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Question Anybody go through a bankruptcy? Chapter 7 or 13? Anything you w

Question Anybody go through a bankruptcy? Chapter 7 or 13? Anything you w

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sandman Active Indicator LED Icon 16
~ 4 years ago   Mar 26, '20 10:06pm  
unfair to compare someone who's work hard all his/her life and have fallen on these though times to folks that have made a career of living off government programs
 
@EddyFree - you're way out of line here
@WeveBecomeEastHouston - I'm sorry about your situation; hopefully you'll get back on your feet soon
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WeveBecomeEastHouston Active Indicator LED Icon 4 OP 
~ 4 years ago   Mar 26, '20 10:10pm  
@sandman : Thanks
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EddyFree Active Indicator LED Icon 10
~ 4 years ago   Mar 26, '20 10:17pm  
unfair to compare someone who's work hard all his/her life and have fallen on these though times to folks that have made a career of living off government programs
 
@sandman :
 
How do you know the "life's history" of those ya'll have accused of "living off Govt. programs"(Of which ya'll never include the Corporate welfare recipients anyhow) all the time??
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sandman Active Indicator LED Icon 16
~ 4 years ago   Mar 26, '20 10:42pm  
@EddyFree :
 
I know a couple of them, unfortunately... one in her 60's and is a master of living off the government. she is teaching her niece the art of filling out government forms... and she is showing great talent for that.
 
So, yeah... there are some out there
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seegee Active Indicator LED Icon 2
~ 4 years ago   Mar 27, '20 12:02am  
I'm sorry about your situation. You may be able to work out something with your creditors at this point in time. Also, I don't know the details yet on the additional unemployment soon to be available, but it sounds like it could be much higher than normal.
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Kemibe Active Indicator LED Icon 3
~ 4 years ago   Mar 27, '20 12:22am  
@EddyFree : Apparently, you're calloused or just rude. No one's asking or "mooching", wth?
He asked for advice. Either tune in productivity with advice or remove yourself if you have nothing to contribute. Apologies for being in your face straight but keep your drama outside of this topic.
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ladybeachbum Active Indicator LED Icon 16
~ 4 years ago   Mar 27, '20 2:10am  
@WeveBecomeEastHouston : Never did it but came close a few times with the business. If I remember right, you can keep your primary home. We just borrowed our way out of it, I guess.
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Clydepuckett Active Indicator LED Icon 11
~ 4 years ago   Mar 27, '20 2:42am  
@Kemibe :
 
you have nothing to contribute.
 
Nailed it. He never does.
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TSUalum05 Active Indicator LED Icon 8
~ 4 years ago   Mar 27, '20 7:57am  
@EddyFree : Yikes. This could be any of us as we go into these uncharted waters.
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Floyd Active Indicator LED Icon 9
~ 4 years ago   Mar 27, '20 8:11am  
Sadly, there will be too many of us in this boat before too long. We will at some point as a country have to make a decision to go back to work before this virus is under a comfortable state of control , if we are to bounce back at all. This thing is not getting better anytime soon, hell we just surpassed China overnight as the most (reported) confirmed cases. On one hand, you have thousands of potential deaths. On the other, millions of ruined lives. Neither is good, but I believe we will soon have to make a decision that nobody is happy with.
 
@WeveBecomeEastHouston : I feel for you man, as I and many more are not far from this situation. Hope the best outcome for you or anyone else here in a similar situation.
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courvillelaw Active Indicator LED Icon  New Member
~ 4 years ago   Mar 27, '20 8:51am  
Ok, first of all, all of you people who are trying to cast blame on the original poster or make the original poster feel bad because of is honest and sincere question about bankruptcy relief afforded under the law are just plain nuts. You should be ashamed of yourselves. Bankruptcy is part of the way the free enterprise system works. Why would anyone be willing to go out and start a business if failure would mean the inability to ever do anything again because the debt follows you and your family forever? Are we bringing back debtors' prisons too? Shame on you! Capitalism AND socialism, if left unchecked, eventually lead to the same thing, oligarchy. Bankruptcy relief is a needed limitation on capitalism. Antitrust laws are a needed limitation on capitalism. Patent and copyright laws are a limitation on capitalism. Food safety regulations are a necessary limitation on capitalism. What is the point of taking an honest, but unfortunate debtor, and making it so he or she can never do anything again? Adam Smith's invisible hand of capitalism has created more wealth than any other sytem in history. However, the reason it works in the United States is because we have placed limits on it to encourage business development and innovation and to prevent it from turning into an oligarchial economy.
 
