Re: New, in debt and desperate (LONG)

Carin,
1.- I can't imagine they'd want your computer unless you've just bought it and it's a top of the line model. Check with your lawyer but I think you can also claim that it's essential to your work. As far as your wedding ring, that depends on the value as well. Mine was just a plain gold band so the attorney wasn't worried. But another poster at the Ivillage Bankruptcy Q & A board lost her wedding and engagement ring. Again, depends on the value and the trustee.

2- Check with your attorney. As far as your dh's parents, if you file a 13, they'll be added in like any other creditor and paid that way. If you do a chapter seven, you may have to stop paying them for a while (so it doesn't interfere with your other creditors..they could protest if you're paying your inlaws but not your creditors). Then you could pay them back after you're discharged.

3- Again, depends on the value but most likely not. Texas is a very 'bankruptcy' friendly state and many people don't lose any of their possessions. I haven't come across a single person from Texas who's lost anything yet.

4- I don't think you'd have trouble renewing your lease but you could have trouble getting a different apartment because most property management companies run credit checks. Your credit won't be too good for a while. As soon as you're discharged from your bankruptcy, you need to clean up your credit report and that will help but you may still need a co-signer for a new apartment.

Are you aware that you can file bankruptcy separately? If the debt is mostly in your husband's name, he can file to discharge it and then you would still have your good credit or vice versa. Unfortunately our debt is in both mine and my husband's name so we both have to file.

Hope that helps!
P.


Carin wrote:




Paula,

Thank you! That was very helpful. I do have a few more questions to ask if that's ok.

1. In regards to exemptions (I read over the page and list of qualified exemptions, but still need more info). If we have something that we deem important to us, but they consider it non-essential, can they take it? In this case I'm talking about our wedding rings and my computer (tho when I think about it, even tho my computer is used as an entertainment tool it also helps me keep up my typing skills and other work related things--so I guess that could be construed as essential?) if we file bankruptcy on the debts for these?

2. The debt that's owed to my husband's parents, we don't want to file bankruptcy on that. How do we count (or list?) that as part of our monthy "debt paying" (for lack of a better word), you know along w/ utilities, car payment and such?

3. Can they take possession of anything that we paid for w/ cash/check, or items that we paid the debt off for?

4. I've seen questions answered about foreclosures, but we rent an apartment. Can we be evicted from our apartment even if we have been paying rent on time (we were one day late once and I told the property manager ahead of time that we were going to be late and she said that was fine, just to pay the late fee). Can this keep us from renewing a lease or seeking out a new apartment (which we'd like to do eventually, a cracker jack box has more room in it...)?

Again, thank you,

Carin
carin@sbcglobal.net