Not showing up for your hearing and not listing all of your debts. Fail to show up at the hearing, and your case is dismissed. Fail to list a debt, and you continue to owe it. Also people often have too much in a checking account when they file or a tax refund coming. The best policy is to list all your debts and assets. Always list every debt, even if you think it is nondischargeable, it may be discharged anyway. Even include last month’s utilities."
Okay, "Fail to list a debt and you continue to owe it".
This is not true. If you fail to list a debt, the creditor can object and request that you pay it. However if it was a no asset Ch. 7 and you were discharged, the Trustee will probably discharge the unlisted debt as well unless it was very large and very recent.
Then: "Also people often have too much in a checking account when they file or a tax refund coming."
This depends on your state and exemptions and how much money is in your account. And some districts do not take an interest in tax returns in a Ch. 7 bankruptcy. If you have a wild card exemption in your state for $23,000 and you do not own a home and only have $5,000 in your checking account and $5,000 coming back from taxes, then that will be exempted in the wild card or OTHER exemption. Many states have different exemptions so discuss this with your attorney.
"Always list every debt, even if you think it is nondischargeable, it may be discharged anyway. Even include last month’s utilities."
Personally, I would not list utilities in my bankruptcy. It will make it difficult to sign up for utilities next time you move, you'll have to pay a big deposit, etc.. I would just pay my utilities unless they were really very high, like if I had not paid them for several months in the winter with very high gas bills or such.
But the rest of the above is true. It's always best to list every debt even if you don't think it's dischargeable. If it is a personal debt like to a friend or family member, you can always tell them you agree to pay it after the bankruptcy is done even though you technically would not have to.
I split off your post to start its own thread.
I claimed Chapter 7 bankruptcy 9 years ago and I STILL CAN'T GET A CREDIT CARD FROM BANK OF AMERICA. I'm not sure why? I thought bankruptcies only stay on record for 7 years. But when I call Bank of America, they say they take it into consideration for 10 years!!! I don't have a problem with car loans and even buying a house! But for a BoA visa, I'm off the list. Has anyone had similar problems with bankruptcy and denials from creditors even after 7 years?
What about Home Equity Loans? Thanks to Credit Cards increasing there % rates, we are in big trouble.
We have been able to pay everyone : Home Mortage, Home Equity, Car, basic bills, both credit cards, but we have $85.00 left a month for groceries.
We have a family of 3. We are down to one income, I am 38 recently diagnosed with a heart condition that will allow me only to work part time, I have a 3 yr old, so Day care would cost more than I could make.
We have no savings left! 13,000.00 on one card, 7000.00 on another.
We dont know if we should file, or keep struggling, my husband wants to keep going if we can..But if one thing breaks we are screwed. Me myself Im ready to suck up the pride.
He is afraid he will not be able to get a job in the future due to bad credit checks done by employers. His will be taking a job within the same company in 3 years once a person has retired. But its a different department, so they could possible have him fill out all new application and check everything.
If we do file, Will we risk our home due to we have a home loan & home equity loan maxed for the whole value of the home? We had just adopted internationally (wich maxed home Equity) then everything went south.
Believe it or not, so far I have cooked & planed the cheapest meals and we are ok. We make 42,000.00 a year so no help with stamps or assistance...
File or not? Does anyone know about the Home Equity & wich one they would make us file 7 or 13.. Any info would be great.....