Re: What if I stop paying CC without BK7

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Subject  : Re: Re: What if I stop paying CC without BK7

Comments:
: : Hello everyone, I've already learned a lot from this forum, so thanks already.
: : After seeing 2 BK attorneys and listening to Susy Ormon, I don't know what to do.
: : I'm in FL and I qualify for Ch7 but I'm confused. 
: : 1)I could keep my car if I don't have more than $1000. equity in it. It's almost paid off and worth about 5-6K. therefore Trustee would take the car, right?

: Not necessarily. It depends on your other exemptions and the trade in value of the car. Look at the classified ads to find out what your car is truly selling for. A CarMax or dealer appraisal may also be a lot lower than you think.

: : 2)No home, no savings= no problem there.

: Correct.

: : 3)Also, I heard that even if my CCs are in my maiden name only, if they were acquired during marriage, creditors would probably go after my husband for payments. True?

: Not unless you live in a community property state (which Florida isn't) or he has signed as a co-signer.

: : 4)Also, last year I bought a $5000. minivan (husband old car engine died) with 2 credit cards purchase checks.

: Depending on when in 2003 you bought the van, this won't be a problem.  

: : 5)Lastly, mu husband's little fishing boat is under my name and worth about 2K.

: If it can be exempted, it's fine. If its value is sufficiently low, it's fine. Again, try to find what boats such as his really sell for.

: : Should I just sell everything before filing?

: Why? It's unlikely that the Trustee will want to take everything.

: : We're getting ready to move so I was thinking; what if I just stop paying the CCs and don't give any forwarding phone or address? And tell my work place to not accept ANY calls for me, would that work and how long before creditors leave me alone?

: It won't stop them for long. You can even move out of the country and they'll find you nowadays.

: I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at www.brettweiss.com/FAQ/br_faq.htm.

: I strongly recommend speaking with a local bankruptcy attorney *before* you do anything. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do. 

: Take care.

: Brett
: lawyer@brettweiss.com
: www.brettweiss.com

: *************************************************
: The Small Print: This response is for discussion purposes only. It
: isn't meant to be legal advice and you shouldn't treat it as such. If
: you want legal advice, speak with a local lawyer familiar with your
: state's laws who can review *all* of the facts and the law applicable
: to your situation.
: *************************************************




 
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