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@Anonymous wrote:
I’m going to go ahead and file. I’m probably overthinking things . Only 10 or so grand of the debt has been unpaid the remaining was paid perfectly until I just couldn’t handle it any longer. Just hope to be able to move on from this. Learned my lesson and then some.
If you did not knowingly commit fraud, and are not hiding assets you are worrying needlessly. Ch. 13 is where you pay the creditors back based on ability to do so, Ch 7 is relinquishing assets and is over in a few months. Your lawyer and the BK court will decide which you qualify for. If all debt can't be repaid in 3-5 years it will likely be Ch 7. If a reasonable repayment plan is possible, the court will do a Ch 13, but your payments will be determined based on how much is affordable to pay after living expenses. In both cases keeping the automobile is very possible no matter how delinquent by signing a re-affirmation agreement or just making payments depending on what your State laws are. Some require a re-affirmation, some don't, and it is always better to not re-affirm if not required to keep the asset. If allowed to keep the asset while not signing a re-affirmation, and later you see you can't meet the payment, you can then voluntarily surrender the asset without it reporting as a repossession on your credit. I have filed both ch 13, and ch. 7 in my young and dumb years. I have also helped my Neice file ch 7 about 2 years ago. Just answer all questions honestly and hide nothing, and you will be fine. Expect total time spent in court of about 30 minutes. It is not nearly as bad as people imagine it to be.
You want a chapter 7 for sure. The only people who take 13's are those whose incomes are too high or who want to try to save their house which has more equity than is allowed. It's a question of income and not ability to repay. If your income is under the chapter 7 threshhold (usually like 50-60K for a single person), take the 7 and be done with it! Also on the car, I kept mine without reaffirming and just paid it off. My auto loan was with Capital One. You don't get the benefit of showing the payment history as you pay off the loan but you also can surrender it at any time and just walk away without any further credit damage beyond the bankruptcy. Some auto lenders will just come and take the car if you don't reaffirm, and I have never heard of a lawyer advising a client to reaffirm. My lawyer told me he would have no part in it and that if I wanted to be so stupid, I could do it without his help. (He got his point across).
@CH-7-Mission-Accomplished wrote:You want a chapter 7 for sure. The only people who take 13's are those whose incomes are too high or who want to try to save their house which has more equity than is allowed. It's a question of income and not ability to repay. If your income is under the chapter 7 threshhold (usually like 50-60K for a single person), take the 7 and be done with it! Also on the car, I kept mine without reaffirming and just paid it off. My auto loan was with Capital One. You don't get the benefit of showing the payment history as you pay off the loan but you also can surrender it at any time and just walk away without any further credit damage beyond the bankruptcy. Some auto lenders will just come and take the car if you don't reaffirm, and I have never heard of a lawyer advising a client to reaffirm. My lawyer told me he would have no part in it and that if I wanted to be so stupid, I could do it without his help. (He got his point across).
This might be true in some cases, but especially more recently income and expenses are taken in to account. The trustee is actually there to represent the creditors and recover as much as possible for the creditors. If a single person is making 40000 dollars a year and expenses are low the trustee might require a chapter 13. For the OP in Tennessee, median income for BK is 44,886...If his income is more than that he will likely have to go with chapter 13. In that case, unsecured creditors would be paid last. Chapter 7 is still the most likely, but there are so many filing now that the BK court is more likely than it once was. In any case, the chapter 13 payments would be affordable.
OP,
So how much debt is still outstanding ? What is your income and expenses ? Do you have any judgments ?
I would not worry about fraud, they have to prove intent , a very high bar. The court does not have the time to investigate all the cases for possible fraud. I know people who ran up cards then immediately filed bk, no problems.
Ok so it looks like you make about 32k and have expenses of about 900 before utilities phone and food. Not much left for debt payments
creditors need judgment first to get garnish or bank levy. Always answer lawsuits and deny debt otherwise you get default judgment.
I would try try what I call passive bankruptcy. Stop paying everyone and see who sues. It takes a strong stomach and a person who knows legal rights. If everyone sued and there was no way out, you pull bk card. I was 50k plus in debt with little income. This is what. Debt. Chase had most of accounts and walked away on most. I got lucky
I meant to say....this is what I did.