Aguyintrouble
Junior Member
What is the name of your state?What is the name of your state? New Hampshire
Hello all.
My situation: My wife was taking care of the bills, and was overspending. She maxed out our credit cards, and neglected to pay our mortgages. I found out about this 17 months ago, and we immediately paid up to date on the mortgages (I sold my assetts to do this then) and enrolled in a credit card counseling program.
Fast forward 17 months, and it seems two things have happened. First, we heard from a creditor last month who required us to pay close to 500 to reinstate ourselves on the credit counseling program. This creditor purchased our debt and does not accept payments from services. We paid this within a week of hearing about it.
Last week a sheriff visited attemping to serve me in relation to a debt that we attempted to get onto the program 17 months ago, but they declined. I was at work at the time. They since haven't shown up...
We were never notified by them, not the service we are using about them not accepting the program - hence we haven't paid them in that time. We assumed that we were ok as we heard nothing from anyone.
I have some assetts now, checking and savings to about 5k, a motorcycle worth about 1500 and some old/non-working equipment (like a hot tub that leaks) and such. We have 2 TV's, and the normal appliances etc.
I have 130k in equity in the house, but NH allows for 100k each on a house worth at most 310k, with 170k in mortgages on it. We also have 1 car we own (a 93 Jeep), 1 car we're paying on (just a few more payments and it's ours) and a leased vehicle.
Monthly we're basically breaking even now with the counseling service, and if a judgement is filed against me I'm way negative.
My questions:
1 - Does this seem to qualify as a Chapter 7 case, and I'd assume I'd loose the bike (which is fine with me) but keep the cars and the 5k in the accounts?
2 - How is a determination made as to if you're able to file bankruptcy?
3 - Can the trustee decide to take my tax refund (I usually get about 5-6k back) and any additional monies I make in the next 6 months if I were to file?
We're debating the choice to attempt a full remortgage of the house (though we've been turned down 4 times this week as our credit scores are below 500) and the decision to file.
Any thoughts, advice (which does not constitute a lawyer's advice, etc...) appreciated. We are attempting to find a lawyer in the area to ask advice of too, but wanted to see if we were similar to most others in this situation.
Thanks!
Hello all.
My situation: My wife was taking care of the bills, and was overspending. She maxed out our credit cards, and neglected to pay our mortgages. I found out about this 17 months ago, and we immediately paid up to date on the mortgages (I sold my assetts to do this then) and enrolled in a credit card counseling program.
Fast forward 17 months, and it seems two things have happened. First, we heard from a creditor last month who required us to pay close to 500 to reinstate ourselves on the credit counseling program. This creditor purchased our debt and does not accept payments from services. We paid this within a week of hearing about it.
Last week a sheriff visited attemping to serve me in relation to a debt that we attempted to get onto the program 17 months ago, but they declined. I was at work at the time. They since haven't shown up...
We were never notified by them, not the service we are using about them not accepting the program - hence we haven't paid them in that time. We assumed that we were ok as we heard nothing from anyone.
I have some assetts now, checking and savings to about 5k, a motorcycle worth about 1500 and some old/non-working equipment (like a hot tub that leaks) and such. We have 2 TV's, and the normal appliances etc.
I have 130k in equity in the house, but NH allows for 100k each on a house worth at most 310k, with 170k in mortgages on it. We also have 1 car we own (a 93 Jeep), 1 car we're paying on (just a few more payments and it's ours) and a leased vehicle.
Monthly we're basically breaking even now with the counseling service, and if a judgement is filed against me I'm way negative.
My questions:
1 - Does this seem to qualify as a Chapter 7 case, and I'd assume I'd loose the bike (which is fine with me) but keep the cars and the 5k in the accounts?
2 - How is a determination made as to if you're able to file bankruptcy?
3 - Can the trustee decide to take my tax refund (I usually get about 5-6k back) and any additional monies I make in the next 6 months if I were to file?
We're debating the choice to attempt a full remortgage of the house (though we've been turned down 4 times this week as our credit scores are below 500) and the decision to file.
Any thoughts, advice (which does not constitute a lawyer's advice, etc...) appreciated. We are attempting to find a lawyer in the area to ask advice of too, but wanted to see if we were similar to most others in this situation.
Thanks!