Got Bankruptcy knowledge? How far can they go in putting liens on household items?

[Deprived4TooLong]

I didn't date for 8 yrs (by choice), am a single mother of one, and had 2 homes, 4 acres, 3 cars and a Harley Davidson motorcycle. All had been purchased while a single mom too. I had 43 credit cards, and 815 credit score, and was never late, not even ONE payment EVER. I paid the balance on the card(s) I used within 30 days. I transferred my 7% mortgage to my credit cards eventually who offered me 0% instead - the key was to continue paying what the bank made me pay each month (a higher amount) instead of paying the lesser amount that the cc companies wanted me to pay which would have resulted in many more years, and much more interest in their pockets.
I played a game. Instead of paying the phone, electric, cable, mortgage directly, I'd pay them with one credit card. I would then, (WITHIN 30 days), pay that credit card the money I would have sent to those entities for that month. In doing this, I paid NO interest, and obtained points for each dollar spent. I had up to 80,000 points this way and with my points got 4 down pillows, a vacuum, a carpet shampooer, Electronic games for my son, wireless speakers, wireless outdoor headphones that hook to my stereo (for mowing comfort, lol), a BOSE stereo, PC headphones, a $200 coffee pot, and SO much more - ALL FOR FREE. When I installed a well, for water, and I of course had the cash, I charged it instead and paid the cash to the cc company within 30 days. For my entire life, I've always had a ZERO balance each month. I usually only used one card out of the 43 I had (includes gas and store cards). I am very strict on my spending. I HAVE to be, .... it's just me, and JUST my income. I was proud of myself for not having balances, while I've seen other mothers borrowing water at times. Not better... just proud - because roles can switch at any time, so never judge. Life was great.
I trusted one man after 8 yrs, let him in our lives. We were together 3 yrs and were to marry, and even bought the ring sets. I spent my Soc Sec Disability settlement and savings monies on land he had, for our future - while I was charging for dozers, brick layers, pool, water meters, materials - assuming that TWO incomes would be paying it back in our future. In other words, I no longer paid them off at the end of every month. You smell it coming yet?

My money is gone, so is he (I left). The marriage never came, but my money sure went, & it became apparent that it was all lies from the very beginning. Turns out the land wasn't even his, it was his moms who lived in another state far away. To shorten the story, I had put $68,000 on my cc's, $35,000 of it towards construction on the land he claimes was his. He owned nothing. I hired bulldozers and brick layers and equipment, paid for all the materials needed too. So, for trusting and loving the wrong person, I am now having to declare bankruptcy.

My Disability check is only $700 a month, and in a few years when child support (which is less than my Soc Sec Disab check) ends, this will be my new monthly income. !!! With the electric running as high as $300 in the winter, I don't know what I'll do in 5 yrs or less, considering that leaves $400 for food, drs, meds, car ins, home ins, car maint, for everything!

He got me for a total of $100,000. $35,000 on the c/c's and $65,000 in cash that I had. I had met him when I hired him to bulldoze a driveway in my second homes property. I guess he smelled money when he heard "single" and that I had a "second home for a rental income".

I paid for all my homes and cars SOLELY by myself, since I had owned them before even met him.

The second home had to be sold to keep up with the c/c's.
Inevitably, it bottomed out and ONE c/c payment was higher than my TOTAL monthly income. A lawyer informed me that in order to declare bankruptcy that one of the pre-requirements is to have missed 3 mos consecutive payments. So, I have now completed that part. Next is the filing in the courts.

Before I do that.... does anyone know how far credit cards go with collections?
In my state, you are only allowed ONE vehicle with a $3500 value (or if financed, then that's how much equity you can have in it, and the bank financing the rest). As for your home, no more than $35,000 paid off towards the home and the rest financed by the bank.

I have gotten rid of all my vehicles but one. The second home sold (money is gone already) and the land is being advertised ""For Sale" still.

Ready for this? The newspaper made a mistake on my land for sale, and advertised it for TWO WEEKS at $1500 per acre for 4 acres instead of the correct amount of $4500 per acre (will not divide) and STILL I only got TWO PHONE CALLS of interested people. Can you imagine??

EVERYONE is broke. Thats GIVING away land and in TWO weeks, only two people called. Thats insane.

How is Discover, Amer. Express, Citibank and Bank of America on repo'ing things? Does anyone know?

Also, I understand they have a right, in bankruptcy court, to make you sell things IN the home. For example, you are only allowed one TV otherwise its considered 'luxury items' and they auction it to pay the c/c's. How about PC's? Are you allowed a computer or is that a 'luxury item' just to own ONE? Do they actually exercise this right, or just threaten to do it? Anyone know? I have read the internet terms that they outline, and it says they "CAN", but wondered if they actually exercise it.

Also, an acquaintence of mine, who has recently had good credit turn bad, had renewed her homeowners insurance and said that compared to last years cost, it had skyrocketed this time, as a result of her now bad credit (because ins co's began checking your credit too). This means car and home insurance will be MORE, now that you have LESS and have no credit cards available to pay their higher rates. Just when you NEED a c/c! I don't think thats fair to kick a dog when they're already down and injured. Double jeopardy. How can one ever recover with multiple blows as a result. Bad credit, no c/c's and now higher ins rates??, not because your driving got worse, or because you became a drunk with a higher risk of burning the house down while intoxicated or something - no, you just trusted 'love' and had to declare bankruptcy from someone who set out to milk your wallet and you were trusting, loving and obviously, clueless and stupid too. So they deem your necessary bankruptcy as a higher risk for insurance? Come on now. LOL

I have to smile and laugh still. I try not to let it kill that too. THis also kills my ability to support myself on more than $700 while in my senior years by having the rental income - which is now gone (sold). So, physical limits prevent me from working and earning it back as I have done all my life until a few years ago when I had to stop.

