Our Story - Need to file CH7
Hi - I'm new here. I've been on the site a few times over the past few months, but I've never posted. Here's our complicated story (and long - sorry). Would love advice. Thank you in advance. God bless.
My husband and I live in FL. In Dec. 2008, we walked away from our home to move 2 hrs north to live next door to my in-laws (FIL has cancer). After the move, I was the only one w/any income (DH was going to be a farmer).
We had stopped paying all CC and our house went into foreclosure. We cashed out our 401K's and planned to try to build a house ourselves on our in-laws' land (w/about $20,000 from 401K's). We moved in w/the in-laws and started the homebuilding process, but about a year into it, we were still at the foundation part and everything went downhill.
Something traumatic happened to our son and we decided we could not live there. With the money we still had left, we bought a $13,000 travel trailer to live in temporarily. We lived in it for 8 months until we could relocate near other family. We have since found a place to rent and are currently both employed.
I will be leaving my job due to a long commute and to homeschool our son. We still have not filed our CH7. During this 2.5 year period, we have had no contact w/our creditors (kept our heads in the sand). Our home was foreclosed, we surrendered two vehicles (we purchased a cheap vehicle at auction from 401K $$ and I am driving one from a buy here, pay here place).
Last week, we were served papers for one of the vehicles. We have been holding off on filing b/c we make just above the means level and since I won't be working full-time much longer (plan to do some freelance work), we should qualify then. I am concerned that a garnishment could happen before we get to file. How long does that process take?
We also received a 1099 this year on our house, but it's not a 1099-C. What does this mean? Our house was WAY upside down - do we have to pay tax on that difference? The house has not sold that I know of. We have made MANY mistakes that we will NEVER make again. I just want to get the chapter 7 behind us.
My husband and I live in FL. In Dec. 2008, we walked away from our home to move 2 hrs north to live next door to my in-laws (FIL has cancer). After the move, I was the only one w/any income (DH was going to be a farmer).
We had stopped paying all CC and our house went into foreclosure. We cashed out our 401K's and planned to try to build a house ourselves on our in-laws' land (w/about $20,000 from 401K's). We moved in w/the in-laws and started the homebuilding process, but about a year into it, we were still at the foundation part and everything went downhill.
Something traumatic happened to our son and we decided we could not live there. With the money we still had left, we bought a $13,000 travel trailer to live in temporarily. We lived in it for 8 months until we could relocate near other family. We have since found a place to rent and are currently both employed.
I will be leaving my job due to a long commute and to homeschool our son. We still have not filed our CH7. During this 2.5 year period, we have had no contact w/our creditors (kept our heads in the sand). Our home was foreclosed, we surrendered two vehicles (we purchased a cheap vehicle at auction from 401K $$ and I am driving one from a buy here, pay here place).
Last week, we were served papers for one of the vehicles. We have been holding off on filing b/c we make just above the means level and since I won't be working full-time much longer (plan to do some freelance work), we should qualify then. I am concerned that a garnishment could happen before we get to file. How long does that process take?
We also received a 1099 this year on our house, but it's not a 1099-C. What does this mean? Our house was WAY upside down - do we have to pay tax on that difference? The house has not sold that I know of. We have made MANY mistakes that we will NEVER make again. I just want to get the chapter 7 behind us.
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