To the original poster, I know you are scared, but nothing is happening overnight. These are scary times. In 2005 there was a significant change in the Bankruptcy Code. chapter 7 is the liquidation bankruptcy process. To oversimplify, in a chapter 7, you surrender all of your nonexempt property to the bankruptcy trustee, and in return, debts that have not been specifically excepted by Congress are discharged, meaning the creditor or claimant can take no action against you personally to collect the discharged debt. Texas exempts much of the property of a family, including the homestead, and up to certain limits, a car for each adult, furniture, clothing, etc. After 2005, there is a means test for consumer debtors. They look at your last six months of income and your debts and determine whether you should be forced to file under chapter 13, which is the adjustment of debts for individuals with regular incomes. In a chapter 13, the debtor pays out all of his or her disposable income (basically income in excess of certain basic income levels allowed by the IRS in its collection cases for the local area in which the debtor lives, i.e., it's not a lot of money you get to keep), in exchange for keeping the assets he or she has. Ultimately you have to show that in a chapter 13 60 month repayment plan, the creditors would receive more than they would receive if a debtor's chapter 7 trustee would have paid out in a hypothetical chapter 7.
 
Some consumers are shocked that they may not qualify for a chapter 7 because of the means test. Some people who are self employed may be shocked they do, because commercial debts can affect whether the means test applies at all. Some things people are surprised about when they enter into a 13 are the fact that you cannot obtain credit without asking for permission from the court. Some are shocked at how tight the budget can be given the change from before 2005 to after 2005. If your car is about to give out, you are going to need to discuss this with your attorney. If your central A/C unit is getting old and cranky, discuss this with your bankruptcy counsel. Have a plan. While you are in a chapter 13 plan, some things you used to be able to do with a simple click of a mouse now require a court order.
 
For people like the original poster, the next six months are an area of limbo. The Bankruptcy Code applies the means test to force you into a chapter 13 plan based on the last six months of your earnings. However, we know they are gone. Unless you are about to lose your home or car right this minute, you should not necessarily rush into bankruptcy court. Talk to a consumer debtor bankruptcy lawyer. Start getting everything ready if you need to file. But don't rush in yet. It is possible the law will change in the next few weeks or months. We have never confronted a situation like this. Evictions are stalled by the Texas Supreme Court for a couple of weeks. Foreclosures are not likely happening in April. HUD has jurisdiction over FHA, VA and FNMA loans, and is severely limiting foreclosures and evictions temporarily. Banks may not be in a rush to foreclose all of their portfolio and expose how toxic their assets are at this point. It is possible the congress will significantly change the bankruptcy law or limit creditor remedies under either as a condition of emergency funding or another statute later.
 
To the original poster, you are not alone. Do not give up hope, but prepare. Talk to a consumer debtor bankruptcy attorney. Ignore the naysayers. This is a global pandemic. It is not the time to argue about the merits of the Austrian School of Economics vs. the Chicago School of Economics. Ignore the blame game. Blaming people is nuts. And I say this as a lawyer. It is literally part of my job to place blame in normal times. Ignore the detractors and keep your head up.
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Luckysis Active Indicator LED Icon 8
~ 4 years ago   Mar 27, '20 9:07am  
@WeveBecomeEastHouston : Prayers for you. And just a little tip...the ignore option is your friend Emoticon
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WeveBecomeEastHouston Active Indicator LED Icon 4 OP 
~ 4 years ago   Mar 27, '20 9:42am  
@courvillelaw : Thanks, very much appreciated. For the moment, we're just collecting information and trying to decide the best way to proceed. We have some savings and will likely not have to make a decision to proceed before early July. In the meantime we will be scheduling appointments with professionals to determine the best course. Again. Many thanks!
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WeveBecomeEastHouston Active Indicator LED Icon 4 OP 
~ 4 years ago   Mar 27, '20 9:44am  
@Luckysis : I never block anyone. I value all inputs, even the mean ones. And to Eddy's point, some of mine have been mean as well.
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nikkiole Active Indicator LED Icon 11 Forum Moderator
~ 4 years ago   Mar 27, '20 9:44am  
[ Removed By Request. ]
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