Around mid July my husband and I finally faced reality and decided to file. We were doing okay up until my husband was fired from his new job for having high blood pressure. We were making the minimum CC payments and other bills, yet still had money left over for 'luxeries' such as food and gas, but things were getting ever tighter. Seeing as how this happened just two weeks before Thanksgiving, he was unable to find a job for almost three months. If you ever tried to find a job during the holidays then you know just how slow businesses move during that time of year.
Anyway, the job he got was approximately at the same pay as before. However, by then we had run our credit cards up and the cost of gas, food, and other living expenses were quickly rising. Though all of this was the straw that broke the camel's back, it started long before last year. My husband ruptured a disc in his back in early 2006, which made keeping our already failing business afloat that much more difficult. In June-ish we had reached the point where we could make our bills, but didn't have any money left over for food and DH medications. This of course, led to insomnia, stress headaches, and put a strain on our marriage. We knew then we could no longer live this way.
We both had quietly contemplated filing for bk before we actually did, but come come to find out we were both hesitant to mention it to the other. I don't remember who brought it up first, but after thinking it over for a week or so, we started searching for a lawyer. However, prior to setting up the consultations I did some research to see what it is we were getting ourselves into by filing. After reading about general bk information (what is 7, what is 13, 7 vs 13, the means test, etc.) I found this site, which brings me to purpose of my post......
Even though this is my first post, I have been lurking since mid July. Thank you, everyone for sharing your stories and experiences. Even though I did get some measure of comfort from reading about general bk, this place was a heaven sent. It was so helpful knowing that there were people out there with the same situation, fears, questions, and concerns. Not only was it nice to know that DH and I weren't alone, I learned so much here that I didn't at other sites. Lurking here helped me be aware of the things that may or may not happen, and more importantly help me go into the lawyer consultations prepared and informed. It also helped me realize that filing for bk does NOT make you a deadbeat (this is also part of the reason my husband and I didn't want to bring it up the issue to one another). After reading page after page, I found that most everyone here was in the same situation for the same reasons we were..... failed business, medical issues & their expenses, and unemployment. Thank you, again from the bottom of my heart.
Another reason that I finally joined was so that I may pass on my experience to those new to bk. I'm not even half as knowledgeable as many people here. However, I hope that sharing what I know will help someone get some sleep or maybe actually enjoy a Sunday afternoon, as many of you here did that for me.
As for where we are with our Bk..... As I mentioned we filed for 7 (no asset) on July 31st and just had our 341 on Tuesday. My husband and I were both so tense that the night before and the day of the 341 all we did was fight. Once the 341 was over we both felt so silly that the stress of it turned us against one another. There were many apologies and hugs afterwards.
The 341 wasn't nearly as scary as we thought it would be. The only bad part was that we went first. We were hoping it would be someone else so that we could see how it was done, but keeping in line with our luck it was not to be. I assume that the 341 went well because all the trustee wanted to know about was whether or not there were any assets from the failed business. All he said was something along the lines that he assumed there were no assets because it was a consulting business. My husband affirmed this, and we were on our way. No tough questions or additional information was requested.
Our attorney was a little concerned that the trustee would question some of our expenses, such as our cigarettes and large monthly pet expenses (3 cats & 2 dogs), but none of that was brought up. Our attorney's assistant told us that typically if the trustee has a problem with something on the Schedule J or if he wants more documents, he will ask for it prior to the 341 or at the 341. Has this been the case with everyone here or am I letting my guard down too soon?
Though I've been long winded enough
, at some point I hope to share our experience with New Filer's Curse and the awful 'attorney' that I first consulted with.
Thanks again, everyone.
Anyway, the job he got was approximately at the same pay as before. However, by then we had run our credit cards up and the cost of gas, food, and other living expenses were quickly rising. Though all of this was the straw that broke the camel's back, it started long before last year. My husband ruptured a disc in his back in early 2006, which made keeping our already failing business afloat that much more difficult. In June-ish we had reached the point where we could make our bills, but didn't have any money left over for food and DH medications. This of course, led to insomnia, stress headaches, and put a strain on our marriage. We knew then we could no longer live this way.
We both had quietly contemplated filing for bk before we actually did, but come come to find out we were both hesitant to mention it to the other. I don't remember who brought it up first, but after thinking it over for a week or so, we started searching for a lawyer. However, prior to setting up the consultations I did some research to see what it is we were getting ourselves into by filing. After reading about general bk information (what is 7, what is 13, 7 vs 13, the means test, etc.) I found this site, which brings me to purpose of my post......
Even though this is my first post, I have been lurking since mid July. Thank you, everyone for sharing your stories and experiences. Even though I did get some measure of comfort from reading about general bk, this place was a heaven sent. It was so helpful knowing that there were people out there with the same situation, fears, questions, and concerns. Not only was it nice to know that DH and I weren't alone, I learned so much here that I didn't at other sites. Lurking here helped me be aware of the things that may or may not happen, and more importantly help me go into the lawyer consultations prepared and informed. It also helped me realize that filing for bk does NOT make you a deadbeat (this is also part of the reason my husband and I didn't want to bring it up the issue to one another). After reading page after page, I found that most everyone here was in the same situation for the same reasons we were..... failed business, medical issues & their expenses, and unemployment. Thank you, again from the bottom of my heart.
Another reason that I finally joined was so that I may pass on my experience to those new to bk. I'm not even half as knowledgeable as many people here. However, I hope that sharing what I know will help someone get some sleep or maybe actually enjoy a Sunday afternoon, as many of you here did that for me.
As for where we are with our Bk..... As I mentioned we filed for 7 (no asset) on July 31st and just had our 341 on Tuesday. My husband and I were both so tense that the night before and the day of the 341 all we did was fight. Once the 341 was over we both felt so silly that the stress of it turned us against one another. There were many apologies and hugs afterwards.
The 341 wasn't nearly as scary as we thought it would be. The only bad part was that we went first. We were hoping it would be someone else so that we could see how it was done, but keeping in line with our luck it was not to be. I assume that the 341 went well because all the trustee wanted to know about was whether or not there were any assets from the failed business. All he said was something along the lines that he assumed there were no assets because it was a consulting business. My husband affirmed this, and we were on our way. No tough questions or additional information was requested.
Our attorney was a little concerned that the trustee would question some of our expenses, such as our cigarettes and large monthly pet expenses (3 cats & 2 dogs), but none of that was brought up. Our attorney's assistant told us that typically if the trustee has a problem with something on the Schedule J or if he wants more documents, he will ask for it prior to the 341 or at the 341. Has this been the case with everyone here or am I letting my guard down too soon?
Though I've been long winded enough
, at some point I hope to share our experience with New Filer's Curse and the awful 'attorney' that I first consulted with.Thanks again, everyone.
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