Cannot stress enough the need to retain counsel at the earliest possible time to protect your rights.
Maybe there are unclaimed expenses that can reduce your disposable income. Maybe some of the income in the previous 6 months won't be continuing forward. Maybe there is a way to back out and refile at another time when you pass the test or maybe it is best to make corrections and go forward with a chapter 7 or proceed onto chapter 13. While C13 may not have been your initial goal sometimes it does offer a reasonable workable solution.
The attorney will want from you income documentation, information about your budget, debts, and assets. Get with one as soon as you can.See question
Legally you do not have to sign. Take a look at the Reaffirmation Agreement. There is some information in the agreement itself that you should find useful. Signing a reaffirmation agreement doesn't make it effective. To be effective, it needed to be filed with the court before discharge and even then it often is not effective unless a Judge approves the agreement. If you haven't executed an agreement it means that the loan is discharged and your payments are voluntary. BEWARE though, the lender's right to repossess the vehicle SURVIVES. If you continue to pay on time, no reason for lender to take the vehicle. When you pay off loan, lender should give you free title. Your payments will not be reported to the credit bureau, but that isn't necessarily a bad thing. If you don't pay timely, lender has a right to repo the vehicle but NOT to sue you and go after your other assets, like wages, savings, etc. I usually prefer my clients NOT execute reaffirmation agreement.See question
You file bankruptcy by filing a petition with the Bankruptcy court in your jurisdiction. The petition is typically 50+ page document. Courts typically offer the forms available online. The forms ask for various disclosures that relate to your assets, debts, income, expenses and other financial aspects of your life. My clients are asked to provide me with documents to help me fill out the forms properly and we review the documents together before they are filed with the court. Everything in the documents is being disclosed under penalty of perjury so we take great care to ensure disclosure is complete and accurate.
Since 2005 debtors with some minor exceptions are required to complete a credit counseling course and obtain a certificate of completion. There are different types of bankruptcy and depending on your situation you may choose one over another or be limited in your choice. This will depend on the types and amounts of debts you have, your assets, income and expenses. Typically there is also a court filing fee needed unless you qualify for a fee waiver.
Typically, with some minor exceptions, after case is filed the debtor must attend a meeting with the creditors, although often the creditors don't show up, regardless the debtor is examined by a Trustee who has not only reviewed the petition but documents that are provided to the Trustee before the hearing date. Trustee is looking for assets they can sell, fraud, errors.
Some areas have Legal Aid offices that offer assistance to low income individuals. They might just answer questions or they might assist in petition preparations, it depends where you are.
Some other resources for more information include: your local Bankruptcy Court's website, federal bankruptcy website https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics, your local US Trustee Office. Nolo Bankruptcy books typically available at local library offer some good basic background.
Although you aren't required to have an attorney to file for bankruptcy, it is highly recommended. Attorneys rely on Bankruptcy Practice Guides like "Collier on Bankruptcy", understanding of the U.S. Code, Federal Rules of Bankruptcy Procedures, Code of Federal Regulations, and Bankruptcy case law but also draw from other areas of the law like individual state regulations, tax regulations, estate planning, family law, etc.
I'm sure this doesn't answer your question fully but I hope you find it helpful nontheless.See question
Attorney Ms. Bowinski provides a very thorough answer. It is a common misconception that only some of the debts are "included" in the bankruptcy. Also often I find people have misunderstood the Means Test and assumed wrongly that they do not qualify for Chapter 7. You will want to know the effect of bankruptcy on ALL the debts and assets. As Ms. Bowinski I will stress the need to obtain a confidential consult with a competent attorney in your area when all pertinent facts are taken into consideration.See question
Co borrower is on the hook for the loan.See question
Try to settle, wait till you are sued and fight lawsuit, bankruptcy? If you are judgment proof and likely to remain so indefinitely, what can they collect? Social security is protected.See question
You are required to list all debts, regardless what will happen to that debt. Everything us "included" in your bankruptcy, the car loan and the car you want to keep paying and driving, the non dischargeable child support, whatever debts you have.
All assets need to be listed, regardless if exempt or non exempt.
Creditors do not have to provide future services however if they lose money. After your bankruptcy you can voluntarily pay a discharged debt to a creditor if you desire, believe it is in your best interest. With regard to payments prior to bankruptcy, see preferential treatment of creditors.
Hopefully you have retained an attorney and they can advise you and amend your petition if needed.See question
It takes quite a long time, months, years, for IRS to come after money owed. Pay rent. You can make arrangements for the taxes if not today then soon enough. Income taxes can be discharged in BK, but must meet all criteria, 2019 doesnt meet the 3 year rule yet. Concentrate efforts on improving your income and keeping roof over your head. Hope your situation improves. Many people are experiencing financial difficulties right now.See question
Please... hire an attorney, and I dont typically say this unless I believe it to be important. In schedule C you list the specific exemptions that can be applied to your specific assets. You are inbover your head. Doing a motion to avoid undersecured second is not a checkbox form situation. More than 90% of C13 cases filed pro per fail. Last time I checked few years ago it was like 98% failure rate. This is not a process you want to navigate by yourself. Hire a competent attorney who knows their way around C13s. Have them load some of their fees into the payment plan. Good luck!See question
Not sure what you mean by "granted chapter 7". Do you mean you obtained a discharge? Was the debt in question listed in your petition? Is the lease personally guaranteed? Did you list the lease in your schedules? I have more questions than answers. What was the structure of the business? Is the business insolvent? still opersting? Does the business have assets? I recommend you engage in a conversation with your BK attorney and if you didnt have one, hire one now to review your petition papers and determine how to best proceed.See question