limbo

[floridian]

i was thinking about a scenario the lawyer told me.. i told him that i wouldnt accept a 13, as i would spend my golden years under a trustees boot...7 or nothing...
he said that since im judgement proof, i could pay for a while on a 13 and walk away, if it came to pass...

once i filed bk and walked, wouldnt it leave me in limbo for 7 years, in a situation that no lender would touch me, becuse it wasnt discharged? the statute of limitation, wouldnt even come into play, would it??

[StartingOver08]

What I don't understand is what would you gain by starting a 13 and then just walking away? If you are judgment proof, then why start the 13 at all?

I am not all that familiar with CH 13, I am just asking a question. What's in it for you if you start and do not finish? Seems to me it can make more problems then solve, but that is JMO.

I know that the attorney and the trustee get paid first, so it makes sense for them, but at the end the only person that matters is YOU - what will an unfinished CH 13 do for you? IDK

[floridian]

the only reason for me to go bk, is that it would stop harrassment...if i was thick skinned, i would just walk.. but as i understand it, i would have five years of it until the statute of limitation ran out...probably during that five years, i would be able to buy zero on credit... maybe thats a good thing, i dont know... if i were to be sentenced to a 13, i would be just as broke as before the bk..

a 7 would put peace back in my life and i could get on with it...

if i were to get turned down for a 7 and converted to a 13, im not sure how that works... is it something they discuss with you or just tell you thats what you get... anyone know? and at what point do you find this out?

i am probably putting the cart before the horse, but i like to hear other peoples ideas about alternatives... thats what makes a forum so interesting..

[StartingOver08]

Have you only talked with one lawyer? It seems to me from your other posts that you might qualify for a CH 7.

Remember attorney's make more money with a CH 13 so some attorney's look out for their pocketbook rather than your welfare. In your circumstance, I would check with at least a couple of more attorney's to find out if you could do a CH 7 instead.

This link if for Florida Exemptions:

http://www.bankruptcyinformation.com/FL_exemp.htm

And read this interesting article on the means test and getting a CH 7 even if you are above the means:

http://www.************************/...lly-pointless/

Maybe HHM will jump in tomorrow - or one of the others that knows more...

[floridian]

i have talked to two lawyers, but i always believe in having a back-up plan.... neither lawyer seemed to think i would have a problem passing the means test...but they said that trustees get funky sometimes, when they think with SS you have too much disposable income...

i would think, that you either pass the test or you dont, but im told it doesnt work that way...

[danaf]

Have you figured out how much disposable income you'd have without the debts you'd be discharging and with what you pay out monthly on bills? This is the key to a 7 vs. a 13.

[danaf]

Also, you can take the means test yourself. Here is the link.

http://legalconsumer.com/bankruptcy/means-test/index.php

[floridian]

im confused about exemptions..do exemptions have anything to do with the means test, or is it a separate issue. my pension is listed as exempt under fla statutes, but i guess that has little to do with which chapter you end up with.....

[danaf]

I don't know not having a pension. Take the means test both with and without your pension income and see what happens. And do a budget to figure out what you have left for disposable income.

Here is the link to the US Trustee program so you can figure things out for your budget and see what they allow for bk purposes vis a vis your budget.

http://www.usdoj.gov/ust/eo/bapcpa/meanstesting.htm

[floridian]

i guess what i really dont understand, is that my lawyer said that i will get sued if i dont file, but they will get nothing... why would a company spend the money to sue if they know they cant touch my income...

[AngelinaCat]

If by S.S. you are talking about Social Security income--that cannot be touched in a judgment. Neither can any retirement or Disability income.

Since you are flirting with going Ch7--and it sounds like that would be in your best interest--I strongly suggest going to Nolopress.com, and purchasing their online downloadable version of the Ch7 bankruptcy book. You can buy the print version online, too, but will have to wait for it to arrive by mail. Either version is around $18.00-$20.00 and has been newly revised, so you are getting all the latest nuances in BK law. Nolopress also offers a 'freebie' with your purchase. Take that also, as it is a 'do-it-yourself' guide for doing simple legal procedures yourself, such as making out a will.

Good luck to you, and Merry Christmas!

[Genenco]

Wellllll...Since you asked...

1. Have a national bank account (Meaning bank which spans most of USA)

2. Look around for nice motorhome...

3. Consider seeing country.

Probably not workable, but since you asked


I know it's a pain in the butt having the calls..Maybe tell them "Go ahead and sue me" the thing is, they are doing their (As reprehensible as they seem) their jobs and trying all means to collect (Yes, even unfair tactics too) something.

Judgements will sit and wait, maybe there might come a day, you buy (Just on a whim) a lottery ticket and win..That's their chance to cash in...I know it sucks, but you might just go ahead and file for Ch 7.

If trustee says "Nope, you need a 13" then drop it all and eat the lawyer costs and just change phone number and wait...

[ready2puke]

How about some pre BK planning..get a higher health plan, life insurance, auto insurance hike up the expenses at least until your discharged. catch my drift?