BK q"s????

What is the name of your state? Fl

I have what is probably a typical but still personal story.

After ndivorce, I find myself saddled with thousands in the ex's credit card debt( it is in my name- she was the authorized user).

I have not made payments in several months. THey are starting to go into the collection phase.It maks no difference to them that the judge obligated her to assume a significant portion of this debt. The CC co's do not recognize this judgement and the ex does not have the will , desire, or frankly the means to pay.

My beacon score has already gone from 735 to almost 510. I do not have the $$ to pay. After spending all of my savings on the divorce battle, I am left in debt and my monthly bills are more than my earnings.

I also owe a large amount to relatives.


My question is this:

1. I see no option other than CH7. I cannot afford to repay $80k in CC debt.
2. In FL am I to understand that I can only retain $1000 of personal belongings?I cannot believe they will come and take my firniture, my clothes, my childens clothes and toys, etc... my computer.... Exactly what is the deal here?
3. Can they take someone turn over a car that they own if the car has been asigned to another debtor for repayment ?

I understand that I can go after the ex in civil court but as she is delinquent on her child support It would be a waste of my time and money.

What is this I hear about a bedotr petitioning to block a ch 7?

I just want to start my life over. It seems that Ch 7 will only help to ruin it more or am I wrong? I mean the thought of them removing my kids beds and toys.....


Thanks in advance

[Ladynred]

First, it is highly unlikely that anyone will come take anything from you.

It is true that FL has a puny personal property exemption of only $1000. However, the way you put values to your personal property is NOT replacement value or what you may or may not owe on it, you use GARAGE SALE values. $1000 is still pretty low, but a Trustee is not going to come take your kids beds and toys !

As for your vehicle, it makes no difference who is "assigned' to pay a debt. If the debt is in your name, you must put it on your BK schedules. If the equity can be exempted, again, only $1000 worth in FL, then you keep it. If you have a LOT of equity in it, the Trustee may take it to sell it. You may also be able to redeem it (pay the Trusteee to keep it).

As for someone blocking a Ch 7, its not an easy thing to do. Any creditor (ANYONE you owe money to) can file an objection to your discharge. If they do, a hearing is set and the court listens to the arguments. If the court decides that debt should not be discharged, it won't be. A TOTAL objection to a bankruptcy isn't all that common and there would have to be some mighty good proof of fraud on your part for a case to be dismissed.

Ruining your life ?? BK is meant to give you a fresh start. 80K in debt is going to ruin your life a lot more if you won't ever have the means to pay it off. Once it starts going bad, it generally keeps getting worse - unless you hit the Lottery Bankrtupcy may be a bit tough to live with for a couple of years afterwards, but if you're careful in rebuilding, it certainly won't ruin your life. Lawsuits and judgments can be worse.