Hello all,
Yahoooooo...
We got our No-consumer no asset chapter 7 discharge 8/25/11. I'm totally psysched.
It's been a while since I posted, but I just wanted to give a big thanks to all of you who responded to my questions with such sage advice.
I also wanted to say to those getting ulcers' worrying about thier situation a few things:
1. Get a good attorney. Find one that is very organized, has a good working relationship with the trustee, and communicates well. I can't stress this enough. Don't just find a BK attny in the phone book and go with them. INTERVIEW THEM.. They are a business, they work for you.
2. Get yourself organized. Get all your financial documents in order. I bought a hand held file container and it worked great. It sucks being in a meeting and not having some particular document. Being organized relieves a lot stress
3. Don't beat yourself up. People make mistakes. Some things are not completely your fault; economy tanking, bad advise, you name it, etc... Things just happen. Learn from them and move on. Get your bad situation taken care of. That is why the system is there.
4. Learn from your mistakes, and don't make them again. Cut up the credit cards, don't take anymore home equity loans, don't buy homes you can't afford paying P@I loans on. That's what I learned. We didn't have any cc debt, but lots of Home debt. When I can buy a home again it'll be one that I can afford, without HE loans and such.
LIVE WITHIN YOUR MEANS
5. Non-Consumer Ch 7 is a good way to go if you can qualify. If you have over 50% of your debt in business debt, you should research and find out if you qualify. In Idaho where we live, our 2 rental properties helped qualify for NC Ch 7, and we were able to go on without having to do the means test. We wouldn't have qualified for ch 7 going the consumer way.
6. Really consider not reaffirming your home mortgage. Read the sticky about this and do a lot of thinking. I can rent a comparable home, save $, and in 2-3 yrs have a lot more $ in the bank, while my home value is still 90-100k underwater.
7. Save your money $$$$$. Roth IRA's are a great place to put your money. They can't come after them. Be smart and get good advice as to where and how to save your money.
8. Use the cool and kind people on bkforum.com. I got a lot of good anwers and questions to ask my attny from this forum.
Well that's all I can think of. Please contact me if you have any questions regarding how we went about getting our NC Ch7 done.
Thanks again
Jeff
filed 5/2/11, 341 6/9/11, discharged 8/25/11
Yahoooooo...
We got our No-consumer no asset chapter 7 discharge 8/25/11. I'm totally psysched. It's been a while since I posted, but I just wanted to give a big thanks to all of you who responded to my questions with such sage advice.
I also wanted to say to those getting ulcers' worrying about thier situation a few things:
1. Get a good attorney. Find one that is very organized, has a good working relationship with the trustee, and communicates well. I can't stress this enough. Don't just find a BK attny in the phone book and go with them. INTERVIEW THEM.. They are a business, they work for you.
2. Get yourself organized. Get all your financial documents in order. I bought a hand held file container and it worked great. It sucks being in a meeting and not having some particular document. Being organized relieves a lot stress
3. Don't beat yourself up. People make mistakes. Some things are not completely your fault; economy tanking, bad advise, you name it, etc... Things just happen. Learn from them and move on. Get your bad situation taken care of. That is why the system is there.
4. Learn from your mistakes, and don't make them again. Cut up the credit cards, don't take anymore home equity loans, don't buy homes you can't afford paying P@I loans on. That's what I learned. We didn't have any cc debt, but lots of Home debt. When I can buy a home again it'll be one that I can afford, without HE loans and such.
LIVE WITHIN YOUR MEANS
5. Non-Consumer Ch 7 is a good way to go if you can qualify. If you have over 50% of your debt in business debt, you should research and find out if you qualify. In Idaho where we live, our 2 rental properties helped qualify for NC Ch 7, and we were able to go on without having to do the means test. We wouldn't have qualified for ch 7 going the consumer way.
6. Really consider not reaffirming your home mortgage. Read the sticky about this and do a lot of thinking. I can rent a comparable home, save $, and in 2-3 yrs have a lot more $ in the bank, while my home value is still 90-100k underwater.
7. Save your money $$$$$. Roth IRA's are a great place to put your money. They can't come after them. Be smart and get good advice as to where and how to save your money.
8. Use the cool and kind people on bkforum.com. I got a lot of good anwers and questions to ask my attny from this forum.
Well that's all I can think of. Please contact me if you have any questions regarding how we went about getting our NC Ch7 done.
Thanks again
Jeff
filed 5/2/11, 341 6/9/11, discharged 8/25/11
December 2011
filed c7 august 2011...341 september 2011... Unsecured debt over $100k.....bk attorney $1200.......bkforum.com Priceless!!!!!
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