First off, I want to say thank you from the bottom of my heart for all of you that made comments on my post yesterday and gave me such love and hope for the future! I will try to respond to all of your comments, or questions.
To begin, I have to tell you that I totally broke down and cried reading all of your comments. I really felt the love and compassion from each and everyone of you. And I appreciate that not one of you were judgmental in your comments at all. I am so relieved that ya'll understood our circumstances and offered us hope for a brighter future.
I was not expecting some of you to come forward and give me your Bankruptcy story too! But it helps to know that others have gone through it and are better off now that you had.
Lonicera (Caroline), no I do not work. I had to retire back in 1996 due to Medical reasons, so I do not work. At least not at a physical job outside of the home where I get paid. I own an LLC Company that my husband works through. So I have to keep up on all the paperwork for the Government, Taxes, etc. So I work, but not for money!
Yes, it is a total feeling of relief to have made this decision and to have it started. Just knowing that it will soon be over is a relief.
Our 1st Creditor's Meeting is set for May 21st. If the Trustee feels that everything is on the up and up, and no red flags are there, he will give the go ahead. He also will be letting us know at this meeting if he thinks that we have some possession that he can sell off. Under the Bankruptcy rules, we have a certain amount of money to "use to protect" belongings. We are using our "protection money" to protect our Truck and Gold Wing Bike. So if the Trustee doesn't want to deal with trying to sell off anything else we have, then we get to keep them and do as we please with them.
From this date (May 21st), the Creditor's has 60 days to contest the Bankruptcy. If they don't contest and want further information, then the Bankruptcy will be Discharged. During this time, the Bankruptcy protects us from the Creditor's actions. Once the Discharge has been granted, then the CRV will most likely be repossessed. I will continue to drive it until this time. Also, this will be when the Bank that holds the Mortgage, will begin Foreclosure on the house.
We were told by our Attorney that we would be stupid to move before we had to. For one thing, we will be able to save up the money we would have been paying for rent to buy our 5th Wheel. And, we found out that until the Foreclosure is complete, and the house has been sold at Auction, the house is still technically ours!
Foreclosure can take 3-6 months and selling at Auction can't be done until a minimum of 21 days (or a month, I forget which) after Foreclosure. Then, if it doesn't sell at the first Auction, they have to wait another month to try again, etc. So that means that we should be in the house for at least 4 months from the Discharge of Bankruptcy (plus the 3 months prior to end of Discharge), making it a minimum of 7 months, and it could be as long as a year. But we are expecting it to sell in the first Auction as the house is really nice and in a nice area. Not to mention all the upgrades we made to the house!!
As Jen, from "Jen's Lap Band Journey" said, I may need to change my blog name to something like "The Traveling Bandster"! I will have to consider it for sure!
Well, I am sorry to continue on with this same theme, but I wanted to thank everyone for all of your love and support. It really shows how much our little community cares for one another. I really rely on all of your comments and support each and every day!
Alexis, from "The Swenson Family", I would love to meet you when you are in California!! Let me know if it is possible. If not, I hope that you have a great trip visiting your family!!
Aloha My Friends :)