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    One week before Meeting

    Its one week before meeting and I am not the same nervous doubtful and fearful person I was when I initially filed. I had all kinds of doubts of whether I was doing the right thing or not or what if someone looked me up..but since now I am able to have control of my money and dont even have to deposit any money into my accounts unless its for necessities. I now have a budget that I follow, I am saving up to take a vacation since I havent taken one in 3 years. After my vacation I am going to be saving up a couple of thousands a month (what I was paying the credit cards and equity lines of credit) into to my retirement plan. I am 55 and only have another 10 good years of working and I need to save aggressively for my retirement.

    I think this was a good business decision, otherwise I would have been paying those thousands of dollars for years to come and not saved up any money for retirement. My house is upside down so I will be able to settle the 2nd and just have the 1st loan.. Once the market gets back up, my house will be worth at least $200,-300,000 in equity.

    I hope every goes well at the meeting. My attorney has assured me that everything is ok. I am self-employed and requested an extension for my 2009 taxes, I hope she is right that all I have to send in is the 2008 and the extension. She is not asking for my bank statements to show the self-employment income. I hope I dont have to come back to court because I have already scheduled my vacation for Aug 21st. The meeting is on July
    2nd.

    Hope everyone's Bk goes well and that it was as good a financial decision as mine.

    I was just bombarded with credit cards, vacancies and repairs in rentals, paying 2nd mortgages for houses that were upside down and never having a penny to save up. The one that really made me think seriously about BK was Wells Fargo with their calls 2x a day and asking me why I was late and when I was going to pay. They also immediately filed foreclosure on a rental..they are so aggressive.

    #2
    Of course, it's a great decision. I calculated that my $140K in credit card debt would cost just in interest alone, at the standard 24% interest rate, $2800/mo. Not having to service that debt anymore has completely changed my life.

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      #3
      You will feel much better after your 341. If you've been on the up and up, then you will see how easy it was and how all the worry was for nothing.

      Yep, you've made a sound business decision. Trust your lawyer and try to get some sleep this week.

      Good luck to you,

      ep
      California Bankruptcy Central

      Comment


        #4
        Homebody.. just curious, how did you go about settleling your 2nd mortgage? I am hoping to do the same thing after I file..

        Comment


          #5
          Jenbow...I havent settled yet because it hasnt been discharged..but I am hoping that they will accept a settlement after discharge since the house is $200,000 upside down and the lien will be $83,000.00

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            #6
            keep me posted! I wont be in discussions with bank for at least 6 months

            Comment


              #7
              I myself wont have the money for settlement. I want to settle for $4,000.00 if I can.

              Comment

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