I bit the bullet and decided to file for Chapter 7. According to my Credit Report I just pulled I owe 70K in Credit Card debt. When I applied for these I used household income and I will be the only one filing for Bankruptcy. Will this be a problem?
Also on our taxes we filed jointly and made 107K
Will they count my income or both?
Any other words of wisdom?
I already feel relief at making the decision and telling hubby about it.
Also we bank with B of A and I have a small card with them with a CL of $600. Should we change banks? Can they take our checking and savings accounts? Not much in them at the moment.
Yes. Don't panic! You are on the right path so far. Make sure you save all your cc statements if you are the type of person who likes having those records. I have looked back on mine more than once - when did I make x purchase, what kind of spending was I doing y month, etc. (I save mine digitally)
You will survive the calls. I promise. The atty says you can answer the calls and give them his info but when it was me, I just didn't answer. I was scared telling lenders I was planning for BK would cause them to start process of wage garnishment, or court proceedings. How likely or unlikely that was didn't matter, I was just a very scared person during that time. That's why I tell you now, not to panic :-) However you decide to handle things, you will survive and probably come out the better for it. Just keep a positive attitude and a fighting spirit.
Bright side: sometime mid-fall to winter, you'll have income again, BK will hopefully be discharged and you will be in the rebuilding process! Find a healthy hobby/habit in the meantime, you will need it to sustain you.
It is definitely a scary process when you first start! I met with a bankruptcy attorney in October of last year. I too had never been late on any of my bills and when my attorney told me to stop paying on everything, I was so nervous. To deliberately not make a monthly payment seemed so wrong. I filed on January 23rd and had my 341 meeting on February 21st. I didn't answer any calls from my creditors and eventually the BK updated on my credit (only took a few weeks after filing) and everyone stopped calling. I'm now awaiting discharge which is to happen the week of April 23rd. This is my first (and last) time filing BK and has been more of a learning experience for me than anything. I racked up a lot of credit card debt in my late teens. I think the 341 meeting was what I was most nervous about. But it seriously took no more than 5 minutes of a series of questions and I was done. Everyone has different factors and scenarios going into a bankruptcy, but there's nothing to be nervous about as long as you disclose absolutely everything. Although I haven't finished treatment and started the lawsuit, I disclosed my plan to sue another driver who caused me to total my car pre-filing. They asked how much I plan to be awarded and for my attorney's information. I read somewhere AFTER disclosing this information that if you're not forthcoming with any kind of lawsuits that you started before filing, then the courts can collect everything you're awarded, even years after your discharge - IF the lawsuit was in process before you filed. But if you're honest about it, then that money is exempt up to a certain amount. That's what made me a nervous wreck before my meeting. Sounds like your attorney is giving you sound advice. It's a more easygoing process than I thought it would be. Just disclose everything with your attorney and everything should go smoothly!