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Chapter 7

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New Member

Chapter 7

currently have ~55k in debt (17k cc - BofA, Citi and Amex; the rest on separate personal loans from SoFi (34k) and Springleaf (3k)) Also owe a car (14k which I intend to keep and im current on payments (2 of 6 years paid)) I make 54k a year (gross) but I qualify through means test.
How bad is my situation? I'm filling with no assets. A couple of dollars in savings and checking on average but gets used up for payments/bills. I just live to pay debt and interest as I lost a lot of money trying to invest in the stock market successfully. Thanks, anything helps.
$1300 rent $283 car loan $100 car insurance $120 water electric trash, $150 between cellphone & internet $200 food (I cook most of my meals, training diet) $1300ish monthly on all these debts Been in the cash advance cycle for months and paying hundreds of dollars a month on overdraft fees. $250 gas + misc
Im wondering how likely it is that I get a discharge.
Since I am saving up for the filling and im already in paying the lawyers, I stopped making payments (except car payment) so this will also allow to me to have about 1000$ cash saved right before filing. What do I do with that extra money?

Florida
2 REPLIES 2
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Super Contributor

Re: Chapter 7

Im in Fl also. Before filling I met the means test and had no assets. Reaffirmed my truck w/Cap1. Had 65k+ DC'ed. I was a victim of the 2009 crash and got laid off and had to move to the first job offer I got. Lost 20k a yr in salary. So that led to filling.  7 yrs after the move all my CC accounts were closed and went to collections because of non payment. My lawyer got all the paperwork ready and we filed. Went thru the 341 and then was DC'ed. In Florida when I filed the median salary range was 42k? I had to quit my second job because I was making too much to be eligible for Chap7. Or it would have been a Chap13 and I couldnt afford that. You can have life after Chap7,  See below what has happened since my DC. If you haven't talked to a lawyer yet. Check the Fl State medium range to see if you'll be a 7 or 13. Best of luck!

Message 2 of 3
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Valued Contributor

Re: Chapter 7


@Thejuggler wrote:
currently have ~55k in debt (17k cc - BofA, Citi and Amex; the rest on separate personal loans from SoFi (34k) and Springleaf (3k)) Also owe a car (14k which I intend to keep and im current on payments (2 of 6 years paid)) I make 54k a year (gross) but I qualify through means test.
How bad is my situation? I'm filling with no assets. A couple of dollars in savings and checking on average but gets used up for payments/bills. I just live to pay debt and interest as I lost a lot of money trying to invest in the stock market successfully. Thanks, anything helps.
$1300 rent $283 car loan $100 car insurance $120 water electric trash, $150 between cellphone & internet $200 food (I cook most of my meals, training diet) $1300ish monthly on all these debts Been in the cash advance cycle for months and paying hundreds of dollars a month on overdraft fees. $250 gas + misc
Im wondering how likely it is that I get a discharge.
Since I am saving up for the filling and im already in paying the lawyers, I stopped making payments (except car payment) so this will also allow to me to have about 1000$ cash saved right before filing. What do I do with that extra money?

Florida

Congrats on making the first step og filing bk.  BK is not the easiest thing for one to do, I know I was in denial for years about filing.  Save that extra money you have coming in.  

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