Filing Chapter 7

[Anonymous]

$600k is rough. I have about $60,000 in credit card debts.
I’m still worried about small things on the petition that will go against me but my attorney assured me that I shouldn’t worry and the paralegal said she sees absolutely no reason this won’t be a simple case and that I absolutely should get a discharge.
And yeah, I’ve felt all those emotions.
One thing keeping me from filing for the longest time was that I felt a sense of guilt that if I filed I wouldn’t be paying the debts I agreed to incur and at one point I had to come to terms with it. I had to realize that it’s a part of our financial system for a reason and that it’s just a part of doing business for banks.
I learned that bankruptcy is an important financial tool but it’s supposed to be a last ditch nuclear option.
I think I will start a separate thread in the next few days with the status of my Chapter 7 and will just edit the post when there’s an update.

[titancylinder]

It is a nuclear option but it's also one of the oldest legal rights in our government .

As far as creditors petitioning, with an income at yours, they won't show up nor do they want to be bothered by 60k . Their attorney fees cost thousands an hour. It would be different if you were some ceo of a biotech company declaring on a chapter 7 on a million+ in personal debts . What you will go through is what many people go though every year . I'll be honest with you, at my 341 hearing, no one showed up . The trustee asked me a couple of questions , the ones I wasn't sure on how to answer I deferred to my lawyer and he spoke on my behalf . After seeing i spent 2+ years fighting IV-B lymphoma, I was in and out in less than 10 minutes . The longest part was waiting to be called on. The room was packed with filers. From 20 year olds to 85 year olds . (Sorry if this message has poor formatting, I'm on my phone ) Also the way I look at it, those banks would file bankruptcy in a heart beat if it saved their bacon. A lot of them have . Few things in life have greener pastures but this is certainly one of them. Keep fighting the good fight and just don't look back .

[Anonymous]

We filed BK7 in Dec 2017, it was a hard decision to make a lot of inner battles. We originally saw an attorney in Jan 2017. But we faced facts that due to medical bills and being tricked by our mortgage lender it was our only option that made sense.  I only wish that I would have did it back in Jan. I don't know Washington Laws but your attorney should do right by you. I do not see them taking your car or your "home." You have the option of converting to a 13 should the trustee try and do that. The process is pretty automated once it starts. I had a broke down 2005 Maxima that they did not touch.  Now as far as the 6 months, they are right. The trustee can view it as fraud if you spent a slew of money or ran up cards within 6 months of filing the BK. If your attorney advises you to wait out the 6 months then I would definitely do that. Having retained the attorney should keep collection agencies and legal proceedings at bay until you actually file. 

[Anonymous]

The only big one is the trailer but that’s like right at six months almost to the day. By the time we file it will be past 180 days.

[nursepower]

I had 80K in CC's alone, so I feel you. And I had a paid of 2011 Ford Escape that was given to my son as his first car. They didn't take the car, and I had no assets so it was rather simple. The hardest part was printing out all the CC statements. Yes, I felt guilt and very frustrated that I'd always made a payment on time and never missed any, but my STRESS was through the roof. As soon as I spoke to hubby and he was on board with my filing, my stress decreased TREMENDOUSLY!! I got my discharge 2 weeks ago and I already have a Credit One card-$500, a secured Credit union card $250, and a Kohls card $300.

I can pay my cards in full each month and can pay extra on hubbys. So my point is that while it sucks during the process, it's TOTALLY worth it. Good luck to you!