Chapter 7/ 13? Filing as close to payday and rent day ?

[upontheventura]

What is the name of your state?NH
So curious about all these comments. My expenses are negative 2 or 300 which i thought qualifies me for Chap 7- I have a 2000 dollar car as my only asset. I do have a regular job, make about 43-44,000 per year. What would make them make me declare Chap 13 instead of 7?
And what is this i keep reading about filing right after payday and as close to rent day as possible? What are the benefits of this, what are the risks of NOT doing this when filing Chap 7?

 

[AttorneyOney]

Exemption rules in some states sometimes make it more advantageous to hold assets in one form rather than another. For example, it might be the case in some state that accrued wages are treated less favorably than cash, so it's better to file right after payday. In another state, it might be a bank account that's favored over cash, so you'd deposit your check and wait for it to clear. I'm not sure I understand a rationale for filing close to rent day, though, unless one plans to stop paying rent and wants to maximize the time before eviction.

Since exemption rules differ from state to state, you should really discuss your strategic issues with a local attorney.

As far as 13 vs. 7 goes, the usual reason to choose 13 is to save a home when the mortgage is about to be foreclosed. Debtors are sometimes forced into 13 instead of 7 because the US Trustee thinks they have sufficient disposable income to pay some of their debts over a 3-5 year period.

 

[upontheventura]

Thanks so much

No i do not plan on being evicted at all, i heard that they might go after your curent rent check if you just payed it, or the security deposit? I just don't want my new landlord to know. My apartment is the so called "desirable" part of this particular town and i think this landlord would be disgusted. Hey any clues to look out for regarding a lawyer about to sue? Any signs to look out for? Especially since i have no assets- the lawyer did just pull my credit report- I found out tonight. The new collection agency that retained them didnt thoughg, which was odd. They immediately retained this law firm upon buying my account.