Do I stop making the payments?

[Lajazz947]

Send all your creditors a letter , certified, that if they call at work you can lose your job.

Sample letters are all over the web.

Do it today or you will jump every time your work phone rings.

[JRScott]

In a Chapter 7 you have to keep payments current to keep the vehicle

[Brookamy]

Minnesota Bankruptcy Exemptions
Homestead ($500,000 if agricultural) $200,000
Some of the personal property which may be exempt from seizure or sale may include:

the debtor's family Bible, library, and musical instruments,
a seat or pew in any house or place of public worship,
a lot in any burial ground,
wearing apparel,
one watch,

Household furniture
$8,550
Life insurance, unmatured $7,600
Farm machines and implements used in farming operations by a debtor engaged principally in farming, livestock, farm produce, and standing crops $13,000
Tools of trade (This and the previous exemption cannot exceed $13,000) $9,500
Motor vehicle ( If modified for the disabled, $38,000) $3,800
Employee benefits $57,000
Retirement plans $57,000

[Brookamy]

I'm confused. What does it mean when it says $3800 for a motor vehicle exemptions?

[JRScott]

Okay that means you can exempt equity of 3800 dollars in your car.

Equity is determined by taking the car's value (most use NADA or Kelly Blue Book value) and subtracting the amount owed on the loan. If the amount is 3800 or less you can exampt the entire value. If it is more than that then you can exempt the 3800 dollars but will have to pay the trustee any difference over that to keep the car.

[Brookamy]

Oh, okay. I owe more than my car is worth so I should be okay there.

Thank you so much JRScott and everyone else that is putting up with all my questions.

[JRScott]

You're welcome

[Brookamy]

I just can't stop thinking about this whole mess. Now that I've made the decision to file for BK I just want it to happen.

[southernbelle]

Don't feel like we are putting up with your questions. We were all where you are now. I personally asked hundreds of questions before I even filed. That's why we are here. Asking questions is the only way to learn anything.

The good people here are really patient and kind and gave me words of inspiration and encouragement when I most needed it, so do what you have to. You are among friends.

[Cali]

I waited to file. Paid attorney end of Feb. and filed first week of June.

Why are you waiting to file? Your debts not going to go away by itself.

[JRScott]

Don't let it get you down , this is the most stressful time, but it'll pass

[epiphany]

I will do that.

I'm just hoping that no one calls my work.....

They won't (or at least they probably won't) if you answer the calls at home or at least return them pretty quickly. Most of them only resort to calling work or friends/family if they can't get a hold of you. There are some slugs out there who will do it anyway, but they are really pretty few.

ep

[epiphany]

I have/had a loan up to $20,000 with Bank of America and initially used just over
$19,000. They sent checks to use with every statement. About two months ago I wrote a check out for $600.00. I put that money in my checking account to help pay the other credit cards.

I suppose that is a cash advance, huh?

Ugh....I don't think I can "be in limbo" for six months!

When I met with my lawyer for the first time, he asked me about cash advances. I hadn't taken any in some time but he said that he just wanted to make sure that I hadn't taken some elaborate vacation or something with any cash advance money recently.

I don't think a 600 cash advance that you used to pay bills is going to be a big deal but you need to ask your attorney to be sure.

Make sure you are writing down all your questions for the lawyer so that you can whip them out of your purse when he asks: "any questions?" That's what I did.

ep

[sisterfunkhaus]

Flamingo, I would like to keep my car....I was planning on making that payment. I've never been behind on a car or mortgage payment.

Will I be able to keep my car? I bought it new in 2006. It is a Pontiac Vibe. I'm sure I owe more than it is worth but I need a car and it is reliable and gets good gas mileage.

I would pay on it if you plan to keep it.

[TEW]

I would pay on it if you plan to keep it.

I was just going to say that. keep paying on what ever you plan to keep. The car the house est. in other word secured credit.