help!

[Lorriek]

What is the name of your state? California

What are the rules to qualify to file for Chapter 7? What can expect if I do. I am out of work and over my head and scared to death.

Lorrie

[Ladynred]

Rules ??

I suggest you start reading here first:
[url]www.thebankruptcysite.com[/url]

Then after you've read up on BK, come back and ask some specific questions.

Do you own a home ?

[Lorriek]

Thank you for the web site...I did check it out.

No, I do not own a home.

Questions,

If my only troubling debt is credit cards, will there be a meeting of the creditors?

What do they mean by "credit card crazy" on part 3 of the bk check list?

I am intitled to part of my ex's 401k, which I don't see until he retires and that is a long way off (10 years)...Do I disclose this???

On the pre-filing check list (on [url]www.thebankruptcysite.com[/url]) #1 states schedule your filing date as soon after you get your paycheck......making sure you have time to use any excess cash for exempt purchases. And #2 states in a 10 day period before you are scheduled to file, keep receipts for everything you buy with cash, and use money orders or certified checks instead of checks from your checking account to pay your bills. My question is why???

I know the questions may be "dumb", but I don't even know anyone who has ever filed to ask! Thanks for the help.

L

[Ladynred]

The 341 meeting of creditors is your meeting with the Trustee, it is REQUIRED and you MUST be there. Its rare that any creditors ever show up.

What do they mean by "credit card crazy" on part 3 of the bk check list?

Don't know, I couldn't find that reference, but if you've maxed out your cards recently and now have decided to file, a lot of those debts may not be dischargable.

#1 states schedule your filing date as soon after you get your paycheck......making sure you have time to use any excess cash for exempt purchases. And #2 states in a 10 day period before you are scheduled to file, keep receipts for everything you buy with cash, and use money orders or certified checks instead of checks from your checking account to pay your bills. My question is why???

Actually, most lawyers would disagree with #1. You need to schedule your filing for a time when you have the LEAST amount of money in your bank account - not the most.

#2 - keeping receipts for cash purchases is necessary. IF you're asked by the Trustee to show where your money went, you need to be able to account for it. As for using money orders or cashiers checks, these methods will take the money out of your account right away. Any personal checks you write take time to clear and would therefore leave more money showing in your bank balance. You want the AVAILABLE balance to show as low as possible.

401K - its not in your name, you can't really claim it as an asset. It won't BE an asset of yours until well into the future. 401Ks are exempt anyway.

[Lorriek]

Thank you for the info. It is all a great help!