New Here: A few questions

[ICEHOUSE]

Hi,

Hmmm..where do I start? 7/3/06 went to see a lawyer about filing
BK, he did the free consultation and said it looked like I was a good
candidate for chapter 7. I am going this route due to divorce and
several other reasons. I had excellent credit around 800 area prior
to the last two yrs just before divorce. I went to a recommened
cccs (Compass) and basically they told me I was juggling to pay
the bills and would never get ahead and she didnt even see how
I was even meeting basic living expenses. She recommened going
back to college or taking on a roomate like yeah I can pay
college tuition when Im eating rice and beans to make ends meet LOL
OR she hinted toward BK and gave me the some hand outs on it.
Any who, the lawyer gave me the check list and I gathered the info
went back and paid a down payt to retain the lawyer. Glad he lets me
make payments..he told not to pay the creditors and he woould start the
paperwork to get filed. I forgot ask how long it takes to get the paperwork
together....anyone have any ideas? One that happens what's next? Other than the 3 credit cards I have a car note in my name only, the ex has the car
and is malking the payments(usually late/30 days) The attorney said I should
clainm the car in the BK and she could keep it as long as payments are made but should she let it get repoed I would be covered??? How does that work??
The last question in on rebuilding, I havent actually filled yet or been to the 341 so how soon should I start disputing,what am I disputing? Basically, Im totally lost and need the 101 credit rebuilding class . Sorry for being so
long winded.....Im just nervous and lost. Thanks for any help guys!! Your Great

[BassBoy]

Welcome the forum ICEHOUSE!

If your atty. is willing to file while your making payments, then once you've turned over all of the neccessay paperwork to him/her, the filing date should be within the next 30 days.

Once you're filed, you will stop any and all payments to creditors. If any of your creditors call you, then you simply refer them to your atty's office. Oh, just in case, don't let your creditors try to talk you into anything. Simply tell them you filed BK, give them the atty's phone number and your record/case number and that's it. Your atty. will most likely send you info on how to handle this.

Someone with experience in having a car in their name, but ex-spouse has the vehicle and making the payments may have to answer this one for you. Plus, I am old BK law and my car loan was included, discharged, and I was making voluntary payments until the truck needed major repairs and I just let it go.......3 months after my discharge.

You will want to wait until after you've been discharged before disputing anything on your credit report, if that's what you meant by disputing. As far as rebuilding, the forum's section on Rebuilding is extremely helpful. A lot of our members have had good success getting the rebuilding phase underway.

Again, welcome the forum.

[ICEHOUSE]

Thanks BassBoy

Welcome the forum ICEHOUSE!

If your atty. is willing to file while your making payments, then once you've turned over all of the neccessay paperwork to him/her, the filing date should be within the next 30 days.

Once you're filed, you will stop any and all payments to creditors. If any of your creditors call you, then you simply refer them to your atty's office. Oh, just in case, don't let your creditors try to talk you into anything. Simply tell them you filed BK, give them the atty's phone number and your record/case number and that's it. Your atty. will most likely send you info on how to handle this.

Someone with experience in having a car in their name, but ex-spouse has the vehicle and making the payments may have to answer this one for you. Plus, I am old BK law and my car loan was included, discharged, and I was making voluntary payments until the truck needed major repairs and I just let it go.......3 months after my discharge.

You will want to wait until after you've been discharged before disputing anything on your credit report, if that's what you meant by disputing. As far as rebuilding, the forum's section on Rebuilding is extremely helpful. A lot of our members have had good success getting the rebuilding phase underway.

Again, welcome the forum.

Thanks for the help, Bassboy. I can see this is a good group and look forward to using it often. I have found that most people you talk to on other groups
or in person tend to break your balls over the mention of BK.

[BassBoy]

I have found that most people you talk to on other groups
or in person tend to break your balls over the mention of BK.

Well, you won't get that here. We understand what you're going through and we are here to help and for support.

[anonymuse]

About fixing up your credit reports, you can look at the stickies in the "Rebuilding Credit" forum to get headstart on cleaning up those reports. You don't have to wait til your BK is over. If there are accounts on there that don't belong to you, get rid of them. Clean them up to be as accurate as possible and then you will only have to make sure the discharged accounts report correctly as IIB once you're discharged and closed.

[SinkingFast]

Re the car,........... You basically have 2 options regarding a car loan in BK.

You reaffirm the loan. Which may not even be a possiblity. Since you said you're probably gonna file Ch 7, your ex will have to get the payments up to date to keep the car. Ch 7 is Liquidation BK. In order to reaffirm the note and keep the car, the payments have to be current. If she can't or isn't willing to do that, then the car will go bye bye regardless.

Or Surrender the car. If you don't get the loan current and don't sign a reaffirmation, then you have to surrender the car. New Law doesn't allow for "Ride Thru". Old Law, you didn't have to reaffirm to keep assets. You could just continue paying voluntarily. The terms of the original contract stood. Same monthly payment. Same rate. Same pay-off date. New Law is reaffirm or surrender.

So your ex may be loosing the car either way you go at it.

[keepmine]

Thought I'd take a stab at the car question.
You are required to list all of your creditors=even accounts where you are joint. The car loan needs to be included for that reason. Once the bk is discharged, you no longer have any liability for any deficiency balance should the ex stop paying and the car is repo'ed.
Since bk is the road you're taking, I'd stop making all payments to unsecured creditors and use the money for legal fees and other necessary expenses.

[ICEHOUSE]

A big thanks to those that replied !!

Yeah, my lawyer didnt go into detail over the phone but basicsally implied
that we claim the car and as long as she pays she keeps it. But if she stopped paying its repossed but I would be safe because it was included in BK. Good thing because that womens mind is subject to change at any time LOL.......I imagine the first time it breaks down with a major repair bill, she will just stop paying it because the repiar is too costly and she cant drive it so why pay.

[DisneyGirl]

It seems your questions have been answered so I'll just say "Welcome!" We're all here for you!

[ICEHOUSE]

Thanks Girl

[debtisbad]

Ice,

Welcome to the forum! I, like you, had excellent credit in the past. I was way up in the 700's. Had loads of credit. Bad circumstances happened and well the $hit hit the fan so to speak. Anyway, speaking of college, I am back in. The thing killing me is the darn price of gas just to get me to class. It is eating me alive. However, I think in the long run, it is the right thing for me to do. I had a substantial 401k in 2000 that died and I need to get a good job to start saving again or I will be eating rice and beans the rest of my life LOL!!!!!!!!!!! Anyway, we all have a story of how we got here. Again, welcome to our little corner of the internet!

[ICEHOUSE]

Thanks and LMAO on the beans and rice ..........latley its been grilled chicken breasts or tuna salad LOL Immoving on up