Worrying About Nothing????

[joecon916]

Hello All,

So, for the last 2 months I've been losing sleep, worrying day in / day out about my financial situation, unemployment, failing business, bankruptcy and everything in between. I have gotten A LOT of useful information on this site and I am truly thankful for everyone's replies to my questions.

Reading a lot of responses to various questions posted by everyone here, some responses made me feel better, while other responses made me worry even more. I have consulted with 4 lawyers this past week regarding my situation and all 4 said, "There's nothing to worry about."

So, with that being said, based on their experiences on similar situations as mine, is bankruptcy really that simple and nothing to worry about???? I might be a little skeptical with what these lawyers are saying because they may simply just want my business and will sound as confident as much as they can, then hit me with more fees because my case is actually "more complex" than they expected???? But then again, perhaps it really IS simple.

I am now more confused and concerned than before.... I hear lots of horror stories here about being dismissed, getting accused of fraud, trustee taking away everything, etc....

Thanks!

[SMinGA]

Most bankruptcy cases ARE simple. Being over the median income, and/or having more assets than you can exempt can make things a little more complicated but even those situations should be basic & routine to an experienced attorney.

The only thing to worry about, really, is if you have committed fraud, intend to hide assets, etc.

[yomann]

Most bankruptcy cases ARE simple. Being over the median income, and/or having more assets than you can exempt can make things a little more complicated but even those situations should be basic & routine to an experienced attorney.

The only thing to worry about, really, is if you have committed fraud, intend to hide assets, etc.

Having just filed 35 days ago, I second that ........

[WhattaMess]

I filed a chapter 13 20 months ago. I too was scared to death and did not know what to expect. After the first meeting with my lawyer I felt a little better but was still very worried and thought that surely this will not be as easy as the lawyer made it sound. The 341 meeting took like 5 minutes at most and the trustee was very friendly and was even cracking jokes at the end. Still, I was always waiting for the crap to hit the fan but it never did. Once I found out I was confirmed I asked the lawyer what was next. They said nothing. He told me make your payments on-time and call if you need anything and that was it. I haven't heard a peep from anyone since. I check the data center website to make sure the trustee gets and posts my payments every month and watch the disbursements. If I had know this was so easy and painless I would have done it MANY years ago instead of fighting (and losing) to keep my head above water. Now I actually sleep at night and do not wake at 3:00 am with knots in my stomach.

[freefall]

We filed a chapter 7, no asset, no distribution BK and reaffirmed our mobile home. Because of our state exemptions we didn't lose our 2005 F250. It was extremely simple. We had about 80,000 in debt wiped out and a creditor repossessed a falling-apart travel trailer we weren't using any longer. Now we're debt free for the first time in our lives, even our truck is free and clear, and I'm back to work making what I used to make--which means we have a whole lot more money now than we used to have. We also have credit cards again (but we refuse to ever be in debt with them. We just charge something and pay them off twice a month to help rebuild our credit).

There is definitely a better life after bankruptcy.

[AngelinaCatHub]

Hello All,

So, for the last 2 months I've been losing sleep, worrying day in / day out about my financial situation, unemployment, failing business, bankruptcy and everything in between. I have gotten A LOT of useful information on this site and I am truly thankful for everyone's replies to my questions. I am pleased you get info here. It is what we do and return for the help we too have gotten in the past. Now about the worry, that is normal.

Reading a lot of responses to various questions posted by everyone here, some responses made me feel better, while other responses made me worry even more. I have consulted with 4 lawyers this past week regarding my situation and all 4 said, "There's nothing to worry about." As most have already stated, it is an easy procedure if, you qualify, you are totally honest, and attempt no pranks at all.

So, with that being said, based on their experiences on similar situations as mine, is bankruptcy really that simple and nothing to worry about???? If your situation is as theirs, Why would it be different for you? I might be a little skeptical with what these lawyers are saying because they may simply just want my business and will sound as confident as much as they can, then hit me with more fees because my case is actually "more complex" than they expected???? Unless you know more than you are saying, why would yours be so special? Pick one of the four lawyers and pay them for their work. Most are honest and too busy to screw you over and they do not want their bar number harmed if they cheat you. But then again, perhaps it really IS simple. Determined by experience only.

