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Couple ?'s about filing

Guest Pekingmoon

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Guest Pekingmoon

My situtation:

In 2000 I moved to Boston to complete my undergrad - and fell way behind on my 2 CC's - an Amex and Citi totaling $12,500 approx. In addition, I had wracked up a Fleet bank over draft of $2500K and an $270 Verizon bill. Due to my major - I could only work enough hours to pay rent, thus the two CC's charged off in Aug 2000 and Feb 2001.

After graduating - I started saving and paying off first the Verizon and then the Fleet bill in full in Jan 2004. Fleet then changed to BOA - and I now have a checking account and debit card with them.

In Aug 2004, I left my job for another job, which fell through. I have since been unemployed and am living with my parents. I do not own a car (I use the car in my fathers name) Obviously, I have very few assets on record.

In July 2005, I entered grad school. In both sessions I have received a refund from my Title IV loan (Federal student loans). My current refund was VERY High - due to a family discount I also qualified for. Since these monies are only to be used for Educational purposes, I was planning on opening an ING or Emigrant direct savings - and paying off the accrued interest on my current loan.

In Sept. I received a Dun from a law office in my state - did the whole DV and they filed suit. They were always prepared to file suit since their paperwork to file had Sept dates on it, 2 weeks after I received their DUN. Anyway, they summon - I answer. Now, they have filed a Motion for Summary Judgement - there is a court date set for Jan. 4, I got interrogs...etc.

At this point - the paper work to oppose MSJ in my state is a pain - and I'm in the middle of finals...I had 10 days to oppose from last Friday and have no time. Unfortunately, I can see this lawsuit waking AMEX and then I'm totally screwed. This lawfirm got a wiff when I was employed and paying back creditors...but has no idea yet that I am 1. unemployed and 2. don't own a damn thing.

So, I've decided that filing Chpt 7 in Jan will be the best plan. However - there is a question of my money in the checking account. It is approx. $3K - but it was not earned money - this is from a Federal Student loan refund. I want to draw out the money before the MSJ and a freeze on the account. However - if I file BK7 in Jan. how will this "removal of funds" look?

Should I wait to file BK7? How long?

Will BK7 hinder my loan renewal in April? I wont graduate until next December - 2006.

Also, since I live in my parents house - and I don't own a title to a thing - and am an unemployed, FT grad student - am I a pretty good candidate for BK7 with only $13K in debt?

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