Need a 7

[jmstay]

[MomIcantFindmy]

Just curious...how many lawyers have you spoke with? Have you retained any one lawyer yet? I would want to know what others said. Even if you retained one you could go get free consults with others. It might be in your best interest.

[Minnymouth]

Yes, I would consult at least 4 attorneys and see what they have to say about the situation......

Remember you or your wife can file by yourself without the other if possible, helping to "save" the others credit line.....

Unfortuantely, some folks "do" fall in the catagory of makings too much............and still in financial trouble.....

See what the attorneys say about the situation and keep us posted.....

PS. I'm not wealthy by any means, infact considered below poverty level, yet I agree with you that society makes it very hard for someone to "survive, get ahead, or even pursue the good life".......

40 years of paying bills on time, etc, didn't make a difference in todays world....... still ended up filing for bankruptcy after emergency expenses, and high rates on credit cards.....

So rich, upper class, middle class, or poverty and below...........society still "beats" us down.............

Keep us posted.

[HeatherB]

I feel your pain.

I was laughed at when I applied for help with the electric company. They were very umproffesional. They were snickering right in front of me. I can't tell you how infuriating that was for me. The reason I was declined was because I owned (thru finance co) a house instead of rent. I about cried when I filed bankruptcy- cried with tears of joy that someone actually was willing to help me.

I would definitely see a few lawyers about your situation. Sometimes, even with a chapter 13 (which I originally filed in 2004- then converted to a 7 this fall after being out of work for a year) you may not have to pay back at 100%.

[ssdsco]

[QUOTE=jmstay;120567]

[treehugger1]

You are not alone. There are many of us high-wage earners in this limbo land.

[jmstay]

Thank you all for the support. I was a little "off" when I wrote this, guess I can expect to have these moments from time to time. Consensus says another lawyer would be wise...ill take the advice. We have been phone consulting and with minimum info but it does seem that there is a bit of incongruence in what we are being told.

Thanks again,

PS-thoughts on fleeing to a wage garnishment restricted state (NC)? All of ours are unsecured credit so it sounds as if this might benefit us. No taxes, supports, etc high priority debt.

[jmstay]

my options...

So if I must do a 13...should I just flee to a place like NC where they can not garnish for unsec debt or will this never end if I do so?

[jp2861]

So if I must do a 13...should I just flee to a place like NC where they can not garnish for unsec debt or will this never end if I do so?

How do you qualify for a 13 if you don't have any disposable income for the pay back plan? You need to definitley talk to a lawyer. Most people suffer a decrease in wages and resort to filing. You've gotten raises of 30K and filing, whick kinda seems the opposite of what the BK system was designed for.

As far as the beaureaucrats are concerned: The laws aren't perfect. But theres alot of families of 4 living decent lives on half of what you make, and aren't filing bankruptcy.

[jmstay]

Yes, and I am sure that they are content with their lifestyle. Shame on me for being motivated to provide more for my family...guess this is what I get.

[leftyf]

jmstay, my case seems to be very similar to yours. I took a gamble on some real estate at exactly the wrong time. I'm thinking about starting an investing newsletter, but telling my readers to do the exact opposite of whatever advice I give. I also tried to "upgrade" the lifestyle primarily for my spouse. I make a decent buck and I have sold my palace, but we did live above our means for quite some time and we're still trying to get back to a balanced budget...I'm still a $1K in the hole every month (and not even paying any of my debt), but have been subsidizing it with a bonus I got last summer and by selling things. I'm worried that my bk is going to be very challenging...I make too much (not as much as you, but still well above median) for a 7, but I don't know how negative disposable income will be able to fund a 13? Right now, I'd probably miss my first payment anyway...
Lefty

[SinkingFast]

What State do you currently live in??

Do you have a 1st mortgage only or is there a 2nd??

Many States do not allow for Lenders to seek a deficiency judgement on primary mortgages. Not the case with subsequent mortgages.

Here's a link to a recent posting you should read:

http://www.bkforum.com/showthread.php?t=18740

Many people are in a similar boat. Declining values on homes. Poorly structured loans that have adjusted to the stratosphere. On and on and on.

They're walking away from their homes and staying current on their CC's payments.

[jmstay]

co

[ssdsco]

So if I must do a 13...should I just flee to a place like NC where they can not garnish for unsec debt or will this never end if I do so?

No. Yes. See more attorneys. Do more research. There's lot's of people on the forum that say a 13 was the best decision they ever made for themselves and thier families.