Taking The First Step

[Drazil65]

Funny thing happens as you learn more, the power to control your own life flows back into you! Its an amazing feeling and you realize for the first time in a long time that you have options. They (big business, creditors, banks) are losing the power they once had to keep us in their control. We have obviously all done it but now our eyes are open and once you are ready to take over your own decisions you are on your way.

Your finances are your business and you decide what is the best course of action for your family. Living on cash and debt free is one of the best decisions you will ever make. You will feel better than you have in a very long time. Its almost exciting to make that plan, execute it then move on! You will wonder why you did not do it sooner. Good Luck!

[livingdream]

We have our first appointment with a BK attorney on Monday. What happens to the two vehicles that we own outright (we have title when we go into bankruptcy? Will it go towards unsecured debt? The house and one car payment we have are current and we want to keep those and the cars we have paid off.

[SMinGA2]

I see you are in FL. From what I've heard about FL exemptions is they don't allow much equity in vehicles. Worst case scenario: you make an offer to the trustee, to pay the trustee the value of the non-exempt equity over a year's time or so.

[livingdream]

I just want to thank all of you for being here. I have been reading and reading and reading posts on this board.....so much to learn. I really appreciate everyone's efforts in sharing your knowledge and experiences. I am finding that coming to bkforum is helping me a great deal!
Thanks again!

[basketsbears]

Hi,

Just saw your question on waiting to file. For us, my husband has been receiving a stipend, and that will end in May. So our look forward will have $800+ less per month for our budget. So, we are hoping for a ch 7.

[Fargo]

Hi,

My husband and I are waiting to file as well. We have retained our attorney and completed a lot of paperwork. We stopped paying unsecured debt about a month ago and changed the contact info to GV but haven't heard anything yet. I understand the pain that it causes to make this decision. I freaked when the first credit card bill came and realized I wasn't going to pay it every again. Then, I realized that we are making the right business decision for us. I am just going to file the statements away in the monthly folders and given them to the attorney when requested before we file. We were going to file right away but we have decided to wait a little longer. It really won't make a big difference for us as we can pay our attorney in installments but we want to be paid up when we file.

The waiting game can be difficult at times but slowly a sense of peace is coming through to us. Actually, without the burden of worry of how we are going to make ends meet, life is a little happier these days. We will qualify for a Chapter 7 with no problem and that was a great relief. I agree to interview a few attorneys first. We did and we found the right one for us. Like some have written before, we are more than a credit score. This forum has been a great help to my husband and I. I hope things work out well for you and your family.

[livingdream]

So, we met with the attorney today and it went well. She feels like a Chapter 7 is the way to go. However, she suggested that I file and leave my husband out of it since I am the one on all the accounts except the house. We are current on the mortgage. But, when I came home and ran our credit reports, all the credit cards have included him as "authorized account." He only gets SS disability and she said that income is exempt. So, I have sent her an email to see if this changes anything by both of us filing, other than affecting our credit rating. We really don't care about that anyway because we just want to be debt free and start working on securing our retirement someday.

[Pandora]

She feels like a Chapter 7 is the way to go. However, she suggested that I file and leave my husband out of it since I am the one on all the accounts except the house. We are current on the mortgage.

He only gets SS disability and she said that income is exempt. ..

SS disability (both your husbands and what your minor child gets) is exempt from the means test, ..however it is NOT exempt when calculating disposable income, which means you very well could end up in a Ch. 13. With that being said, even if you file for CH. 7 separately, all income will be counted either way you go....which again, could possibly put you in a Ch. 13.