Hi friends,
It has been almost three long years since we were struck by the BK lightning. Devastated and ruined, at the mere thought, I came home and went online to research BK. I found this forum and slowly recovered from total desolation to a halfway knowledgable filer.
Filing Friday, finally, will be such a relief. Congrats to the many others who have posted about Friday, as well.
Our long wait and timing was determined by a few factors, for those interested: We were well over the median, almost double, even triple if you removed some business expenses. However, I had been recently injured, had massive medical bills, and knew it was a matter of time until we went under. Factor in a McMansion with 6k sq feet and 4k/month payment, and you can get an idea.
Our timing was three years because we needed to wait for income to drop. More importantly, we are filing shortly before Debtor's Exams by Cap One and GEMB, which could have bought us time in the county jail.
The pre-filing course was interesting, to use a kind word.
We filled out the forms and expected a call or some sort of debt resolution video to watch, as we did once before when we nearly filed. Instead, we received a pdf file with a "debt resolution plan". It stated that we were in terrible financial shape due to medical disability and drop in income. THANKS FOR THE UPDATE! Best 35 bucks I ever spent, though, if it gets us through the gate.
We will have one non-exempt asset, a BMW Z-3 that is fully paid off. I bought this thing with cash when times were good and was hesitant to sell it because we did not know when we would actually file. So, we kept it to avoid any questions and further scrutiny. Now, it needs 6k transmission work and is worth about 12k. Attorney says its 50/50 whether the trustee will want it. Attorney says it is definitely saleable, but that trustees are not in the business of auto repair. I am actually hoping they take it. One less thing for us to worry about, and the price is worth the BK relief.
To my friends here, I thank you for helping me in those early, dark days. Some days felt like they would never end, and I always dreaded the beginning of the new day, anyway. For those new to the forum, I am walking proof that you can do this, just be honest to yourself (and spouses) and to the court. No financial mess is worth losing a marriage or a friendship over. These hard lessons took me a while to learn. Our paperwork, as self-employed for both, with complex business matters, stacks up to about 8 inches. Took a while to get it all together.
Also, put your family first. In spite of my medical disability and pain, our family is closer now than we were. That, alone is worth more than the BK itself, and the relief is immeasurable.
My best to you all, see you at the 341!
-dmc
It has been almost three long years since we were struck by the BK lightning. Devastated and ruined, at the mere thought, I came home and went online to research BK. I found this forum and slowly recovered from total desolation to a halfway knowledgable filer.
Filing Friday, finally, will be such a relief. Congrats to the many others who have posted about Friday, as well.
Our long wait and timing was determined by a few factors, for those interested: We were well over the median, almost double, even triple if you removed some business expenses. However, I had been recently injured, had massive medical bills, and knew it was a matter of time until we went under. Factor in a McMansion with 6k sq feet and 4k/month payment, and you can get an idea.
Our timing was three years because we needed to wait for income to drop. More importantly, we are filing shortly before Debtor's Exams by Cap One and GEMB, which could have bought us time in the county jail.
The pre-filing course was interesting, to use a kind word.
We filled out the forms and expected a call or some sort of debt resolution video to watch, as we did once before when we nearly filed. Instead, we received a pdf file with a "debt resolution plan". It stated that we were in terrible financial shape due to medical disability and drop in income. THANKS FOR THE UPDATE! Best 35 bucks I ever spent, though, if it gets us through the gate.
We will have one non-exempt asset, a BMW Z-3 that is fully paid off. I bought this thing with cash when times were good and was hesitant to sell it because we did not know when we would actually file. So, we kept it to avoid any questions and further scrutiny. Now, it needs 6k transmission work and is worth about 12k. Attorney says its 50/50 whether the trustee will want it. Attorney says it is definitely saleable, but that trustees are not in the business of auto repair. I am actually hoping they take it. One less thing for us to worry about, and the price is worth the BK relief.
To my friends here, I thank you for helping me in those early, dark days. Some days felt like they would never end, and I always dreaded the beginning of the new day, anyway. For those new to the forum, I am walking proof that you can do this, just be honest to yourself (and spouses) and to the court. No financial mess is worth losing a marriage or a friendship over. These hard lessons took me a while to learn. Our paperwork, as self-employed for both, with complex business matters, stacks up to about 8 inches. Took a while to get it all together.
Also, put your family first. In spite of my medical disability and pain, our family is closer now than we were. That, alone is worth more than the BK itself, and the relief is immeasurable.
My best to you all, see you at the 341!
-dmc
Bankruptcy Wizard
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