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Check whether you qualify for Bankruptcy Chapter 7 or 13

Have you tried out various ways to get out of debts? Or do you think that bankruptcy is the only solution to a debt free life?

You can file either of [b:7b83d9946a]bankruptcy chapter 7 or Chapter 13[/b:7b83d9946a] but this depends on your financial ability to pay off debts. This is determined by the Means Test introduced by the New bankruptcy Law.

bankruptcy chapter 13 or chapter 7


To know more about bankruptcy please visit click here.

Related Articles[list:7b83d9946a][*:7b83d9946a]Chapter 7 Bankruptcy

[*:7b83d9946a]Chapter 13 Bankruptcy[/list:u:7b83d9946a]

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jessica,

Thanks for the information. I am always confused about this chapter 13 and chapter 7 bankrupcy. And when to file what. But the chart has cleared a lot of doubt.

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what can i do? i am on social security and i am in a mess with check cashing stores and i can't pay them all back.

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to Mortgagefit discussion board.

What companies have you got the loans from? Are they online or storefront? If you are dealing with internet payday loan companies, then feel good to know that most of the companies that are doing business in the US are not legit. Most of them have been breaking the federal and state laws. Please tell me the name of the companies you are dealing with so that I can tell you more about them

Now, since you are on social security income, I can understand that your finance is tight. If the major portion of your money is going to these pdl places, then you don't have anything left for yourself at the end of the month. It will be a good idea to speak to your branch manager about these pdl companies and if possible, block them from pulling out money out of your account. Closing the account is no

Do let me know if you have any other questions.

Thanks
Blue

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we make $100K with $70K i unsecured debt. we have a house valued at $177K. we have been told we do not qualify under the means test and plan to file for chapter 13. we are worried that we will be unable to pay the payment ammount the courst may come up with. is it geared to what you can "actually " pay or based on something else. is ther a point where they will tell us we are unable to be helped and be turned out on our own? or will the system to their best to help us "find a way"? All we really hope to do it keep our house and will make whatever other changes we need to.

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi guest,

Welcome to our forums.

I would advise you to be positive about the filing. It's not that the court comes up with what you actually should pay. Rather it makes you pay what you can afford in your current situation. Well, if you don't satisfy the criteria for filing chapter 13, you won't qualify. But this doesn't mean it's all over. Since the debt is unsecured, you have a chance to enrol for a debt consolidation, settlement or a debt management program. But yes, it'll depend upon your situation as to which one will suit you the best.

Did the court appoint a trustee and when do you have to appear in court to take a look at the repayment plan?

Regards,

Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Me and my wife had a baby last year and ended up with over 20k credit card debt. We own a house but owe more on it then it cost us to build it 8 years ago. I am the only one working due to it would cost more for my wife to work and pay day care then for her to stay home. we only make 27k a year. would chapter 7 be able to eliminate our credit card debt but allow us to keep our house?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi JohnG!

I don't think a Chapter 7 will be helpful for you. Moreover filing a chapter 7 will affect your credit report badly. It will in your credit report for 10 years and I don't think it will help you to save your house.

Its better if you could file chapter 13. This bankruptcy will help you in reorganizing the debts. The lender will give you a different plan through which you will be able to pay off the loan within a period of 3-5 years. This will also help you to save your property.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've been banging my head for the last 4 years. I've been trying to get out of credit debt and still have fallen backwards. Recntly I been layed off. Still looking for work. I have about 15K in debt. Had just moved out of my apparment. Collectors have already taken my truck (which was just payed off) and took all of my savings and Im getting no where trying to talk to these people. I get a better response from my dog. I had to move in with my dad recently and were trying to find if bankrutpcy can help me. I've been trying not to verge to that route but now it seems like my only option. Im still confused if i qualify or not. I really need some advice. My credit rating may also be affecting my job search cause i know i could have been employed a few time recently but employers excuses seem too vague... unsure... I dont know what to do. Have unemployment, but that wont even cover any payments their looking to receive. Judgments are letters and judgments are piling up and im stressing out pretty badly. Will bankruptcy help me. Remember these debt were incured 2002.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Joe the scared one!

