Double BK on credit report?

[Quiznos1]

We met with an attorney yesterday and she said that if we file for chp7 and it gets dismissed (because my husband gets job) we could re-file for chp 13, but it would report as two seperate BK's on our credit report. My question: would a double BK more detrimental to your credit report?

Thanks
Quiznos1

[df04527]

Yes it will.

[LadyInTheRed]

If your husband did not have a job offer at the time you filed, getting a new job after the filing date should not cause your case to be dismissed. If the attorney you met with said otherwise, meet with more attorneys.

[Quiznos1]

Sorry, LITR. I should have done a better job of explaining our situation. As of now, per attorney consult, we have a chance at qualifying for a chp 7 because my husband lost his job in December. This particular attorney said that even though our 6 month look back is way over the median income we could still qualify because of my husband’s unemployment. However, if we choose to file a 7 and he gets a job between now and our 341 meeting we would have two choices: get the case dismissed and re-file for 13 or convert to a 13. One reason we would choose to dismiss the 7 and re-file is because my husband also lost his company car when he lost his job and he would need reliable transportation for his new job. She said we would have two options if he obtains a job- dismiss the 7 and re-file for a 13, which would cause 2 BKs on our credit report, or convert to a 13. If we convert we have to ask the courts permission to purchase a car. The attorney also stated that she could not advice us to take on anymore debt (car loan) before we file. Does this make since or did I miss understand what the attorney was saying?

Quiznos1

[LadyInTheRed]

Many attorneys will not advise you to take on debt before filing BK. But, people by cars before filing all the time. I bought one a month before filing Chap 13 without a problem. Instead of asking if it's okay to buy a car, ask how buying a car will affect your BK.

I still think you need to consult with more attorneys. The additional details don't change the fact that a BK is a snap shot of your financial situation on the date you file. Getting a job before the 341 may result in some questions, but if your attorney believes it means having dismiss or convert, I would get more opinions.

[Pjmax]

I'm not an expert, but I definitely agree that you should consult with a few more attorneys. I filed a 7, my attorney even listed a car payment amount on my expenses, with the note: 'needs a new car.' My current car is over 10 yrs. old and I plan on getting a few more years out of it. It wasn't questioned.

[malf1204]

I bought a car 1 month before my CH7 filing because I knew I was going to surrender my underwater car in BK. I was never questioned once and even had the new loan discharged and am doing a court sanction "Chimm" ride-through.

[Quiznos1]

Thanks, malf1204. Knowing you didn’t have any problems with buying a car so close to filing helps I feel more at ease.

Pjmax that is interesting your attorney was able to list a car payment in the future. Did he include it as a car ownership expense? I will definitely ask about this during our next consult.

LITR, I have posted a new thread that might explain why we are so confused about our filing options.

Quiznos1