We just filed for Chapter 7 and our hearing is scheduled for July 1st. It is indeed one of the hardest decision that we ever have to make and in logic we're suppose to feel relief but we don't. We feel bad. We've been doing everything we can to stay on top of our finances the last couple of year even making huge cut backs and sacrifices. To add to the financial stress, I had an unforeseen medical situation last year. It's been tough. So we've landed on the path of BK. What can we expect at the hearing? How should we prepare for the hearing? And what can we expect to happen after the hearing? In the meantime, should we watch our spending in terms of what we should or should not spend our money on? So far, we've been living normal and just making everyday living expenses like groceries, rent, water bill, etc. We haven't made any huge or extravagant or luxury purchases. Oh, and what is considered a luxury purchase? I just want to very careful and not raise any red flags. I'm just super worried. I won't be able to sleep until we get discharged. Any insight would be appreciated.
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Don’t feel bad about your situation; lots of people have been down that road so you are not alone. I felt (feel) the same as you do about expenditures. I was even asking my attorney if we could spend 40.00 on something I would like to get for my car (but was not necessary for the operation) and if it would be scrutinized. He laughed and said I was being hypersensitive; the trustee's generally look at items over $1K or other large movements of money for fraudulent activity. I know its tough having been there myself, but if you need it spend it and keep the receipt for piece of mind. Just don’t try to hide any money/assets or give money away and you will be fine. -
Thanks angles.Comment
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