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Filing Chapter 7

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Regular Contributor

Filing Chapter 7

Me and my wife recently made the difficult but necessary decision to file Chapter 7 bankruptcy. I have retained an attorney and have gathered all the documents his paralegal asked for.
I’m just very nervous. I trust my attorney, he said I won’t lose my paid off car but for some reason I’m just so nervous the court or trustee is going to look at my bank account or my credit card statements and determine that I’m filing because of financial irresponsibility (which is partially true) and that I won’t be granted the discharge.
Is this a normal feeling or am I being too nervous?

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Chapter 7 Discharge: March 13, 2019

Message 1 of 15
14 REPLIES 14
Senior Contributor

Re: Filing Chapter 7

Highly doubt they would take your car. Never seen that here before. Although what you may have on paper wealth your attorney will advise if you can get a 7 or 13. " financial irresponsibility" and other factors is why some file in the first place. Medical debts leads the BK's.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 15
Established Member

Re: Filing Chapter 7

It’s Normal to have those feelings. Filing brings out the anxiety all the way up til discharge. At least for me . Also, I agree with pp. I don’t think they will Take your car either.
Message 3 of 15
Regular Contributor

Re: Filing Chapter 7

My attorney said I’m a prime candidate for 7 and strongly advised against a 13. They said there’s enough Wildcard Exemption to save my car especially since it’s paid off.
It’s a four year old Honda Civic that only has a trade in value of about $7,500 because of all the mileage I’ve put on it.
Washington is one of the few states that lets you choose federal or state exemptions apparently.
My actual home is actually a fifth wheel that I’m living in parked at an RV park.
The paralegal said it’s possible that I may have to repay it since it was bought with cash advances but I shouldn’t lose it either. But she also said if they wait until exactly six months from when the cash advances were taken out (coming up pretty soon here), I may not have to pay it.

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Chapter 7 Discharge: March 13, 2019

Message 4 of 15
Regular Contributor

Re: Filing Chapter 7

My case (and as I’m sure all BK cases are) is unique.
I incurred roughly $40,000 in credit card debt trying to start a business with a friend.
Well it unfortunately fell through and he hasn’t kept up with his end of the deal to help me with payments so I’m stuck with the bill on my own now.
I spent about another $20,000 on credit cards for personal expenses (some of that was the $6,500 fifth wheel I bought on a credit card that I live in) to keep the ship afloat because I couldn’t afford bills so I was charging everything to cards because I didn’t have the cash to pay for anything.
I didn’t do this with intent to never pay anyone back, I figured my finiancial situation would eventually change. I was not able to get another job like I thought and my wife is not employed for health reasons.
I’ve tried credit consolidation and while nothing is in collections, about half the accounts are delinquent and its very stressful and all crashing down at once. It’s a crushing debt I can’t deal with on my $24,000 income.
And I have to deal with student loans. While they are not bankruptable, they total roughly $15k and would be way more manageable if I had no other payments.
I just hope the trustee won’t think this was a deliberate attempt to just rack a bunch of debt and not pay anyone. I really don’t even have anything to show for this mess.

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Chapter 7 Discharge: March 13, 2019

Message 5 of 15
Senior Contributor

Re: Filing Chapter 7

Your lawyer will help you get thru this. Yeah it sucks now. But after DC you'll feel like a load was lifted off your back. Yes some milk the system but its rare. Thats why the trustee is there. To make sure there is no fraud. Make your appt. with the lawyer. Go thru the motions and it will end months later. One step at a time man. Please dont go app crazy afterwards. One card at a time at least a few months after. Dont rush it. It will pass.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 15
Regular Contributor

Re: Filing Chapter 7

I don’t plan on going crazy. I’ll probably get a secured credit card with a TINY limit just to rebuild my credit but I don’t plan on getting an actual credit card for a while. I think I learned my lesson.
I’m meeting with the lawyer again today to give the paralegal all the paperwork they asked for so she can get my bankruptcy petition filed.

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Chapter 7 Discharge: March 13, 2019

Message 7 of 15
Senior Contributor

Re: Filing Chapter 7

EXCELLENT. I can say it now to you and others. Its a breeze if everything is in order. No worries.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 8 of 15
Regular Contributor

Re: Filing Chapter 7

The paralegal said they’re gonna get the petition started and have me come back and sign it when it’s all ready to go.
She said it looks simple and will probably be an open and shut case.

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Chapter 7 Discharge: March 13, 2019

Message 9 of 15
New Contributor

Re: Filing Chapter 7

Just wanted to chime in, fear, axienty, depression, guilt are all common human emotions when one reaches this point in their life. But sounds like your case is open and shut as your lawyer stated. Believe me, I had ALOT less stress when my 600k medical debt was wiped away. Sometimes, we are delt really crappy cards in life and its what it is. I do think experiences like this help shape us for the rest of our lives. 

 

Good luck and be sure to update! 

Message 10 of 15
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