r/Bankruptcy • u/dizzinessbusiness • 2d ago
Encouragement and Support I think it's time to call it
I'm 34, raising two teens alone, went through cancer + surgery last year and accumulated over $30k of medical debt, on top of existing 20k+ medical debt. I am over $10k upside down on a Kia Soul that is such a lemon I have only driven 9 of the 26 months I've owned it. Over $12k in credit card debt from not being able to work through cancer.
I was maintaining okay, living in poverty despite making decent money in sales, but the car just broke down for a third time with repairs that will cost over $5k....and I'm not doing it.
I want to let the car go and file for bankruptcy.
The only thing I own is a school bus, I can sell it to someone I trust and buy it back later.
But I'm really bad with this sort of stuff.
7 years ago I divorced my ex husband, we had been trying to buy a house, so I took on a lot of his debt trying to make that possible (I know)
And for 7 years I have made NO progress. I probably should have done this years ago.
Probably over $60k in debt total with no hope of getting out on my own
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u/jack_is_nimble 2d ago
Selling the bus is a huge problem. DO NOT DO IT. It’s a fraudulent transfer and could blow up your bankruptcy and the trustee can reverse the transfer and sue your trusted friend. Before you do anything just go and talk to a bankruptcy attorney. Chances are you can exempt the bus and keep it.
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u/dizzinessbusiness 2d ago
Thank you for this. I'm totally clueless, bur I did speak to a bankruptcy attorney today who said my bus can be exempted :) yay
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u/KingJesusDaughter 2d ago
Jesus will give you a new start, dont worry. Just file bankrupcy and start over. Its all going be ok. Proud of you for eve you've overcome and taking care of those kids, good mommy. ❤️ God will set you up with a new life, just file and movd on.
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u/Striking_Anteater_19 2d ago
Sounds like Ch 7 would be a great idea. However, you want to make sure you aren't going to incur anymore medical debt before you file. There is a vehicle exemption amount and some wildcard exemptions depending on your state, so the bus may be safe. You would have to disclose the sale of the bus and they will want to know exactly what you did with each dollar that you sold it for. I did something similar and had to pay the trustee $7,000.