Advise welcome (pertaining to how far they go during bankruptcy.) Thanks

[Palooka]

43 credit cards? *faints*

[frugalfranny]

Bankruptcy laws are different for diff. states.

Maybe if you google it for your state you can find some info.

[Deprived4TooLong]

Dont forget to bring the chocolate while you're dancing.

Signed,
Another Chocolate Lover Junkie too

Speaking of fan impact distributions, lol, it reminds me, septic issues got pumped and cleared today - for real! LOL

[Deprived4TooLong]

43 credit cards? *faints*

Zero now. Ya ever heard 0-80 in 15 seconds?
Well, 43-0 in 120 days.

[Palooka]

Zero now. Ya ever heard 0-80 in 15 seconds?
Well, 43-0 in 120 days.

No, lol, inform me.

[Thevail]

First, you need to get thee to an attorney for the best advice on your states bankruptcy laws, if you're disabled they should help you get a free one.

Second.. sue the jerk in civil court. He got you to pay for improvements to what was supposed to be a joint piece of property after the marriage, but he LIED.. it was never going to be jointly owned because he had no ownership in it.That's fraud.

Third, they don't make you sell your TV or microwave or anything, especially if they're not really new. If you have anything that's worth enough to bother with.. sell it now and hide the cash, honey. Better for you to get it, than them.

Your "personal possessions" are considered to be necessary for your continued existence in most states.

Ok.. I gotta say it.. 43 CREDIT CARDS!!!!

Man, that's just freakin' nuts!

[Lora88]

Your story is so sad but the good news is the bankruptsy police will not show and and make you sell anything personal no tv washing machine furniture the only exception is jewelry and just dont declare that you own any You just need a good lawyer and being disabled there is free help available Take care it will work out

[NikoSan999]

First what are you filing a 7 or 13? On a 13 you pay back a portion of the debt. On a 7 it's a clean slate.

There will be a sheet or sheets of personal type items and you will insert number of, example lamps how many, dishes how many sets and if you have stuff that is not on the list use blank sheet. Books are also how many along with DVDs so it's pretty extensive. You also write how much value each has and it plainly state use yard sale prices.

You are allowed a personal exemption which differs in different states. Ours is $5000 per person. This includes car.

When everyone is called together including the credit card companies whoever shows up to claim back their stuff gets it back if you still have it. No, most do not show up. It's not worth their time and travel unless it would be something worth a crapload of money. Sears will show up.

Yes, they CAN take things to sell but they aren't going to bother with a toaster, washer, tv etc. What are they going to do with it? As a lawyer told us, after it's over sell it.

Most lawyers have a consultation free 1st visit. Don't forget tho that this is what makes their living, puts food on their table. You can consult with several. You do need a good one. Think long and hard about questions you want answers to and write them down and leave space to write the answers cause you will forget the answers to some. Take list of questions and a pen.

Make sure you truly feel this is your only option at this point.

[Greebo]

I'm assuming jackass here had permission to use your cards?

[MaryCarney]

Is there absolutely no way you could be employed?? None??? Seems to me that you could learn to do SOMETHING that will pay more than $700/month. What is the nature of your disability, if I may ask?

[rudypoo98]

are you aware there is a federal law that you have to make over $150.50 a week before they can touch it? At $700 a month that is 161.53 a week,so that means they can get$11.03 a week from you.I owed on credit cards after my ex left me my lawyer told me when Discover card was suing me to put my house in mine and a trusted friends name also my car.I'm sure no one can touch the child support and I've also heard they can't touch your disability.I'm thinking if you did these things you wouldn't even have to take bankruptcy.

[lottaLove]

I would get a good lawyer. Were the two of you living together? Here if you live with a person for 1 year or more, your relationship becomes common law, if that is the case maybe he would be held responsible for half the debt.

I'm so sorry you are going through this, but hang tough, get some legal advise, and things may work out in the end.

[rowdy35]

Well, i agree with everyone who was told you to get an atty who specializes in BK. You will go Ch 7, as there is no way you can pay that debt back given your very low income.

No one is going to take anything away from you so quit worrying !! Go to an atty's office on Monday morning, and file your Bankruptcy papers. It's ok to have relationships, just don't give them your money.

I totally understand as I have been through the same thing more than once so just pick yourself up and dust yourself off and start all over again.

[madhen]

No advice. Just wanted to say how sorry I am that such a jerk showed up in your life. Anyone who says monsters aren't real haven't yet met someone like him.

I agree that you should sue him in civil court. (And if you get on Judge Judy, let us know, so we can watch and cheer you on!! )

My 74-yo mother says she won't date because any man old enough to date her is either a dirty old man or after her money. Despite her philosophy, please don't let this sour you on finding a partner. You may be broke, but you don't have to be lonely, as well.