Hello all, and let me say this forum is an outstanding resource!
Here is my scenario:
Getting ready to file a joint (H/W) Chapter 7 Pro Se in Western District of Washington state.
We had filed a 13 in Jan 2011 to stave off foreclosure, and it was discharged in August 2011 for non-payment. The attorney we hired said plan payments would be around $600.00, but the trustee set them at $1,600.00. Then my spouse had a stroke and I lost my part-time job. Basically set up to fail from the word go but we struggled through 5 months.
For various reasons we let it dismiss rather than convert to a 7 at that time. Good thing because I learned later I had missed a couple BIG medical bills.
House is in foreclosure, sheriff sale in March 2012. We walked away 5 months ago right after the dismissal. Rented a tiny 1 bedroom apartment we can afford.
Car repossessed at dismissal.
I had an insurance settlement from an accident of $4,500.00 in November. We used that money to buy a 1997 Ford truck.
We cashed out my state employee retirement fund of $3,700.00 and used that money to move - deposits, first & last, etc. We had about $900.00 left and used that to buy used furniture and food, etc. for our tiny apartment.
Our dependent son is in college. So we can still list him as a dependent on taxes.
We are expecting a refund from our tax return of around $3,900.00 - all of it is credits; EIC and Education. No actual income withholding refunds.
Our income is my unemployment of $163.00 per week and my spouses VA disability of $1,500.00 plus AF pension of $971.00
Unemployment will run out in 9 weeks.
We came in below the means test for a 3 person household.
So:
Assets:
$4,500.00 equity in a 25 year old truck.
$1,500.00 in clothing and household goods.
$800.00 in jewelry (wedding set)
$3900 in anticipated Tax Refund.
I believe I have preserved all of our assets under Federal Exemptions (Wildcard for the tax refund.)
Debts: (All charged off/in collections)
$98,000.00 Mortgage (FHA insured)
$25,000.00 Medical debt
$9,100.00 consumer debt (car loan/credit cards)
This time I listed absolutely every creditor. Every collection agency I have EVER heard from. I ordered all 6 (his 3, my 3) credit reports (free) and included absolutely everyone in there! Even Mann Bracken and Gryphon (?) who had simply made an inquiry last month! I am 100% confident no one was left without an invite to the party this time!
Questions:
1. If there is any money left after the sheriffs sale pays the mortgage note is that ours? Should I exempt that? (homestead?)
2. What pit-falls should I be looking out for?
3. I chiseled it down to $59.00 in excess income with the standard allowances. Will this be a problem?
4. How many months bank statements/pay stubs, etc. do I need to show? Do I include those with the filing or bring to the 341?
5. Capitol One has a judgement, as does another collection agency. What do I do about these?
6. Do we have to wait for the sheriffs sale? My research says no?
I think I have this in hand, I have read here and the Nolo book ceaselessly, but ya'll know how those anxieties will keep you up at night!
Thanks for any insights!
Patches
Here is my scenario:
Getting ready to file a joint (H/W) Chapter 7 Pro Se in Western District of Washington state.
We had filed a 13 in Jan 2011 to stave off foreclosure, and it was discharged in August 2011 for non-payment. The attorney we hired said plan payments would be around $600.00, but the trustee set them at $1,600.00. Then my spouse had a stroke and I lost my part-time job. Basically set up to fail from the word go but we struggled through 5 months.
For various reasons we let it dismiss rather than convert to a 7 at that time. Good thing because I learned later I had missed a couple BIG medical bills.
House is in foreclosure, sheriff sale in March 2012. We walked away 5 months ago right after the dismissal. Rented a tiny 1 bedroom apartment we can afford.
Car repossessed at dismissal.
I had an insurance settlement from an accident of $4,500.00 in November. We used that money to buy a 1997 Ford truck.
We cashed out my state employee retirement fund of $3,700.00 and used that money to move - deposits, first & last, etc. We had about $900.00 left and used that to buy used furniture and food, etc. for our tiny apartment.
Our dependent son is in college. So we can still list him as a dependent on taxes.
We are expecting a refund from our tax return of around $3,900.00 - all of it is credits; EIC and Education. No actual income withholding refunds.
Our income is my unemployment of $163.00 per week and my spouses VA disability of $1,500.00 plus AF pension of $971.00
Unemployment will run out in 9 weeks.
We came in below the means test for a 3 person household.
So:
Assets:
$4,500.00 equity in a 25 year old truck.
$1,500.00 in clothing and household goods.
$800.00 in jewelry (wedding set)
$3900 in anticipated Tax Refund.
I believe I have preserved all of our assets under Federal Exemptions (Wildcard for the tax refund.)
Debts: (All charged off/in collections)
$98,000.00 Mortgage (FHA insured)
$25,000.00 Medical debt
$9,100.00 consumer debt (car loan/credit cards)
This time I listed absolutely every creditor. Every collection agency I have EVER heard from. I ordered all 6 (his 3, my 3) credit reports (free) and included absolutely everyone in there! Even Mann Bracken and Gryphon (?) who had simply made an inquiry last month! I am 100% confident no one was left without an invite to the party this time!
Questions:
1. If there is any money left after the sheriffs sale pays the mortgage note is that ours? Should I exempt that? (homestead?)
2. What pit-falls should I be looking out for?
3. I chiseled it down to $59.00 in excess income with the standard allowances. Will this be a problem?
4. How many months bank statements/pay stubs, etc. do I need to show? Do I include those with the filing or bring to the 341?
5. Capitol One has a judgement, as does another collection agency. What do I do about these?
6. Do we have to wait for the sheriffs sale? My research says no?
I think I have this in hand, I have read here and the Nolo book ceaselessly, but ya'll know how those anxieties will keep you up at night!
Thanks for any insights!
Patches
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