poSSumX
07-27-2003, 12:05 PM
Well, it's nearly finalized in our minds, BK7 is likely to be on the very near horizon. Here's my scenario. $45K in unsecured debt. This is the 3rd time we have gotten here, due to poor planning and compulsive plastic usage. The other 2 times we refi'd into our second mortgage (which was pretty inane the second time, as it only secured more debt, and didn't clear up what we had). Now, here we are again :oops: :( . I am having MAJOR pride & embarassment issues with this prospect, however, I can see no other venue (as DC is a scam, and I am not going there).
We are current on all bills, however, we have nothing left to live off of (we also have 2 small children). I have done extensive research on CT BK processes/laws/exemptions and am fairly confident we will retain our cars and house (we both work, so we need 2 cars, not to mention the smaller chid has to be driven to pre-school). I know I will have to reaffirm the loans on both vehicles, and the CT exemption will be covered.
- What are the chances of a successfull BK filing resulting in discharge, being that I am current on all payments?
- What impacts does this have on future employment applications? (currently we are employed, however, the job market is VERY shakey)
- From my perspective, BK7 is the way for us to go. Correct?
- How often are BK7's declined when full, honest, accurate disclosures are made?
One final inqiury. What is the status of the current BK laws and the reform thereof? I know there are "means tests" and the like on the horizon and/or in place now. Does anyone know the effective dates of the BK reform laws? Obviously, I will inquire with my attorney, however, I am curious and anxious on this topic.
I appreciate any comment or advice.
I will be polling some friends, family, and co-workers for attorney's this week, so I can get off on the right foot. A FRESH START is what we need, and a BK7 will also force to start living on cash rather than the dreaded plastic nightmare.
We are current on all bills, however, we have nothing left to live off of (we also have 2 small children). I have done extensive research on CT BK processes/laws/exemptions and am fairly confident we will retain our cars and house (we both work, so we need 2 cars, not to mention the smaller chid has to be driven to pre-school). I know I will have to reaffirm the loans on both vehicles, and the CT exemption will be covered.
- What are the chances of a successfull BK filing resulting in discharge, being that I am current on all payments?
- What impacts does this have on future employment applications? (currently we are employed, however, the job market is VERY shakey)
- From my perspective, BK7 is the way for us to go. Correct?
- How often are BK7's declined when full, honest, accurate disclosures are made?
One final inqiury. What is the status of the current BK laws and the reform thereof? I know there are "means tests" and the like on the horizon and/or in place now. Does anyone know the effective dates of the BK reform laws? Obviously, I will inquire with my attorney, however, I am curious and anxious on this topic.
I appreciate any comment or advice.
I will be polling some friends, family, and co-workers for attorney's this week, so I can get off on the right foot. A FRESH START is what we need, and a BK7 will also force to start living on cash rather than the dreaded plastic nightmare.