My wife and I are getting ready to have to file bankruptcy. I was honorably discharged from the military last year due to a back injury i recieved. I have yet to be able to find a job, and we are still waiting to hear about my disability rating so that I can start getting a small income from that. I am in school and my wife works full time while being in school. We are going to be filing ch. 7 due to a large amount of CC debt we accumulated while we were younger. Its a mix of having to use them to get by at first, and being stupid with them later on, thinking as long as we made the payments, we were ok. we did fine while i was in the military, and now we dont. We dont own a house yet, and have 2 cars, but our lawyer advised us we would be fine and not have to include them with the bankruptcy. Within the next week or two, we will be recieving about 8,000 or so in student loans that we took out since I cannot find a job. The plan is to put it all into savings, and only use it if we absolutely need to, and pay what we dont touch back at the end of the semester. I know that we cannot discharge student loans in bankruptcy, and im not trying to do that. I just want to know if they will be able to take those funds when they see them in our savings account?
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will they take my savings?
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You're allowed to have a certain per person when you file........$400 each I believe. Since you've consulted with an attorney. He/She will advise you of what you need and/or need to have, and what you shouldn't need/and or need to have.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.
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Originally posted by OhioFiler View PostThank you for your service to and sacrifice for our country.
I would be very careful with that student loan. Get by without it if you can. It is like digging your hole deeper. About the cars, why your lawyer said not to list them I can't understand. You must list everything and yes they are included in your estate. They may be exempt but they are what you own. Draw your accounts down to the lowest amount you can to keep them open. Close no accounts and move no funds to hidden valleys. Purchase and pay only exempt bills, (food, rent, clothing, etc.) and buy no toys at all.
Ask your lawyer what he means about the car. C7 book by Nolo press is recommended. $17 bucks pdf download nolopress.com . 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.
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when i say not to include them, she said we would be able to keep them. they will be reported, but exempt. sorry for the confusion. We are going to try one last time to call our creditors and see if we can settle with them, as I would much rather do that, than file bankruptcy, but we will have to see if they will all settle for what we can afford
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Originally posted by FSU123 View Postwhen i say not to include them, she said we would be able to keep them. they will be reported, but exempt. sorry for the confusion. We are going to try one last time to call our creditors and see if we can settle with them, as I would much rather do that, than file bankruptcy, but we will have to see if they will all settle for what we can affordYou can't take a picture of this. It's already gone. ~~Nate, Six Feet Under
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