What is the likelyhood of getting sued by BofA if I go 90 days W/O payment.

[HopeMission]

Its taking me a bit longer to prepare my petition for BK7 in California.

I have (4) BofA CCards that are about to enter CO.  (~50K)

I have only fielded one collection call last month..  I was polite and acted like I was unaware of the issue. There has been no calls since.

I understand that BofA can start filing for personal judgments against me.  Is this true? 

How likely?

Would a BK7 still be possible with a judgement? 

Wouldnt a judgment just go away with a BK7?

Thank you for your guidance!

[HopeMission]

Skiping way ahead.  If I get help filling out the petition and choose to go to the trustee meeting by myself and dont like the outcome can I apeal?

Can I then get more info and lawer up to give it another go?

[Creditwiser]

I can tell you this much, Im not in California but they wasted no time in sueing me !

[StartingOver10]

You need an attorney.

Don't do this on your own.

You don't get a "do over" (appeal) with a Ch 7 if you don't like the outcome.

You can not go in with partial information. The petition has to be completely and fully prepared with the correct info, Don't do this on your own, get an attorney.

[0REDSOX7]

We've told him to get an attorney - he didn't like that answer.

[bstone]

To answer your questions, yes, it is very likely B of A will seek a judgement against you, especially with that high of a balance.  The court process can be drug out for several months (continuances, etc. on both your request and theirs) or they can be done inside of a month if you fail to show.  Once they have a judgement wage garnishment can be requested, liens on property, levy on bank accounts, etc.

Yes, BK7 is still possible with a judgement and would immediately stop any garnishments or attempts to collect on said judgement.

Your questions being answered, why are you not using an attorney?  BK laws are too complex now and there is too much at risk to do this without knowing the ropes.  Any idiot can prepare paperwork, hell, there's software to just plug the data in and it does it for you, but the software can't help you when the trustee spots a flag and you don't know how to resolve it.  Before you know it your case is dismissed, the damage is done to your credit, you've lost your filing fee and the fee you paid the preparer and now B of A can continue collections - with a vengeance.

Do as you wish, ultimately if things go south it's your problem, but there are just some things you don't do without an expert involved...

[HopeMission]

I was concerned about how many charges were made for the business on my four CCards (~25% of 50K) but my 29 dollar/mo lawyer indicated that a personal BK covers a personal business. Thankfully my business is (Sole Proprietor) service/ home based business with virtually no inventory. All big business items were bought a long time ago with cash. Nothing has been run up. I have been keeping them all just beneath their limit for over a year so anything that was charged (principle) was immediately paid off plus tons of interest (>600 was the total minimum pmt /mo) for all 4 cards.

From what I understand, Using a Calif. (System 2) for a BK7 gives a very generous ($26,925 ) wild card to cover assets that just don’t fit any of the other specific exemptions.

I own several vehicles and a jet ski that the ($5,100) just wont cover so I will have to rely on the Wild Card. Isn’t this how it works?

In my case the ($7,625) for “Tools of the trade” will more than cover my expensive computer (5k) and all the cheap little things it takes to run my business. Luckily my business requires about 0 inventory.

Does anybody know how advertising and marketing expenses are configured? I am current and plan on keeping all my obligations paid including Yellow pages, Website advertising etc. Its only the 50K of CCards I need to enter BK7.

The jury is still out (pardon the pun) as to if I should get an official attorney but I respect those that have encouraged me to do so. Yes, 50K debt on CCards is a lot and 20K assets sounds like a lot before using exemptions and wild card kicks in.

I continue to use a 29/mo Pre Paid Lawyer (with an Indian accent). He has indicated that with a low income I will fly though the “Means Test.” He also feels good about the generous wild card.

I have been using a very easy to use online petition/form provided by my 200 dollar BBP service (Bankruptcy Petition Preparer) I think I’m ready to send all my entries to them and see what categories they put me in. Yes, I will make EVERY effort to list anything that is in anyway an asset by using online and paper bills for the last 2 years (cards are all older than 10 years) to make sure I didn’t miss anything!

Thank you for your continued support and direction through this thing.

I look forward to getting more guidance from this great community.

[bstone]

Sounds like your $29/mo attorney from, I'm sure Harvard, Columbia or NYU Law, is the best choice for your complex situation.

Let us all know how this turns out.

[northface28]

Did you find this lawyer in a strip mall? Id seek real legal counsel immediately. 

[Billybob_TX]

With all due respect, starting thread after thread on a board is NOT good if you want legal advice. The questions you are asking are legal questions, and you really need to ask these to competent counsel. Many have handled their own BK, but with a business and lots of CC debt you are asking for a jaundiced eye looking your way.

"I own several vehicles and a jet ski that the ($5,100) just wont cover so I will have to rely on the Wild Card."

In another thread you say you own two vehicles. The Trustee will eat you for lunch if you can't keep your story straight in person much less on an anonymous internet posting.