when to file BK

[danaf]

about the community property state thing - I asked one of the more conservative lawyers I spoke to about this.

she said that as long as the cards I used (while married) were in my name long before getting married, and only my name, then none of it would affect my husband. Only lines of credit I, or we opened during our marriage would count as community property.

she seemed pretty sharp to me. I have incurred some debt while married. but only on my cards, in my name. who knows....

[SinkingFast]

How long have you had the cars??

If you purchased the vehicles a while ago, when all was going well, that could be viewed one way. If you recently traded into expensive vehicles, that will most likely raise a red flag with the Trustee.

BK is all about what is necessary for the support and maintenance of the Debtor and the Debtor's dependents. A modest, new car could slide right thru where a 2 year old Ferrari probably won't.

Also,.......... When figuring secured payments for the Means Test, the $$$ amounts are amortized forward over the course of the next 60 months. If your mortgage will last longer than 5 years, you'll get the full amount there. But the amounts allowed for car payments could potentially be significantly lower than what you actually pay.

[lrprn]

So they will expect us to give these back then??? If so I will not file BK and just short sale the houses maybe that is the ticket what is your thoughts???

253BK, it's time for you to set up free or low-cost initial consultations with 3-4 bankruptcy lawyers in your area. You have a complex case with multiple properties involved and apparently some expensive asset cars as well. Being in a community property state adds that much more complexity.

We do our best here, but your case is one that needs sound legal advice from experienced bk lawyers who know your local bk court customs and culture and are familiar with what will fly and what won't with the trustees. Get going! Come back and let us know what you find out.

[253BK]

Next week we are meeting with 2 and we will see what they come up with! I did just buy the cars in the last 3 months BUT had the same payments on my other cars that were traded in!!! We will see what happens