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Subject:  Throwing in the towel... BK inevitable Date:  10/31/2012  4:26 PM
Author:  brokebrokebroke Number:  306177 of 312697

Hi. It's been a while since I've posted to this board - not since last March 2012. To recap... I had approximately $30K in unsecured debt plus about $15K in a car loan. I was laid off from my $58K/year job November 2011 and was collecting unemployment while searching for work. Well, here we are, seven-months later, and I'm in no better position than I was back then.

My (marketing/communications) job search lead to two (2) - I kid you not - two phone interviews for jobs in my field (over a nine-month period). In June, I was advised that my unemployment would end in November. Depressed and extremely over it, I decided it would be a good time to return to school. When I did - in late August, my unemployment ended since I was no longer looking for work. I will graduate in May 2014 with a degree in the allied health field - a high-demand, decent-paying field.

Please do not advise me to keep plugging away at my debt. I have been desperately trying to do that for many months just barely keeping my head above water. The next two years will be difficult as well. My school program is full-time - I cannot work even a part-time job (no lie). I assure you, there is no time. My program is very competitive and if I do not meet the minimum grade requirements, I will be cut from the program leaving me in a more desperate situation. This is purely a financial/business decision that I (along with my husband) have made.

I am married, but all debt is in my name. We do not have any joint accounts together. The plan is for me to file for BK and then **slowly** rebuild my credit. Husband has excellent credit and is a school teacher; he doesn't make very much money, but we're getting by on his income while I go to school.

Can somebody please walk me through how to prepare for BK? I will hire a BK lawyer, but I'd like to get all my ducks lined up before meeting with one.

What will they take from me?? How will they know what I have (which isn't much at all)?

I/we do not own a home.
I have no savings (only retirement accounts).
Family jewelry? Rings, necklaces?
My engagement/wedding ring?
My car - I still owe about $13K? What if I sold it to my husband?
What about the furnishings in our rented house?

Again, please do not make me feel like a bad person for this. It has taken me a long time to come to the decision. Any insight on how I could keep my possessions would be greatly appreciated. I'm in VIRGINIA

Also, I know that they cannot touch my retirement accounts and that my student loans will not be discharged.

Thank you!
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