What is the name of your state? FL
Ok, just say we wanted to file Chap 7, would we qualify? I have been curious for a while, and I am pretty sure it would help get these danged collection agencies off of our backs.
Our debts:
About $1,200 left on Caravan's note
about $5500 on credit cards
about $28,000 on old chargeoffs (cc's, medical debts, utilities, and a repo combined)
about $4,000 left on consolidation loan (got rid of about $14,000 in other debts 2.5 years ago)
about $550 left on personal loan taken out when mom was hospitalized
Our assets:
1997 Caravan, worth $2000, owe $1,200
1987 4Runner, worth $3000, blown head gasket, not running
1986 4Runner, worth $2500, blown engine, never registered (bought cheap with hopes to repair/drive)
1973 Buick Apollo, worth $1200. Family heirloom. Grandpa bought new, never left family.
5 year old PC running Win98SE, 20gb HD, 128mb RAM (probably worthless)
2 year old PC running WinXP, 40bg HD, 256mb RAM (maybe worth $150)
29" Samsung TV bought in 1999 (worth about $25)
19" Sanyo TV bought in 1998 (worth about $10)
Sanyo DVD player, 3 years old (worth about $10)
pieced together home theater system, various brands, pieces purchased between 1997 and 2000 (worth maybe $50-60 now)
Atari 2600 (who knows what it's worth, but might end up as a collector's item)
2 old 8-track players
12.5' jon boat, no motor, homemade trailer, no papers (worth about $100)
Washing machine, purchased new in 2000
Dryer, purchased used in 1996 (about 25 years old now)
IRA currently valued about $9,000
I currently make $45K/yr, and my wife is unemployed (laid off from well paying job, then later from a minimum wage job). We had a combined income of $85k in 2001, and the bills suddenly became too much to handle after she lost her job(s). I am also making HER Child Support payments of $600/mo while she is not working (effectively further reducing our income to $37.5K/yr). If we were to file, would we have to sell all of our stuff? We don't have much, and I was hoping to fix the 86 4Runner to sell for a profit (to pay off more debts), but my 87 4Runner broke before I was able to. Would I have to transfer the title on the old Buick to another family member until well after everything is completed? Will they make me cash in my IRA to pay some of this off?
Another item of note: I currently have an application pending to refinance the consolidation loan for another $6k to pay off more debts, but this seems to be an endless cycle.
Do I even qualify, or would I be stuck with a chap 13, and have the bankruptcy on my record as well as paying for everything (like I am now)? I am completely in the dark when it comes to bankruptcy codes, but I do know the laws are about to change, and I would have to file soon in order to have any chance at coming out better off than when going in...
Help!
Ok, just say we wanted to file Chap 7, would we qualify? I have been curious for a while, and I am pretty sure it would help get these danged collection agencies off of our backs.
Our debts:
About $1,200 left on Caravan's note
about $5500 on credit cards
about $28,000 on old chargeoffs (cc's, medical debts, utilities, and a repo combined)
about $4,000 left on consolidation loan (got rid of about $14,000 in other debts 2.5 years ago)
about $550 left on personal loan taken out when mom was hospitalized
Our assets:
1997 Caravan, worth $2000, owe $1,200
1987 4Runner, worth $3000, blown head gasket, not running
1986 4Runner, worth $2500, blown engine, never registered (bought cheap with hopes to repair/drive)
1973 Buick Apollo, worth $1200. Family heirloom. Grandpa bought new, never left family.
5 year old PC running Win98SE, 20gb HD, 128mb RAM (probably worthless)
2 year old PC running WinXP, 40bg HD, 256mb RAM (maybe worth $150)
29" Samsung TV bought in 1999 (worth about $25)
19" Sanyo TV bought in 1998 (worth about $10)
Sanyo DVD player, 3 years old (worth about $10)
pieced together home theater system, various brands, pieces purchased between 1997 and 2000 (worth maybe $50-60 now)
Atari 2600 (who knows what it's worth, but might end up as a collector's item)
2 old 8-track players
12.5' jon boat, no motor, homemade trailer, no papers (worth about $100)
Washing machine, purchased new in 2000
Dryer, purchased used in 1996 (about 25 years old now)
IRA currently valued about $9,000
I currently make $45K/yr, and my wife is unemployed (laid off from well paying job, then later from a minimum wage job). We had a combined income of $85k in 2001, and the bills suddenly became too much to handle after she lost her job(s). I am also making HER Child Support payments of $600/mo while she is not working (effectively further reducing our income to $37.5K/yr). If we were to file, would we have to sell all of our stuff? We don't have much, and I was hoping to fix the 86 4Runner to sell for a profit (to pay off more debts), but my 87 4Runner broke before I was able to. Would I have to transfer the title on the old Buick to another family member until well after everything is completed? Will they make me cash in my IRA to pay some of this off?
Another item of note: I currently have an application pending to refinance the consolidation loan for another $6k to pay off more debts, but this seems to be an endless cycle.
Do I even qualify, or would I be stuck with a chap 13, and have the bankruptcy on my record as well as paying for everything (like I am now)?
I am completely in the dark when it comes to bankruptcy codes, but I do know the laws are about to change, and I would have to file soon in order to have any chance at coming out better off than when going in...Help!