Strange Meeting with BK Attorney

[JRScott]

I'd get a few more opinions.

However in some districts they don't allow you to use housing/transportation cost that you are surrendering. If yours is such a district (and you'll know after talking to a few more lawyers) then you could seek to establish a new residence and use its cost in the means test.

[One Half Full]

But you will have expenses after you lose the car and the house.
Right? I mean, what is the average rent in your town? What is a non-upside down car worth? Will you need to replace the car and the house once you lose them?

Your after BK expenses would be the "new" car and the "new" house or apartment. Am I right?

[morallyBR2]

Keep the truck and let it get repoed afterwards. Crappy scenario, but it might work.

[JRScott]

Keep the truck and let it get repoed afterwards. Crappy scenario, but it might work.

Don't sign a reaffirmation agreement if you plan to do this....

[olysan]

I've realized that the truck thing is kind of a wash although it may make things more complicated. If I let the truck go my employer will provide me a car and stop providing me $680 a month in income. My payment on the truck is $683 so it doesn't really matter what happens with that.

The house is a different story. I'm in way over my head on my current payment so if I consider the difference between that payment and rent it's at least $2K.

The odd thing is when I list all the expenses I would have in a 13 there doesn't seem to be anything left for creditors, so who knows how that would work out.

[Cali]

But if you pay up until you file and decide after you file that you don't want them, would that keep you from filing C7?

The means test is based on what you actually pay, so if you file on the house and car you won't be making these payments so that makes them non usable, however, you will need a place to live and a car to drive, those are the actually figures you will be required to use. All your figures for the means test need to be what you actually will pay, not what you used to pay if your filing on those things.

[olysan]

New Development

Now that I've finally gotten comfortable with the idea of filing guess what......

I got a contract on my house thats been on the market since November. It won't cover what I owe, but if I can make a short sale work I might just be able to avoid bk.