UnThreaded | Threaded | Whole Thread (16) | Ignore Thread Prev | Next
Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311074  
Subject: Re: Throwing in the towel... BK inevitable Date: 10/31/2012 6:12 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 5
See the lawyer before contacting your creditors. Do it soon.
You need to have cash to pay the lawyer. Since you are serious about filing bankruptcy, keep the cash to pay the lawyer and not make further credit card payments.

Your state determines what you can keep through bankruptcy.

Do not change title on anything. It is too late, and could annoy the bankruptcy court. Transactions near the time of filing can be reversed.

Do not go out and use any remaining available credit on your credit cards. (Acquaintances tried that one. They tried to declare bankruptcy after a spending spree. The wife forgot she had already declared bankruptcy, and they couldn't declare bankruptcy.)

1.) You don't own a home, so that not an issue
2.) Personal property
Unless you have jewelry of significant value, it is unlikely to be taken as part of bankruptcy. Regardless of what you paid for your engagement and wedding rings, they are likely worth only a fraction of that amount. Only actual value and not replacement cost is the only consideration.
3.) Equity in car is what matters. Not what is owed.
4.) Clothes and furnishings again unlikely because they just don't have much resale value.

To prepare for the lawyer:
1.) Collect the last 3 months of statements for all debts (including the car)
2.) Collect the last 3 months of statement for your bank and retirement accounts
3.) Collect information on your husband's accounts

Don't worry about normal personal possessions until after you meet with the lawyer. Only if you have something of significant value or have made a major purchase in the last year. It doesn't sound like you have.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (16) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.