Instead of a Chapter7?

[tknj99]

Hi All,
I have been expecting to file for quite some time and now it looks like the second lien on my foreclosed rental prop is seeking a deficiency (it was even entered into court way before the prop sold). I will soon have foreclosure on 2 more rentals and looking to also walk away from underwater primary residence (will be moving in a few years out of state).
So.. being that I live in FLorida and am head of household, I have read that may wages cannot be garnished. In addition, I can have paper check sent to me and start to form a cash-based life. (also read about forming LLC for checking acct)
My question is though, aside from income, can they get anything else..
I have a 9yr old van worth maybe 3k.
Another car that has no equity (financing it).
401k and IRA worth quite a bit
Home furnishings

Also... do u guys think that this would be a waste of time instead of just filing?
I was hoping to start saving up from not paying mortgage on my primary residence.

[AngelinaCatHub]

Hi All,
I have been expecting to file for quite some time and now it looks like the second lien on my foreclosed rental prop is seeking a deficiency (it was even entered into court way before the prop sold). I will soon have foreclosure on 2 more rentals and looking to also walk away from underwater primary residence (will be moving in a few years out of state).
So.. being that I live in FLorida and am head of household, I have read that may wages cannot be garnished. In addition, I can have paper check sent to me and start to form a cash-based life. (also read about forming LLC for checking acct)
My question is though, aside from income, can they get anything else..
I have a 9yr old van worth maybe 3k. I doubt it will be of interest to a Trustee.
Another car that has no equity (financing it).
401k and IRA worth quite a bit Cannot touch that.
Home furnishings Flea market price, not to worry.

Also... do u guys think that this would be a waste of time instead of just filing? Explain? Waste of what time? You are prime meat for a bk7.
I was hoping to start saving up from not paying mortgage on my primary residence. Do so now.

You seem to have it together already, except for one thing, your doubt. Get over it and file. Stops all that stuff you mentioned. 'Hub

[tknj99]

Thanks for the reply. Mostly i was just worried about the recent tax refund that i have been holding onto - about 7k and the extra money i will have in the upcoming months of not paying mortgage. The FL exemption for cash if not claiming homestead exemption is 8k and id be at that point in a month.
Coupled with surrendering my home in a Ch7 and being alittle over the median, im not sure id pass the means test as it only gives $1200 or so for housing expense.
Now.. if i dragged this much longer and 1-2 yrs later am renting for say $1500, then i believe that i'd qualify.
I have a lawyer and have paid a retainer fee.. but im thinking about finding someone else as everytime i call him to ask questions he's trying to get me off of the phone as quick as possible and isnt much help.. He actually told me that if i was gonna surrender my home in CH7, id have to move out right away when i file instead of being able to live there and save up...
I do know that filing will be my saviour when it comes to the 1099'c that i'll eventually receive as well as getting rid of the future judgements.. and id rather file than worry about claiming insolvency and having judgements always looming over my head.
Sorry for the ramble..just trying to make the right moves...

[angles]

I could be mistaken, but I believe the means test does not apply in an non-consumer chap 7 provided 50% of your total debt is business related (investment property).