Freaking out a little need to let it out!

[jlybean]

Okay so we finally after 1 year of stressing out have paid our lawyer and sent in our paper work! Yay for that! So we get a copy of all our info from the lawyer to look at and really see the amount of debt we are in OMG! This a huge number and I am shocked and embarrassed and now scared to death! I knew were in debt but once I see the actual number I am freaking out. It is well over 100K so I am sure we will be looked at I am just afraid the trustee is going to try to burn us at the stake. I am trying to calm myself down and just need a little help if you have it to give. We are a family of 6 living on one income and this debt has been slowly creeping up for the last 5 years and we never used the cards with the intention of not paying it back we just used them to eat, live and clothe our family. Not saying we never bought things we didn't need or have some fun on the cards but no big luxury items. I made some stupid decisions like taking out a line of credit to pay off the cards and then using the cards again but I always thought we would be able to pay them off-stupid I know! Also we haven't paid on them for a year so i am figuring there is a chunk on there due to interest and fees but still I can't believe it got this bad. I just want this to be over with. Our lawyer isn't worried so I guess I shouldn't be but it is not him who they will be grilling. Our expenses are in line with what is allowed and we still are in the negative at the end of the month according to the paperwork so that seems fine. We are a little underwater in our house buy staying because we would never find a place big enough for all of us that would be cheaper than our house payment. We have no other real assets but if they want all my old beat up furniture and household stuff they are welcome to it! I just want a fresh start and to never never have another credit card as long as I live!
BTW we are in MN so if anyone has any experience with CH7 and would like to share I would appreciate it!
Thanks so much for letting me vent and all the great advice and support this forum had given me.

[researchnerd]

Don't worry about the amount of your debt; 100k is nothing compared to what the trustees see every day.

Also, don't worry about them coming to take your household stuff. The trustee doesn't want it. When they value property, they are mostly looking for big-ticket items like boats, RVs, and timeshares. I watched a number of people go ahead of me at my 341 and was really surprised at how many people had these.

I am totally with you -- I plan to never have another credit card in my life!

[ben1381]

I agree. I also have over 100K and am awaiting discharge in August. The 341 meeting was a synch!

[brokejoker]

I had to look twice to make sure I didn't write that! When I saw the final figures for our bankruptcy petition and it was 150K I almost died. I honestly thought it was closer to half that amount. Fees and 30% interest sure do a number on your bottom line!

We have our 341 in T-minus 4 days. I hope yours and mine both go smoothly!

[CreditCretin]

It is a real eye opener when you list all your debts and see it all down on paper, isn't it? It was that way for us too. The debt kept creeping up over the years. All of it just from living, no boats, no toys at all, hand me down television sets, etc. Then the last few years, just having to use the cards to live on and buy groceries because all the money from the paychecks was being used to pay the CC payments and fixed monthly expenses. Talk about a downward spiral. Over 100K later here we are, awaiting our 341....

[wsy]

Hang in there I had debts over 100K, was selected for an AUDIT by the "US Trustee". Started the Chap 13 way but didnt want 5 years of administration. Went the Chapter 7 way, survived the audit..had to explain ANY deposits over 500.00 on all accounts.
Discharged !
It feels weird at first, but after reading other's experiences was very helpful.
Just make sure your bank accounts listed in your paperwork is on the up and up..just in case.

[wnguyen]

jlybean

I also live in MN. Was yours in St Paul or MPLS? My 341 is 2 weeks from now and now I'm pretty nervous even though I got a letter from my attorney that this meeting was pretty simple, as well as I read many posts here about that. About the debts, I couldn't believe how much debt I got either until I saw the bottom line. Holy cow, mine was over 200K thanks partially to 29.99% interest and late fees and over limit fees almost all year long. When I looked back, my 15-year credit history down the drain with no house, no boat, no luxury items, no nothing.

[jlybean]

Thanks for everyones replies. I appreciate it. I just couldn't believe that we had that much debt no wonder we were broke! I know that everyone worries that their case will some how be worse than the rest when the truth is it won't so I am trying to tell myself that I am not special enough to be grilled .

wnguyen- we haven't had our meeting yet we haven't even filed just got all the paperwork in but I think we will be in St Paul. Good luck with your meeting post and let me know how it goes.

Thanks again to everyone on the forum for all of your wisdom and support. It has helped me more than I can say