I plan to file next month for chapter 7. I have two options to choose from. Use my monthly income I get on the first and pay for my bk filing. Then in late sept around the 14th up to a week after get my student loan refund of about 6200 bucks, pay my bills I did not pay since I did my bk, which is rent,insurance, elec, and about everything but my jeep payment. Or pay my bills on the 1st and when I get my loan use some of the money to pay my bk filing.
One issue I see is if I do my bk on the first I would have to exempt the cash or what I buy with my loan which is tires, food, a new laptop for school which is 1500 bucks because I use it for autocad, bills I did not pay on the first. By paying the bills, figuring my tires would be under the value of my jeep, the laptop and clothes I should have enough to exempt it. Unless I have to exempt the entire 6200 before spending it.
Or
Pay my bills with my income then do my bk when I get my loan. Which I guess could be a issue since I doubt BK falls under not being education related. My argument for that was I opted to use my income to pay my bills on time and used my loan to cover the money they cost me to do my bk.
I know if I wait till I get my loan I can spend it on the same stuff and exempt what I need to.
My understanding is if I file before I get the loan it does not go on as income, but if I get it before my 341 I would have to exempt the cash. Where if I file after my loan I can exempt what I buy but have to claim it as income.
SO file on the 1st or after I get my loan and when I can exempt everything?
Also if I file on the 1st and get my loan before my 341 do I have to exempt the cash or can I spend it and exempt what I buy? I if I did file on the 1st and got my loan before the 341 would my tires need to be exempt or would they go on the value of my jeep?
I think I am ok either way, if I file on the 1st I figure right now I have about 1k in assets including my clothes, two guns, and bed. If you figured my bed being used and legally not allowed to sale a used mattress and my clothes used and worn out being worthless to the trustee it would only be 200 or so bucks. My jeep is covered by the loan and the fact the equity would be split between me and my dad(coowners) so I would still have 4000 or most of it to exempt what I buy from my loan. Take my bills off the 6200 I would be fine getting under the 4k. Also in indiana it says you get 100.00 on any personal property. Is that per item so, if my guns are each worth 100 bucks(about right), so would that not come off my wildcard exemption?
Thanks guys
One issue I see is if I do my bk on the first I would have to exempt the cash or what I buy with my loan which is tires, food, a new laptop for school which is 1500 bucks because I use it for autocad, bills I did not pay on the first. By paying the bills, figuring my tires would be under the value of my jeep, the laptop and clothes I should have enough to exempt it. Unless I have to exempt the entire 6200 before spending it.
Or
Pay my bills with my income then do my bk when I get my loan. Which I guess could be a issue since I doubt BK falls under not being education related. My argument for that was I opted to use my income to pay my bills on time and used my loan to cover the money they cost me to do my bk.
I know if I wait till I get my loan I can spend it on the same stuff and exempt what I need to.
My understanding is if I file before I get the loan it does not go on as income, but if I get it before my 341 I would have to exempt the cash. Where if I file after my loan I can exempt what I buy but have to claim it as income.
SO file on the 1st or after I get my loan and when I can exempt everything?
Also if I file on the 1st and get my loan before my 341 do I have to exempt the cash or can I spend it and exempt what I buy? I if I did file on the 1st and got my loan before the 341 would my tires need to be exempt or would they go on the value of my jeep?
I think I am ok either way, if I file on the 1st I figure right now I have about 1k in assets including my clothes, two guns, and bed. If you figured my bed being used and legally not allowed to sale a used mattress and my clothes used and worn out being worthless to the trustee it would only be 200 or so bucks. My jeep is covered by the loan and the fact the equity would be split between me and my dad(coowners) so I would still have 4000 or most of it to exempt what I buy from my loan. Take my bills off the 6200 I would be fine getting under the 4k. Also in indiana it says you get 100.00 on any personal property. Is that per item so, if my guns are each worth 100 bucks(about right), so would that not come off my wildcard exemption?
Thanks guys