Hi,
Now that we have made our mind up to file, I want to do it now, although our attorney wants us to wait until taxes are completed so we will know if we get a refund or have to pay. (I know, cooler heads prevail).
Were any of you just ready to get going and waited to have a better outcome? Any "words of wisdom" on the best way to prepare? I have read numerous threads, but just thought I would see if any new ideas. We have stopped paying on unsecured creditors, timeshare maintenance fees and debating on homeowners insurance as we have received letter with intent to foreclose. We were just due to pay the monthly premium on that the end of November, so not sure what we are doing with that. The renters we had that were not paying have been notified to move out, and we are checking to see if they did in fact move out (the house is a couple of hours away). We don't plan on having utilities turned on. Should we make sure we file BK before the actual foreclosure happens? How long does that take now?
Also, as a side note, for two of our grandsons, we have 529 account of about $550 each or about $1,100 total. How do the courts treat that. I think one attorney said in Indiana we can have $600 cash - are those accounts protected? Do they take the extra $ out and give it to creditors? Can we withdrawal money now if they are just going to take it?
We will be meeting with the attorney we will go with to pay her $500 fee to go over in detail all income/expenses, etc and determine if chapter 7 is the way to go. Like I said in previous post, I just found out that my income possibly is going to decrease next month and I'm a little nervous about everything at this point. If it goes down to 8 hours week, even counting my husband's VA, and retirement (civil service, not VA) our future income is below means test.
Thanks again everyone for being so patient answering all my questions.
Lynn
Now that we have made our mind up to file, I want to do it now, although our attorney wants us to wait until taxes are completed so we will know if we get a refund or have to pay. (I know, cooler heads prevail).
Were any of you just ready to get going and waited to have a better outcome? Any "words of wisdom" on the best way to prepare? I have read numerous threads, but just thought I would see if any new ideas. We have stopped paying on unsecured creditors, timeshare maintenance fees and debating on homeowners insurance as we have received letter with intent to foreclose. We were just due to pay the monthly premium on that the end of November, so not sure what we are doing with that. The renters we had that were not paying have been notified to move out, and we are checking to see if they did in fact move out (the house is a couple of hours away). We don't plan on having utilities turned on. Should we make sure we file BK before the actual foreclosure happens? How long does that take now?
Also, as a side note, for two of our grandsons, we have 529 account of about $550 each or about $1,100 total. How do the courts treat that. I think one attorney said in Indiana we can have $600 cash - are those accounts protected? Do they take the extra $ out and give it to creditors? Can we withdrawal money now if they are just going to take it?
We will be meeting with the attorney we will go with to pay her $500 fee to go over in detail all income/expenses, etc and determine if chapter 7 is the way to go. Like I said in previous post, I just found out that my income possibly is going to decrease next month and I'm a little nervous about everything at this point. If it goes down to 8 hours week, even counting my husband's VA, and retirement (civil service, not VA) our future income is below means test.
Thanks again everyone for being so patient answering all my questions.
Lynn
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