Bankrupcy

[B. Hardison]

bankrupcy

The car is paid for. It's a 1999 chevy prism. We bought the car on her 16th birthday and she paid us for it over time. We left it in our name because of her age and the multicar discount available on our insurance. She paid the taxes in August and the value of the car was about $3500.00. We also withdrew the remaining money out of our IRA and Annuity totaling approx. $1000.00 this week to help pay bills. This was all we had. Will the trustees be fair or will they make this ordeal even more demeaning and embarassing than it already is? I am 59 and my wife is 55 (and not in good health) and we have never missed a payment or been behind on anything until now and I would just like to know what kind of treatment we can expect. God Bless you for your help.

 

[bigun]

The trustee will be fair. You won't be abused at any point in the process. He/she will just follow the law.
If the trustee has any interest in he car, it will be possible to redeem it. In other words, you daughter can pay him some value for the car if it comes to that. Your lawyer will explain all of this to you.
BK is strictly a business decision {in my mind anyway}. Stop worrying about your creditors and your children. Take care of yourself so, you're in a better position to take care of your family.
I'm sure your daughter understands the financial problems you have and she'll just have to deal with the outcome.
Try not to fixate on this too much. One step at a time. Get the paperwork in order for your meeting with the attorney. Write down any and all questions and be sure and ask them at your appointment. If there is any thing you don't understand, make sure it's explained before you leave. You'll be fine. Just take the emotion out of it.

 

[B. Hardison]

bankrupcy

We are trying to look at this for what it is. We have no other choice at this point, we have done all we can do. But as I read some of the horror stories posted on this site, I get very disheartened. One in particular states that just because a debt is discharged does not mean a person is off the hook for the debt. Will we have a trustee over us for years to come? Thanks

 

[bigun]

One in particular states that just because a debt is discharged does not mean a person is off the hook for the debt. Will we have a trustee over us for years to come? Thanks

If the debt is discharged, it can't be legally collected. If anyone tries, they will be in violation of the permanent injunction that come with a bk discharge.
Once you're discharged, the trustee is done with you. Nobody is looking over your shoulder.