i cannot believe this is happening but i am here

[justbroke]

Thank you for the updated values LITR! You are awesome!

[mylastresort]

i just did some research and filing a bankruptcy can take 36 months to 60 months. that seems like an awful lot of time especially if i would still need to be making payments. would a debt settlement be better?

[keepmine]

i just did some research and filing a bankruptcy can take 36 months to 60 months. that seems like an awful lot of time especially if i would still need to be making payments. would a debt settlement be better?

That statement is in reference to a Chapter 13. You'll be filing a Chapter 7.

[LadyInTheRed]

QUOTE=keepmine;598009]That statement is in reference to a Chapter 13. You'll be filing a Chapter 7.[/QUOTE]

... which usually takes 3 to 6 months if you don't have any non-exempt assets. And you don't have to keep making payments on unsecured debt after you file BK. In fact, as soon as you know you will file BK, you should stop making payments and use use the money to pay your attorney instead.

[df04527]

You need to read, read, read and then read some more. Bankruptcy can be a very thick subject, depending on the situation. The more you learn, the more you will be empowered. Please take the time to read the stickies and ask questions.

[ccgirl]

You need to read, read, read and then read some more. Bankruptcy can be a very thick subject, depending on the situation. The more you learn, the more you will be empowered. Please take the time to read the stickies and ask questions.

I totally agree. I really wish that I would have read more and shopped around for an attorney more when I filed. Live and learn. I am now almost 5 years into my BK and look back with some regrets....no regrets about filing only regrets that I didn't learn more before hand.

[mylastresort]

lot of stickies, i am reading through all of them.

thanks for all the help everyone and ladyinred

i have been at an attorney in beverly hills website, on there it says bankruptcy exemptions there are two choices, 703 or 704

"Exemptions under C.C.P. 703
Homestead – Up to $20,725 in value of equity for your primary residence
If you don’t have that much in equity, any remaining amount can be applied to any property
Vehicles – Up to $3,300 in equity value in one vehicle
Personal property including household items such as animals, appliances, clothes, etc. up to $525 for each item. Also jewelry and heirlooms up to $1,350.
Tools of the trade up to $2,075 in value
Insurance – Including disability benefits, life insurance with specific details for allowing it.
Pensions – Some benefits and private retirement account, with details that apply.
Public benefits – Such as unemployment, workers’ compensation, welfare, social security or veteran’s benefits.
Alimony and child support
Exemptions under C.C.P. 704
Homestead – There are various categories of the amount of equity allowed under this section starting with $50,000 for an individual all the way up to $125,000 for various other situations. Contact your attorney for exact details
Vehicle – Up to $1,900 in value in one vehicle
Personal property – All household items are exempt, jewelry and heirlooms up to $5000.
Tools of the trade – Up to $5000 or double if that if married and both use tools.
Insurance – Including disability benefits, life insurance with specific details for allowing it. Speak with your attorney for details
Pensions – County & public employee pensions, public retirement benefits and private retirement accounts with details that apply.
Public benefits – Unemployment, welfare, workers’ compensation and financial aid to students.
Alimony and child support"

ladyinred you said 25k plus another 2900 but on that lawyers website it says much much less.

[justbroke]

ladyinred you said 25k plus another 2900 but on that lawyers website it says much much less.

Many Websites are not up to date with recent changes. You need to read the actual section of the California Code for Civil Procedure (CCP). The values "change" over time. If anything, I would use the Legal Consumer Website as they generally have more up to date information. The most up to date information about your particular State's exemptions will be found in your State's Statutes. The amounts shown in your post are clearly the "old" amounts which have been increased.

Please be aware that should you file Pro Se, you will need to research and understand these Statutes in order to exempt property correctly. I do not even use Legal Consumer when I'm going to actually fill out (Bankruptcy) Schedule C to exempt my property. I go to the "current" and actual Statute for my State (Florida).

Legal Consumer - California Exemptions

[LadyInTheRed]

Legal Consumer usually is kept pretty up-to-date. But, they haven't updated the CA exemptions yet. Nolo has http://www.nolo.com/legal-encycloped...ty-assets.html

Or from the horse's mouth: http://www.courts.ca.gov/documents/ej156.pdf (this includes only the exemptions that are adjusted every three years based on the CPI)

And to help in the research that Justbroke wisely suggests, here's a link to the California Code of Civil Procedure (CCP): http://www.leginfo.ca.gov/.html/ccp_..._contents.html Scroll down to find links to the 703 sections on the right.

If you read about exemptions anywhere else but the CCP, you may not be looking at a complete and accurate list.

[mylastresort]

i dont feel bad about this anymore. after reading a ton about bankruptcy athletes and millionaires declare bankrupcy pretty much every day and are forgiven millions. why should i feel bad about 40k?

i tried my best they should let me keep my car and motorcycle. i bought them in 2010. im still scared to file. my 2010 miata is around 16k blue book, my 2010 ninja 250 is around 2500 bluebook. i cant lose them. im also scared if i file my employer will find out. if they find out they probably will fire me. not only that if i apply to jobs they will know i filed for bankruptcy. i am screwed

[justbroke]

Don't worry about bankruptcy and employment unless you hold a Top Secret/Crypto security clearance, or are a finance manager at a bank. There are not many employers that care about the fact that you filed bankruptcy. Financial institutions care because you are working with money. Jobs that require a security clearance, are worried about bribes. Having discharged all your debt, you are probably in a better position than most anyhow.

Please do not get so attached to property. I don't know why you MUST have that motorcycle unless you're some BMX Motocross rider or stunt-person and that's your income source. Too easily we get too attached to property to the pint where it actually smothers our ability to move forward.

When you apply for jobs, they are not looking at your bankruptcy, but what you look like "generally". After discharge, your credit score typically goes up and continues from there. Drowning in debt and not being able to pay, pulls your score down making you less desirable. Typical employers pull an "consumer credit report" for employment purposes. They are only looking to see if that's really you, and see any public records there. Employers are not looking at how much you owe on your bike, that you were late, or that you filed bankruptcy (except in the two major exceptions that I listed).

[Pjmax]

On the paying rent issue, I pay my roommate a certain amount of cash every month. My rental expense was never questioned, and I didn't have to provide any receipts, although if pressed, the cash withdrawals showed on my bank statements. Since you are not currently paying rent, this option would be something to ask the attorney.

[mylastresort]

both the car and motorcycle were paid off in 2011.

i am just wondering how far back the gov looks to see what they can take from me. i dont know if its 3 weeks or 3 months. i have an appointment with an attorney in one week, hes in beverly hills, must be busy.

also, is me owing so much money the reason why no employer calls me? ive applied to hundreds of jobs, i never get a call for an interview. when you say they pull a consumer credit report, is that the reason why im not getting any calls back for an interview? they see i owe money and see that as im not responsible? if so im filing for sure

[Pjmax]

I suggest making a few appointments with attorneys. It's not unusual to see 3-5 or more, before you find the best one for you. Don't make a decision to retain one at the first appt.

Read through as much as you can here, look through the Chapter 7 subforum, so you can get a good idea of the process and things to ask a potential attorney.

[LadyInTheRed]

also, is me owing so much money the reason why no employer calls me?

Probably not. First, they need to have your authorization before checking your credit report. Also, most employers wait until after they interview you and are ready to make an offer before they incur the expense of a credit report.

You may want to have a carreer counselor look at your resume and make suggestions. Or search the internet for tips. There's a lot of advice out there. There are even sites where you can post your resume and get input from others.