I discovered this forum on Monday and found that it is a great self-help resource especially for people who file Pro Se (it is helpful for anyone including those who can afford to hire the lawyer). There are a lot of information in so many threads over the span of many years, it's no very easy to search and find the answers and reference one needs. Since I am starting the chapter 7 filing from scratch, I think if I document my process in details in a journal form, it may become handy for people after me, since there will have a detailed reference of an actual case: the time line, the debts involved, many specifics, the events occurred from start to finish, etc.
I will also be benefited through this process, because I can ask questions from those who had gone through the similar process, or they would read the journal and offer advice and suggestions. I am very grateful for all the help I am finding/getting here, and I hope I can give something valuable back to the community.
Let me start with a brief background introduction:
I had a very successful IT and finance career and a side business from mid 90s to early 2000s (100k to 200k+ gross annually), when the economy and the industries started to go downhills. I gradually accumulated a relatively large amount of credit card debt (unsecured), both personal and small business cards. I stopped charging and using of all credit cards in 2006. The total debt was around 150k, with more than 50% from business cards, most of the debts occurred in last two years before I went default, before that I had 20 years of perfect credit with zero late payment history.
I was self-employed for a numbered of years with negative annual income, I had my last profitable business (sole proprietorship) income (gross just over 30k before tax) in 2006, then shut down the business and work as an employee with 100k salary, I was laid off in 2007 and has since been unemployed (business was closed in 2006).
I was suit by 2 cards in 2008, one has just won the summary judgement against me, and from what I read here, this company is ruthless and will start to collect and harass me, so I decided it will be a right thing for me to do to file chapter 7 now, because I won't be able to pay off the $150k+ debt any time soon giving the current employment and economic condition, and to get this creditor off my back.
I wanted to list the detailed dates, creditors, and court location, but I am concerned I might give everything away and attract attention from creditors and trustee, even though I am doing everything openly and honestly and have nothing to hide, I can not assume that the other side is as honorable, so I can't take the risk. I do promise once the case is closed I will disclose all the details so that they can be of benefit to people in the similar situation.
My only income now is from unemployment benefit (exempted income) which means the means test is passed. I have small amount of money in checking account from unemployment benefit to pay the rent and food and minimum living expenses, I don't own car, home, or any non-exempted property (I am in the judgement-proof category).
I started to study Nolo's "How to file chapter 7 bankruptcy" (14th edition, published in 2007, I compared my book with free sample chapter of the 2009 edition in Nolo website and didn't find any updates, so I assume it should be fine to use the 2007 edition, the new lnaw has not been changed since it become in effect in oct. 2005) last night, till 2 am, and has finished first 5 chapters, am on the chapter 6, the line-by-line instruction part, plan to do as much as I can this weekend to fill out the required forms.
I used the fillable PDF forms downloaded from the government site, plus the local forms.
I will continue to update my progress. I welcome any advice and suggestions.
I will also be benefited through this process, because I can ask questions from those who had gone through the similar process, or they would read the journal and offer advice and suggestions. I am very grateful for all the help I am finding/getting here, and I hope I can give something valuable back to the community.
Let me start with a brief background introduction:
I had a very successful IT and finance career and a side business from mid 90s to early 2000s (100k to 200k+ gross annually), when the economy and the industries started to go downhills. I gradually accumulated a relatively large amount of credit card debt (unsecured), both personal and small business cards. I stopped charging and using of all credit cards in 2006. The total debt was around 150k, with more than 50% from business cards, most of the debts occurred in last two years before I went default, before that I had 20 years of perfect credit with zero late payment history.
I was self-employed for a numbered of years with negative annual income, I had my last profitable business (sole proprietorship) income (gross just over 30k before tax) in 2006, then shut down the business and work as an employee with 100k salary, I was laid off in 2007 and has since been unemployed (business was closed in 2006).
I was suit by 2 cards in 2008, one has just won the summary judgement against me, and from what I read here, this company is ruthless and will start to collect and harass me, so I decided it will be a right thing for me to do to file chapter 7 now, because I won't be able to pay off the $150k+ debt any time soon giving the current employment and economic condition, and to get this creditor off my back.
I wanted to list the detailed dates, creditors, and court location, but I am concerned I might give everything away and attract attention from creditors and trustee, even though I am doing everything openly and honestly and have nothing to hide, I can not assume that the other side is as honorable, so I can't take the risk. I do promise once the case is closed I will disclose all the details so that they can be of benefit to people in the similar situation.
My only income now is from unemployment benefit (exempted income) which means the means test is passed. I have small amount of money in checking account from unemployment benefit to pay the rent and food and minimum living expenses, I don't own car, home, or any non-exempted property (I am in the judgement-proof category).
I started to study Nolo's "How to file chapter 7 bankruptcy" (14th edition, published in 2007, I compared my book with free sample chapter of the 2009 edition in Nolo website and didn't find any updates, so I assume it should be fine to use the 2007 edition, the new lnaw has not been changed since it become in effect in oct. 2005) last night, till 2 am, and has finished first 5 chapters, am on the chapter 6, the line-by-line instruction part, plan to do as much as I can this weekend to fill out the required forms.
I used the fillable PDF forms downloaded from the government site, plus the local forms.
I will continue to update my progress. I welcome any advice and suggestions.
Bankruptcy Wizard
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