Why is $100K unsecured a magic number?

[lookingforward]

We had 175K in unsecured, more in secured. My husband is a sole prop, and at one time his business was making good money. Not so anymore. At our 341 we found out that the UST had been investigating our business for the previous two weeks, and had withdrawn all objections.

As some wise person on here posted once, and I've never forgotten it,
"if you don't have any money, you don't have anything to worry about".

As long as you are not hiding anything, you'll be fine.

We filed chapter 7, no problems, no delays, were discharged and closed right on schedule.

And I feel the same as you, what do I have to show for the huge pile of debt? Nothing. No fancy furniture, jewelry, nothing. Just stupid overspending, eating out alot, spending it on my kids.
Never never again.

[JEM]

We had 175K in unsecured, more in secured. My husband is a sole prop, and at one time his business was making good money. Not so anymore. At our 341 we found out that the UST had been investigating our business for the previous two weeks, and had withdrawn all objections.

As some wise person on here posted once, and I've never forgotten it,
"if you don't have any money, you don't have anything to worry about".

As long as you are not hiding anything, you'll be fine.

We filed chapter 7, no problems, no delays, were discharged and closed right on schedule.

And I feel the same as you, what do I have to show for the huge pile of debt? Nothing. No fancy furniture, jewelry, nothing. Just stupid overspending, eating out alot, spending it on my kids.
Never never again.

Thank you! Thank you!

That helps so much!

Bottom line is, we just made stupid, and unwise financial decisions.

But we're not hiding anything. We have nothing TO hide.

[2manybills]

Don't feel bad about having your head in the sand. Many of us here were doing the same thing. I thought maybe $100K and after the fees closer to $140. Shocking and humiliating was an understatement for the way I felt.

I was ready for the TT to yell at us and tell us how could we do this. Not a peep. It was easy to figure that my husband's salary was cut in half and we hadn't done any outrageous spending or anything like that.

You've come to the right place. Welcome!