few questions, thinking of filing

[StEt0417]

We are thinking about filing bankruptcy. Talked with an attorney yesterday and he suggested filing Chapter 7 would be the best. We have a lot of credit card debt, medical bills and with a shortage of income its not possible for us to do this anymore.

Im curious those who filed, did you also include your home into the BK? We are thinking of claiming our home and line of credit i the BK. Did take household things from your house like tv, wedding ring etc?

The attorney said we are allowed a lot of exemptions. My husband has a car, which we are current on the payments and want to keep it. He said there's a very good chance the company will agree to the reaffirmation. He doesn't seem to thing its a big deal.
Has anyone been able to keep their cars after filing BK?
We have two other cars, one doesn't run, one is an 04 we don't have a car payment on it, the attorney said they probably wouldn't take it.

Is it true on the list you submit has to be garage sale prices? The attorney said you list everything as though you have to sell it right now.

[tobee43]

first STe...welcome to the forum!!

filing bk is a very personal decision, only one you can make for your and yours unfortunately by yourself.

we also filed in florida, we did in fact surrender our house, although it was located in another state. the way it works here about the car you are allowed an exempt limit and if you car has GREAT value the trustee makes you pay the difference. however, you are still paying on your car, (we owned it), so you would most likely reaffirm the car loan if you wanted to keep it.

actually, we found the exemptions quite low here in florida...we did list our wedding rings..but they are just small bands, certainly not worth much. we declared all personal items, but really had nothing left since two years prior we sold everything to make the move here to florida.

[researchnerd]

Im curious those who filed, did you also include your home into the BK?

Did take household things from your house like tv, wedding ring etc?

Has anyone been able to keep their cars after filing BK?

Is it true on the list you submit has to be garage sale prices?

1. Yes, many people include their home in a CH7. Do you want to keep your home, or surrender it?

2. I think it's unusual that the Trustee actually takes household items like the TV and wedding rings. But it all depends on your local exemptions, and as I understand it they are pretty low in Florida. Here's a list: Florida Bankruptcy Exemptions

3. Many people choose to keep their cars after Ch7, whether through affirmation or ride-through. Do a search here on the site and you can read about all the different options. If your husband's car is underwater, he may choose to surrender it and start over.

4. Yes, garage sale prices are fine. I looked up comparable stuff on eBay to see what it had actually sold for, and in most cases it wasn't much. If, at these prices, your household goods total less than $1000 you can keep everything.

I highly recommend the Nolo books on bankruptcy. You might start with this one: How to File for Chapter 7 Bankruptcy