I have been reading this forum for over a year and it has been the most valuable information I have ever read. I had $278,000 in unsecured credit card debt ALL of which was due to Gambling. $130,000 of it was on a home equity line of credit which our house was foreclosed on so the the $130k then became unsecured like a credit card the remaining $148,000 was all on credit cards. I had a SERIOUS gambling problem over the last 6 years and it finally all caught up with me. I was ready to save my marriage and keep my family together, I joined gamblers anonymous and haven't gambled in well over a year. So, then I needed to file ch 7 bk. I was worried sick that there would be problems all over the place! My wife and I made $150k combined per year. She quite her job in Dec of 09 so we then made $75k (my salary) for us (me, wife, and 1 child) which fell below median. We last used our cards 2 months before filing bk. Again, another thing to worry about. Due to the astronomical amount of CC debt we had with nothing to show for it, I was prepared for objections all over the place. After a week of filing all of the creditors had listed zero balance on credit report as "included in bankruptcy" we had 6 weeks to wait until our 341, and it was all quiet. Got to the 341 and my lawyer said "you have the NICEST trustee in this state". So, we get up there and he could not have been nicer! Asked about 10 standard questions, then said "I see you did some gambling" and I said "yes sir", and that was it! He then said, I am satisfied with the answers and report a no asset case. 60 days after all quiet and a discharge.
I am passing along my story to say the MOST important part of bk is PLANNING PLANNING PLANNING. Get your ducks in a row at least 6 months prior to filing, read this forum daily!! When I met with my lawyer I was able to speak intelligently and had ALL the info I needed, etc.... I had collected a year worth of cc statements, bank statements, tax returns, pay stubs. I didn't need 90% of it luckily, but knowledge is key! Bankruptcy is nothing to be ashamed of but for us that have either fallen or hard times or people like me that just ROYALLY screwed up and are looking to change their lives around. For me, it was all self inflicted but I wasn't looking for a easy way out but a true change of heart and to save my family. I know this is easier said than done, but DON'T WORRY but PLAN. BK is a LEGAL course of action that is available to us all. Once I stopped worrying I was planning. If you did nothing illegal, like me, but just stupid things, then there is nothing to worry about. As long as you are prepared, then there is nothing to worry about. Granted, I may have gotten lucky in the sense that I had a great trustee, but even if I had a bad one, or creditors objected, I had everything documented that yes, I did A LOT of stupid things, but nothing illegal. They could have objected all day long, but I didn't do anything fraudulent so that is the key!
I hope this post helps a few of those out there that are worrying......... please stop worrying and just start planning. I started planning 10 months in advance. I stopped paying creditors, I changed my number on ALL credit cards to a free online voicemail system on http://voicemail.k7.net/ (you will get an email when a new voicemail arrives) so I NEVER got one phone call. We got our income down below mean within 6 months, stopped using credit cards, and read this forum. If you do that, then you will be successful.
I hope my experience with my astronomical amount of debt plus the nature of my debt will help others out there to know, that there is hope and there is a future after this!
I am passing along my story to say the MOST important part of bk is PLANNING PLANNING PLANNING. Get your ducks in a row at least 6 months prior to filing, read this forum daily!! When I met with my lawyer I was able to speak intelligently and had ALL the info I needed, etc.... I had collected a year worth of cc statements, bank statements, tax returns, pay stubs. I didn't need 90% of it luckily, but knowledge is key! Bankruptcy is nothing to be ashamed of but for us that have either fallen or hard times or people like me that just ROYALLY screwed up and are looking to change their lives around. For me, it was all self inflicted but I wasn't looking for a easy way out but a true change of heart and to save my family. I know this is easier said than done, but DON'T WORRY but PLAN. BK is a LEGAL course of action that is available to us all. Once I stopped worrying I was planning. If you did nothing illegal, like me, but just stupid things, then there is nothing to worry about. As long as you are prepared, then there is nothing to worry about. Granted, I may have gotten lucky in the sense that I had a great trustee, but even if I had a bad one, or creditors objected, I had everything documented that yes, I did A LOT of stupid things, but nothing illegal. They could have objected all day long, but I didn't do anything fraudulent so that is the key!
I hope this post helps a few of those out there that are worrying......... please stop worrying and just start planning. I started planning 10 months in advance. I stopped paying creditors, I changed my number on ALL credit cards to a free online voicemail system on http://voicemail.k7.net/ (you will get an email when a new voicemail arrives) so I NEVER got one phone call. We got our income down below mean within 6 months, stopped using credit cards, and read this forum. If you do that, then you will be successful.
I hope my experience with my astronomical amount of debt plus the nature of my debt will help others out there to know, that there is hope and there is a future after this!
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