Don�t know if to file and if I do what to file � Chp 7 or Chp 13?

[cdmosaic]

[Trixie007]

I can see why you would get conflicting advice, you have a lot of variables! The one thing that stands out to me is the ongoing medical bills. It looks like you will have 18k minimum this year, plus what you already owe. Have you considered holding off until the medical issues are resolved?

If you were to stop paying all creditors (including secured that you will not be keeping), could you make it? At the very least, you might be able to hold off on filing long enough to get your bonus and tax return and spend them down on ordinary living expenses and medical needs. There're tons of things that you can legitimately spend money on. Hopefully you would also have enough exemptions at the time of filing to keep some cash.

[cdmosaic]

[StartingOver08]

It sounds like you would ultimately be better off surrendering the house in a CH 7 rather than trying to strip the 2nd (unless your second is close to the $200k you are under water). Unless keeping the house for the filing will make the difference from a 13 to a 7. If it makes it possible for you to have a 7 by keeping the house, you could always 'try' to work out a modification with your lender and then let the house go when they will not cooperate with you.

That will actually buy you more time in the house without payment. Up to a year or so. (Once you file your credit score ought to go up and the rental will not be an issue.)

If you put the extra cash from the tax refund and bonus into a lease with additional paid up months and security deposit - the trustee will probably want those funds (they do in our district - but I'm in FL). Here they will go after the landlord for all rents paid in advance. So I don't think that is in your best interest. You would have to exempt those additional funds. It might make more sense to exempt cash in your account then funds on deposit with a landlord.

The issue I see is that you have to be current on your mortgage in a 7 AT THE TIME OF FILING in order to use that payment in your schedules.

Stop paying on the cc's. Find out what your exemption is for an auto and consider buying an auto rather than leasing one.

Is the medical long term - longer than the next year? If so, go as long as possible until the medical is 'finished' so that debt can be included in your BK too.

[lrprn]

Thanks for your post cdmosaic. I disagree with bankruptcy completely. You appear to make plenty of money and appear to have made bad decisions to get into financial problems rather then medicial problems.

Please do not even consider making someone else pay your bills, we are having a hard enough time paying our own bills.

My advice is to work harder and spend less. Sell many pocessions, cut cable, take bus to work, etc.

God Bless America.

Commonman, I just posted a response to your selective, black-and-white thinking about bankruptcy here after your other post similar to this one - http://www.bkforum.com/showthread.php?p=237121#poststop

I hope you never have a life event happen that is completely beyond your control and that totally overwhelms you financially to the point that bk in your only option. Your self-righteous assumption that none of us have tried to severely economize before filing is short-sighted and very wrong.

[cdmosaic]

Dear Commonman,

I'm not particularly thrilled with the idea of bankruptcy either, but thanks for you unsolicated judgement. Perhaps you missed the part about my having a chronical ill child. $250k in medical bills last year, thank goodness I have medical insurance to pay for 90% of that. I already work 50 to 60 hours a week to make my salary and keep my benefits. Since my son's condition is life long, no cure this years $18k in totally on me. Pay in advance by the way.

I managed not to file bankruptcy in 2007 when his medical bills topped $10k, and in 2006 and 2005 were $10k combined. I make alot of money, true, a large protion goes to medical expenses. So you have the whole picture to aid you in your judgement, I'm a single mom, ex husband pays nothing and hasn't for years, and no college degree, more than doubled my income in 3 years to care for my child.

So take your bad advice and stuff it.

[relief13035]

Thanks for your post cdmosaic. I disagree with bankruptcy completely. You appear to make plenty of money and appear to have made bad decisions to get into financial problems rather then medicial problems.

Please do not even consider making someone else pay your bills, we are having a hard enough time paying our own bills.

My advice is to work harder and spend less. Sell many pocessions, cut cable, take bus to work, etc.

God Bless America.

How much crack have you been smoking?

[Trixie007]

Thanks for your post cdmosaic. I disagree with bankruptcy completely. You appear to make plenty of money and appear to have made bad decisions to get into financial problems rather then medicial problems.

Please do not even consider making someone else pay your bills, we are having a hard enough time paying our own bills.

My advice is to work harder and spend less. Sell many pocessions, cut cable, take bus to work, etc.

God Bless America.

UMMMM, why are you even here? This is a BANKRUPTCY forum... what a joker.

[StartingOver08]

Commonman2, I think that what you are doing here is cruel to the OP and to those of us that have had extreme financial distress, including BUT not limited to serious medical issues. If you continue in this barbaric and uneducated manner, you shall reap what you sow. Spread your unhappiness in another forum.

[halelani]

I too have been assaulted by overwhelming medical bills due to unfortunate accidents which weren't my fault. I used to own my home outright, my car, and I had a thriving business. I had 200K in savings. Then I get hit head-on by a driver who has a heart attack, can't get settlement properly cause he's a now dead attorney (and that is sad). End up on life support system for two weeks due to pneumonia. People need to understand that things in life happen beyond our control. Don't anyone think for a moment you are above life's little events...I think this current economy is bringing those who live in glass houses down to their knees. We are all in this together and need all the support we can get. Life is truly hard and it doesn't help to be judged by those who don't have wisdom or compassion. I'm contemplating 7 or 13, both of which are unlucky numbers to me...