Chapter 7 Do I have assets?

[mauirayne]

I am considering filing Chapter 7. There is so much info, it is making me spin. I have about 12,000 in debt. They include a judgement for volutary repossesion of a car for 5,000, Medical bills around 3,000 and random bills for about 3-4K.

I am reading about the assets, and the only thing I really own is a 98 pathfinder (payed cash) blue book value around 3,600, a laptop computer that I payed 500 for and a LCD tv that i paid 400 for. That is about it. Can they take those things from me? I live in WA. I am just scared that if i file, the will take my only form of transportation for me and my kids, and I am a single mom with 3 kids. I am not sure what to do. How much does a BK attorney usually charge to do a BK?

Any answers would be appreciated...

Thank you

[KAKRN97]

It's my understanding that as far as the laptop and tv go, the value of those items is what you could get for them if you sold them at a garage sale, not what you actually PAID for them. I'm in Ohio and the exemption for vehicles is $3200 plus a $1075 wildcard exemption that can be used towards anything. I don't know what the rules are in your state as far as exemptions for vehicles.
Look up what the vehicle exemption is in your state. If the value of the vehicle is MORE than the exemption then you would have to buy back that equity from the trustee if you filed Ch 7

--disclaimer- I am not an attorney nor is my advice in place of your lawyer----

[SMinGA]

Each state has exemptions - which state how much property you can protect/keep thru a bankruptcy.

But... Filing bankruptcy will cost between $1000-2500 and you owe $11,000-12,000. There is no minimum debt for filing bankruptcy, but have you explored to make sure its the best alternative for your situation?

[frogger]

You need to think long and hard before filing over that amount. It sounds like you're not very collectable, so you may not need to rush and file.

[StartingOver08]

You need to think long and hard before filing over that amount. It sounds like you're not very collectable, so you may not need to rush and file.

+1 Check www.debtorboards.com and www.creditinfocenter.com for alternatives to filing BK. I am only saying this because $12k in total debt can be handled another way. It might seem overwhelming right now, but you do have alternatives.

BK is perfectly fine, but in your case it is like hitting a fly with a sledgehammer. Explore all of your alternatives.

[mauirayne]

You need to think long and hard before filing over that amount. It sounds like you're not very collectable, so you may not need to rush and file.

What do you mean by that. Sorry, I am new to this. I am not very collectable, and I may not need to rush and file? The biggest thing I am worried about on my credit report is the 5000.00 Judgement. I read somewhere, that even if I pay it, it still stays on my report for 10 years?

[music12]

"not collectable", better known as "judgment proof", means that the creditor can't collect the money from someone even when there is a judgment against them because the debtor simply does not have the money to pay, or the money they have is exempt from creditors.

people often file for bk when a creditor starts garnishing wages or seizing bank accounts, because they need the money to live, and when you file for bk the garnishments stop.

if you file for bk, that will stay on your report for 10 years as well.

[music12]

oh, bk attorneys charge anywhere between $750 and $2500. it depends a lot on where you are. you can search this forum for threads on how much people have been charged in your area. and you can call some bk attorneys and ask.