Need Help And Advice Chapter 7 ASAP This Is To Much To Handle Anymore

[Prdebevec]

So, yes i was stupid and racked up a bunch or payday loans, bills and so on. So here come the questions

1- How much will it cost do i have to pay upfront or not?
2- It takes 3 months?
3- I owe about 9 grand in bills and 9500 on my car upside car loan is it all going to be taken care of?
4- I owe les shawbe 1,000 i dont have the rims anymore i sold them will that be covered?
5- My car will get taken away and get outta the loan but will it show up as a repo or BK?
6- Im 22 and in deep debt and just want to get a fresh start and never take out loans ever again i dont have a job lost it so im on unemployment now should i do it now while im still young?
7- Is it going to affect me when i get a house in 3-4 years if that ever happens?
8- Whats happens to my I phone will i lose that or my laptop?
9- Anyone know a good lawyer in or by Everett, Wa

Am i doing the right thing?
i will message back if i have more questions right now its hard to sleep at night and if i was just debt free i could move on in my life and start putting money in savings

[keepinitreal]

Most bankruptcy lawyers will talk to you for free. Call one and make an appointment. Ask all of these questions to the attorney. Some attorneys allow payment plans. Take action by talking to your first attorney and you'll sleep better at night.

[keepmine]

Right now, debt isn't your problem. LAck of income is your most pressing problem.
Hold off filing until you have a job that offers health insurance benefits. You need to get your finances stablized first. You have to support yourself post bk. Get a job-bk will still be an option.

[backtoschool]

I agree with keepmine, I think that getting employment is more of an immediate concern than filing for bankruptcy for you right now. You do not have that much debt to file for bankruptcy and if you get your income stabilized, you will be able to most likely dig out.

[Prdebevec]

ya

ya its just hard to find a job and i have money to get by and im living at my dads also and hes helping me out its just i have to find a long term job and bills are pilling up and my car most likly is going to get repo'ed i mean if i claim BK then i cant forget about paying the bills and work on saving cash to get another car before they repo mine.

[backtoschool]

ya its just hard to find a job and i have money to get by and im living at my dads also and hes helping me out its just i have to find a long term job and bills are pilling up and my car most likly is going to get repo'ed i mean if i claim BK then i cant forget about paying the bills and work on saving cash to get another car before they repo mine.

Bankruptcy is expensive. For the cost of the lawyer, you can get a used car if they repo your car.

[Prdebevec]

so...

I was thinking about just buying a cheap car prob about 800-1000 and just give my car back but my car is so under value that once it sells at auction im going to owe the company like 6000$ i owe 9500 on it and its only worth about 3-4k god im so fu**ed i dont know what to do im just freaking out everyday just thinking about it.

[qsr]

If you want to keep your car, you can include it in the BK7 and then try to renegotiate with them during the reaffirmation process. If it's under water, you should be able to cram down the amount, since repoing and selling your car at auction is going to cost them almost everything they have in it.

[Prdebevec]

so

what do you mean crame down that amount, i mean if i do BK ya it will cost 1500 but then again i will kill about 8-9k in bills and then 9.5k in my up side down car loan i dont care if i lose it i can walk or get a used car but is it worth it to do BK im asking the people that have filled how did u feel afterwards? cause i would love to get a fresh start for 2010 and whatnot but ya it will be on my CR for 10 years

[qsr]

I haven't filed yet. Cram down just means they write off the part of the loan that is more than the current worth of the car. If you're only sitting on $20k in debt, you might consider going a different route. I'd contact a couple BK attorneys and a CCCS before making any decision.

Oh yeah if you're on unemployment don't pay ANY credit card bills, unless you really think you see a light at the end of the tunnel. Save your money, call them up and tell them you're not able to afford any payments until you have income and you aren't going to take any of their jackup rates. The threat of BK looms over them heavily now and gives you some leverage if you want to get back on with them. This is JUST MY OPINION, and should be weighed with other people's opinions, by the way. I'm not an expert at debt negotiation.

[keepmine]

I was thinking about just buying a cheap car prob about 800-1000 and just give my car back but my car is so under value that once it sells at auction im going to owe the company like 6000$ i owe 9500 on it and its only worth about 3-4k god im so fu**ed i dont know what to do im just freaking out everyday just thinking about it.

First thing you do is stop the drama and start thinking rationally.
Why are you freaking out? You have nothing anyone can take. It doesn't matter how much the deficiency balance is. It'll be wiped out in the bk filing.
First things first. Stablize your financial life. You don't want to file and get sick or be in an accident and have have medical debt you can't pay and have already played the bk card. File on your terms and when the time is right.
It may not look like it right now but, you're actually in control of the situation. Your creditors are going to lose 100%. It's just a matter of when and you control that.

[Prdebevec]

ok

well im slowly stopping freaking out i just broke it off with my gf to kill some of the stress. So bacilly what your saying is that i should find some sort of job then go from there? i mean should i have my car repo'ed? I want to do chapter 7 but i dont know if i will be able to keep my car. Im going to go to a lawyers office tommrow to disscus my options.

[ApresMoi]

Post back here and let us know what the Attorney advises? What about letting them repo the car, buying an inexpensive replacement, finding a job, and paying down the 10K in debt remaining (you can work out repayment terms with creditors if need be). Living rent free with your dad will help free up cash to do this.

well im slowly stopping freaking out i just broke it off with my gf to kill some of the stress. So bacilly what your saying is that i should find some sort of job then go from there? i mean should i have my car repo'ed? I want to do chapter 7 but i dont know if i will be able to keep my car. Im going to go to a lawyers office tommrow to disscus my options.

[Prdebevec]

but

ya but when they repo the car they will sell it at auction and i will still owe them 5-6k for the car since it so under valued

[lovebirds]

That deficiency amount will mean nothing if you have nothing they can take or garnish. It takes a long time before garnishments take affect of new jobs and by then, you could work out a payment plan if you choose not to do the bankruptcy route.