I hate it when people with issues don't follow up with how their story turns out... so... me:
Just filed. I am 11+ months beyond from my last advances and balance transfers. I got lucky in that even though the first suit appeared online months ago, no creditor served me until this month. Chase and Amex were both VERY quick to file suit and Chase (a really appropriate name these days) finally nailed me.
Self employed, essentially no current income, $250K unsecured, $613 secured. My home is underwater, so I'm using California System 2. For all the issues California has, at least we're not asked to fork over the last $500 in our wallet like some other states...
I have lots of advances and BTs about a year old... four lawsuits pending. On paper a no asset case. About $900 of payments on a loan I owe to my mom.
Lots of opportunity for creditors, TT, or the UST to give me grief. But I almost made it to 12 months past the last advances/BTs, and made it to no asset status even though I've been spending frugally, and have managed my money as if an auditor would be looking at it someday.
I have been as conservative as possible on my calculations and my attorney is more aggressive. I'm thinking this may be a good combination, sort of a defense in depth thing. Example: I've been selling off a coin collection to pay my expenses. My attorney's position is that selling your stuff is NOT income. But should we get pushback on that, the gains would not put me near the median income anyway. And the collection is sold--there aren't any gains left for schedule I.
Since the beginning of the year I've been dealing with twin problems: unmanageable debts and lost income. Getting sued quickly really put the income problem on the back burner. Hopefully I will soon be able to be 110% focused on income production.
But after 8 months of research and worry and of course TONS of "homework" (I think I really overdid the assets but at least I was thorough) it feels.... surreal. It's sort of like the last final in a college term (nothing more to study, no more papers to write) but instead of joy I feel blank.
Just filed. I am 11+ months beyond from my last advances and balance transfers. I got lucky in that even though the first suit appeared online months ago, no creditor served me until this month. Chase and Amex were both VERY quick to file suit and Chase (a really appropriate name these days) finally nailed me.
Self employed, essentially no current income, $250K unsecured, $613 secured. My home is underwater, so I'm using California System 2. For all the issues California has, at least we're not asked to fork over the last $500 in our wallet like some other states...
I have lots of advances and BTs about a year old... four lawsuits pending. On paper a no asset case. About $900 of payments on a loan I owe to my mom.
Lots of opportunity for creditors, TT, or the UST to give me grief. But I almost made it to 12 months past the last advances/BTs, and made it to no asset status even though I've been spending frugally, and have managed my money as if an auditor would be looking at it someday.
I have been as conservative as possible on my calculations and my attorney is more aggressive. I'm thinking this may be a good combination, sort of a defense in depth thing. Example: I've been selling off a coin collection to pay my expenses. My attorney's position is that selling your stuff is NOT income. But should we get pushback on that, the gains would not put me near the median income anyway. And the collection is sold--there aren't any gains left for schedule I.
Since the beginning of the year I've been dealing with twin problems: unmanageable debts and lost income. Getting sued quickly really put the income problem on the back burner. Hopefully I will soon be able to be 110% focused on income production.
But after 8 months of research and worry and of course TONS of "homework" (I think I really overdid the assets but at least I was thorough) it feels.... surreal. It's sort of like the last final in a college term (nothing more to study, no more papers to write) but instead of joy I feel blank.
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