Advice needed?

[ish412]

I posted earlier in the year but situations changed and, well, have changed again.

Right now I am currently unemployed and drawing $275.00 a week. My total money going out to debtors per month is this:

$352.00 (Car - @9k still owed)
$78.00 Car insurance
$25.00 (Chase Amazon @$630.00 owed)
$85.00 (Citi @$5,000 owed)
$50.00 (Ashley Furniture - Chase $$1700.00 owed)
$55.00 (HSBC Best Buy @$2500.00)
$46.00 (Verizon)
$50.00 (Medicine - Insulin)

Thats a total of $741 out and $936 in (after taxes). So that is less than $200 left after paying creditors and that is without me paying for rent, which will start soon, I have no idea how my job situation is going to work out. Do I file bankruptcy? There is also several thousand dollars in medical bills which I have never paid on and am no longer getting mail or phone calls about but if it comes back up then I will have to regardless. But with the figures above what do you think? I live in TN currently.

[percy]

I cant advise you but let me say if I were you I would file. Sounds like a slam dunk chapter 7 to me, depending on assets of course.

[ish412]

I don't have any assets as far as I know. What happens to the car? Can I leave it off of the filing? If I lose my car that kind of puts a huge cramp in finding a job and then getting to it.

[percy]

I don't have any assets as far as I know. What happens to the car? Can I leave it off of the filing? If I lose my car that kind of puts a huge cramp in finding a job and then getting to it.

Each state allows certain asset exemptions, in my case here in Arizona I can keep a car worth up to 5000 dollars, but in Florida the vehicle exemption is only 1000 dollars, so it depends what state you are in. IF the car is paid off chances are your BK attorney will help you find a way to keep the vehicle.

Aside from that you seem to qualify for chap 7, call a BK atty and get a free consulation and do it. Its not that complicated really.

You need to look online and see what the vehicle exemption limit in TN is.

Here you go:

http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?ZIP=38109&ST=TN&CBSA=32820&FEDCT=TNW&CITY=Memphis&METRO=Memphis%2C+TN-MS-AR#other

[percy]

I just seen that you OWE 9k on your car, some others on this forum know more than I do but THERE IS A WAY TO KEEP YOUR CAR KEEP PAYING FOR IT but STILL file chap 7 on debts. But lets see what others chime in. I do think I am correct and you have no worry there.

I havent filed yet but I have been talking to BK lawyers all week getting FREE CONSULTATIONS and they are all real cool cats. Go talk to one they will take care of everything for you for a pretty fair price.

[CityFarmer]

I don't have any assets as far as I know. What happens to the car? Can I leave it off of the filing? If I lose my car that kind of puts a huge cramp in finding a job and then getting to it.

No, you can't leave it off of the filing. You have to declare all your assets and all your debts. That includes the car and the car loan.

However, you may be able to keep the car. You only need to be able to exempt the equity in the car (current value - loan balance). Continue paying the car loan to keep the car.

Of course, an alternative is to sell the car or simply turn it in to the finance company if there is no equity in it and get a much cheaper car to get you by until you find a new job.

[Mi Bankruptcy]

Typically if you have an asset such as a vehicle and you still owe money you can reaffirm the vehicle. However, you do not have a job. So, I don't know if a judge would let you reaffirm your vehicle. It also depends where your car is financed through. I have heard board members that include Ford cars may have had them repoed if they were behind. You may be able to get lucky and include it in your BK and continue to pay on it (ride through)
In my case my SUV was financed through wells Fargo. I reaffirmed my house and two cars. WF lowered my payment and interest rate. Here is were an attorney provides useful information.. They will say things like....well the judge or trustee will never go for that or.. the judge and trustee don't care as long as you can prove you can pay for it.. Meet with at least 3 attorneys

[Minnymouth]

If you do decide to file - be sue you include all medical debts also so that all those can be eliminated in the bankruptcy.

[momisery]

I would get it appraised. We thought are cars were much more valuable than they are. I think we will be keeping both of ours as they have little value to an auction house. They are not secured by anything either though so that helps.

[keepmine]

Don't file until, you can support yourself post bk.
Stop paying all the unsecured debt and use that money for everyday living expenses.