agree, or no? 'Hub

I'm of the school of thought that filing BK while unemployed is not a wise choice. One must be able to support oneself after the discharge. Without knowing how that will be done I suggest not filing until one's budget post-bk is solidified.

[AngelinaCatHub]

I'm of the school of thought that filing BK while unemployed is not a wise choice. One must be able to support oneself after the discharge. Without knowing how that will be done I suggest not filing until one's budget post-bk is solidified.

Good point. My concern is a time frame that daily gets closer to a law suit. It is a good point to get used to a more frugal way of living. 'Hub

[backtoschool]

I think it is ok to file while unemployed. It takes some of the financial stress away, allowing for a better focus on the job search.

[OhioFiler]

I think it is ok to file while unemployed. It takes some of the financial stress away, allowing for a better focus on the job search.

Stress will simply shift from fear of creditors to fear of running out of unemployment income. The best thing to do is not let the collectors create stress in the first place. Without that fear the financial stress is lessened.

[HakunaMatata]

Johny-

I'm in Michigan as well. My brother-in-law is an engineer. He lost his job, filed, and secured employment prior to his discharge. I know plenty of engineers and life has been challenging for many of them. Thankfully, jobs appear to be slowly opening up in your field. Don't give up and focus strongly on your networks. My BIL's success was directly correlated to friends in the field rather than recruiters and random job hunting.

I wouldn't be overly concerned with creditor phone calls. You don't have to answer the phone (this is easier to digest if non-payment is going to be short-term). I filed primarily to free myself from my house (no assets). I missed three mortgage payments and one month of some credit card payments prior to filing. The mortgage company only attempted to contact me twice. Discover and Citi enjoyed calling multiple times daily. I never talked to either of them (and I only received one voicemail message).

Have you retained an attorney or are you going for a consultation? I definitely recommend following through with your appointment; and, if you haven't retained, I'd interview a few more attorneys. The interviewing process, for me, expanded my knowledge and level of comfort.

You don't have to be overly concerned with being current on CC payments prior to filing (you want to avoid preferential payment...although, this is a concern of the Trustee and creditor...it won't have a directly negative impact on you). I was only one month behind with some CCs and current with others when I filed. It is recommended you cease credit card use (I stopped nearly 60 days prior to filing...with no luxury purchases). You could file and take the overseas position; although, you would have to return for your 341 (as BTS mentioned). If you file in the immediate future, there is a possibility your 341 would occur prior to Jan 2010 (for me, my 341 was scheduled six weeks following filing).

[frogger]

Welcome johny. Lots of good advice to be had here, and lots has been given above. Good luck.

[whipster1]

Change your phone number/cell phone number...don't talk to those autodialer people...

Your "situvation" will improve someday soon.

[aljohnson007]

Above all, do not answer the phone or if you do accidently, just hang up and say sorry, you must have a wrong number. Wishing you the best.