Hi everyone,
First post here, and wanted to give a thanks for the wealth of information here. I am considering BK7, and need some advice, answers, clarification, etc. as this lehman is having a hard time understanding the legal jargon I keep reading.
Background on me, 26, no kids, not married. Have a mortgage ($733 monthly, 101k blance) Auto loan ($310 monthly, 21k balance), and a personal loan ($156 monthly, $5800 balance). I gross roughly $2600 a month, net about $2000. My monthly debt expenses (not including utilities, phone, food, etc) is about $1200. Add in in power, water, phone, fuel, and household necessities and I'm basically broke before I even deposit my paycheck. If I could eliminate the car and personal loan, I would have some more breathing room every month, and relieve alot of stress. Unfortunately, the car is worth about $7-10K less than the balance (neg. equity in last 4 vehicles bought at dealer... oops) My bank account balances are usually less than $500. I have some assets. Those being a Harley Davidson motorcycle, worth probably $3k, a few firearms, total value for all is about $1k, tools I use as a means of income (mechanic) valued at approximately $3 - $3.5k, and thats really it. I dont own fancy clothes, jewelry, furniture, etc. No retirement fund or savings (part of the reason for me wanting to do this, to save for the future, rather than stress everyday about bills). I have paid a couple bills a few days late maybe 3-5 times, but again, never more than a few days past the due date. Credit rating, last I saw was 771, not that it matters.
My questions are as follows: My mom, along with my much younger brother and sister live with me right now, and have for the past 3 years, unfortunately. Would her limited income have any effect on MY household income? Basically, she is lving in my home rent free, though she does buy a bulk of the groceries in the house. From what I gather, my household income is just that, mine, and her income would not be included since I am not dependent on her.
Second, I think I would like to keep my home throughout this process. Hard to say it's TMV, but Zillow has it at somewhere around $80k. A very similar home that was completly updated sold for $125k last month, I have done some minor things to my home, so I am guessing my TMV would be closer to what I owe on it.
I must keep my tools, as that is how I make my living. I am not sure of the TMV, as I have accumulated over the last 5-7 years, but have purchsed the majority in the last 2-3 years, somewhere in the amount of $2500 +. Oregon's exemption is $3000, so I think I am OK.
Technically, my Harley will be my only means of transportation, which I may sell to purchase a car or truck, as Oregon's weather only allows for a few months of consistent decent riding weather. Am I asking for trouble in doing this?
Firearms- Oregons exemption states "a rifle, pistol, or shotgun" up to $1000. I own 1 of each, total value about $850. Am I allowed only one, or would I be allowed all since Market Value on them all is less than the $1k?
So those are my questions. I do plan on contacting a BK attorney to get advice and make a more informed decision from there, but I figured I would check with the intraweb folks. Thanks in advance.
First post here, and wanted to give a thanks for the wealth of information here. I am considering BK7, and need some advice, answers, clarification, etc. as this lehman is having a hard time understanding the legal jargon I keep reading.
Background on me, 26, no kids, not married. Have a mortgage ($733 monthly, 101k blance) Auto loan ($310 monthly, 21k balance), and a personal loan ($156 monthly, $5800 balance). I gross roughly $2600 a month, net about $2000. My monthly debt expenses (not including utilities, phone, food, etc) is about $1200. Add in in power, water, phone, fuel, and household necessities and I'm basically broke before I even deposit my paycheck. If I could eliminate the car and personal loan, I would have some more breathing room every month, and relieve alot of stress. Unfortunately, the car is worth about $7-10K less than the balance (neg. equity in last 4 vehicles bought at dealer... oops) My bank account balances are usually less than $500. I have some assets. Those being a Harley Davidson motorcycle, worth probably $3k, a few firearms, total value for all is about $1k, tools I use as a means of income (mechanic) valued at approximately $3 - $3.5k, and thats really it. I dont own fancy clothes, jewelry, furniture, etc. No retirement fund or savings (part of the reason for me wanting to do this, to save for the future, rather than stress everyday about bills). I have paid a couple bills a few days late maybe 3-5 times, but again, never more than a few days past the due date. Credit rating, last I saw was 771, not that it matters.
My questions are as follows: My mom, along with my much younger brother and sister live with me right now, and have for the past 3 years, unfortunately. Would her limited income have any effect on MY household income? Basically, she is lving in my home rent free, though she does buy a bulk of the groceries in the house. From what I gather, my household income is just that, mine, and her income would not be included since I am not dependent on her.
Second, I think I would like to keep my home throughout this process. Hard to say it's TMV, but Zillow has it at somewhere around $80k. A very similar home that was completly updated sold for $125k last month, I have done some minor things to my home, so I am guessing my TMV would be closer to what I owe on it.
I must keep my tools, as that is how I make my living. I am not sure of the TMV, as I have accumulated over the last 5-7 years, but have purchsed the majority in the last 2-3 years, somewhere in the amount of $2500 +. Oregon's exemption is $3000, so I think I am OK.
Technically, my Harley will be my only means of transportation, which I may sell to purchase a car or truck, as Oregon's weather only allows for a few months of consistent decent riding weather. Am I asking for trouble in doing this?
Firearms- Oregons exemption states "a rifle, pistol, or shotgun" up to $1000. I own 1 of each, total value about $850. Am I allowed only one, or would I be allowed all since Market Value on them all is less than the $1k?
So those are my questions. I do plan on contacting a BK attorney to get advice and make a more informed decision from there, but I figured I would check with the intraweb folks. Thanks in advance.
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