I am now more confused and concerned than before.... I hear lots of horror stories here about being dismissed, getting accused of fraud, trustee taking away everything, etc.... Yes you do. That is why you don't do those things. If you are not prepared to file and start over, do not do so.

Thanks!

Honesty is your best policy. You will not go wrong. Make sure your lawyer explains the WHOLE procedure and get the Nolo C7 book. Worth the $17 bucks download in pdf format. 'Hub

[frogger]

Pretty much so, it's that simple. As long as you are honest, you will have no problems.

[bkinparadise]

I started my road through the BK process back in March of this year. I should have done it last year but oh well. But since I had hired my attorney, things went on quite smoothly. I got all the docs together after my initial no charge consultation, paid the retainer, and a couple weeks ago my Ch 7 petition was filed. I have my 341 scheduled in the near future and I am looking forward in doing that as I know it will get me one more step closer to my fresh start. Sure I am a bit anxious and concerned but I just leave it in God's hands and hope for the best as the best is yet to come.

[joecon916]

Thank you everyone for your responses and support. I plan on being 100% honest during this process. I have always been good with paying all my debts since I was 18 (many years ago) and NEVER in a million years did I EVER think I would end up filing for BK. It is a very emotional thing for me to go through, as I took great pride in my over 780 credit score that I have maintained for over 21 years. Yes, as with so many people, I am a victim of the economy (laid off in February and a failing business). Although optimistic and actively looking for work, I have to prepare myself for the possibility on being unemployed for a while (too much competition for an IT professional in my area).

I have to admit, my depression was so great that I often had thoughts of "finding an easy way out." I ran across this forum during one of those dark moments at 3AM on my 6th consecutive night of no sleep. This forum gave me hope as well as a feeling of support. Quite frankly, this site may just have saved a life (scary thought!).

Thanks again to you all. Hopefully when this is all behind me, I can post as a contributor and not as some nervous wreck.

[ssmdem]

I've been there - just like you - NEVER thought I'd be one filing for bankruptcy. Bad things in life happen - often times through no fault of your own. This has been a very humbling experience and not one I would wish on anyone -- but there is a light at the end of this long dark tunnel. I know that things are going to turn out okay, and I've learned what's most important in life and have hopefully have become a better person because of it.

[sofarsogood2]

The only regret we have is that we didn't do it sooner. Prior to filing, I was terrified and losing my sanity I think!

I was anxious throughout the process, but all went exactly as my attorney said it would.

Good luck with your fresh start- you will sleep better very soon!

[feelingnutsy]

Hey---joecon516---same here---always paid
on time---high credit score---and here I am as well.

[LadyInTheRed]

I might be a little skeptical with what these lawyers are saying because they may simply just want my business and will sound as confident as much as they can, then hit me with more fees because my case is actually "more complex"

There is no shortage of work for bankruptcy attorneys. They don't need to mislead people to get business. Competent attorneys don't want to under-quote their fee and then have to tell you later it will cost more. It just isn't pleasant dealing with an unhappy client. Unless it is an attorney desperate for work because they are new or have a bad rep, they are more likely to quote high.

Just make sure you hire an experienced attorney and that the fee agreement is clear about what is covered by the fee. If you have any doubts about what is covered, ask questions. That should avoid any surprises.

[JackBondLove]

It is a very emotional thing for me to go through, as I took great pride in my over 780 credit score that I have maintained for over 21 years. Yes, as with so many people, I am a victim of the economy (laid off in February and a failing business). Although optimistic and actively looking for work, I have to prepare myself for the possibility on being unemployed for a while (too much competition for an IT professional in my area).

I hear you. I had a credit score of 730 the week before I stopped making my payments. According to some data I had read, folks at a score of 700 only have a 4% chance of defaulting.

And I am also a software developer who has not been able to get a decent gig in quite a while, and the money just ran out. It is crime the way our government lets in all the damn foreigners on the H1B & L1 visa to make us unemploy -ed/-able. I understand that all the big banks use such employees, so maybe I can consider the amount that I defaulted on as pay I should have received working for them.

[Universal]

Emotionally, most of us have been where you are. Worry worry worry. After you get the process started you will start to feel better and then you will feel much better and relieved. Anticipation of an event is almost always worse than the event.