I can understand your tough situations and hope you will easily come out of them in future.

Have you tries short sale or deed in lieu foreclosure? You can try these options but for that you will have to speak to the lender.

You can opt for bankruptcy but you should remember that it will badly affect your credit score. You can try for Chapter 13 bankruptcy rather than Chapter 7. Chapter 13 bankruptcy is known as reorganizing the debts. The lender will give you a plan by which you will be able to pay off the debts within 3-5 years. In this process, you will not lose your property.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

$$$$ Med bills (stopped counting when reached $150k last year)
Lost home to foreclosure due to shady predatory practice lender
Sold my only car to pay rent (which by the way only paid for 1 month)
Landlord threatens kicking my out with my 3 kids EVERY MONTH! Its his house he can do whatever he wants to do.
Multiple untils cut off at any given point
$2500 month/rent and no means to move
Infant and 2 other kids under 18
Ongoing illness but dont qual for disability
No credit cards to borrow on
Signed for a vehicle 4 years ago for my ex that Ive NEVER driven so Im responsible for the bill and keeping it insured.
He cant qualify for a loan to get it out of my name (although hes willing and has tried on SEVERAL occasions)
Upcoming divorce which will yield NO child support or Spousal support because hes a HS dropout not from this country and limited skills -- whos gonna hire him although hes WILLING and tries to find work
ALL family members on public assistance = NO ONE WHOM I can ask for help
Ongoing Illness = prospects of finding work outside the home is SLIM -- I look ill so whos going to hire me????
I have marketable skills but I MUST WORK FROM HOME -- whos going to hire me with a salary that will sustain a roof over my 3 kids and my head?
No assistance from FEDS or STATE
Creditors keep threatening bad credit -- UM GUESS WHAT? TOO LATE!! I guess Ill keep them employed by at least giving them a phone number to call every day
At least 1 Util cut off every month
The only thing Im trying to protect at this point is my clearance -- and even that is threatened.

OK. Any financial Hot-Shots who can figure THIS one out?? Im ALL EARS!
OK. I give up! You WIN! (whoever YOU is)

Signed
Totally Utterly and COMPLETELY DEFEATED

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anon,

Welcome to our community forums.

What type of bankruptcy did you try out for? I hope it's chapter 7, right? Well, I'm afraid but you're in a mess. By this time, the medical bills must have accumulated to a lump sum amount. What is more worse is, you're not getting any assistance from the state or the Fed.

Is there any way you can look out for a freelancing job or something like that? Otherwise you won't be able to meet your daily expenses even. If possible, at least start off with a part time job because you have bills to pay and the creditors are after you. So, you'll have to pay at least some amount. What I mean is, you have to earn enough so that you can at least consolidate or settle your debts. Moreover, you have 3 kids too.

Regards,

Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My attorney messed up and turned a couple numbers around and now the US Trustee is asking questions, the attorney is saying its possible my case will get dismissed. I do not understand how this can be. Even with out his screw up, we pass the means test due to how much money we put out each month. Since its the attorneys screw up, you would think he should have to fix it. Any suggestions???

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lori!

Yes, as far as I am concerned, I think your attorney should fix the matter. But then if the case gets dismissed, you can appeal to the court and there are chances that after few months, your appeal gets accepted. You can also try [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url] again if your case has just got dismissed. But you should remember that if bankruptcy is discharged, then there is no automatic stay and creditors can attempt to collect the debt that you owed to them. Foreclosure procedure can start up again and your bank accounts get garnished. Check out the following link for further information on bankruptcy getting dismissed:
http://www.mortgagefit.com/discuss/bankruptcy-dismissed.html#3033

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

6 mos of credit counseling, does that mean that creditors can hound you for that time frame? Anyone have a great attorney in Delaware for bankrupcies?
Sue

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey Sue,

In credit counseling, you will get a debt management plan and this will help you in paying off the creditors with the help of a repayment plan. If you have already taken up a plan for credit counseling, I think you should wait for sometime before [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url].

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have about $85,000 in unsecured credit cards debts under my name only,in which mostly in collections. i am unemployed, but own a house with equity of over $200,000. my husband is paying for all our expenses including home mortgage. he cannot afford to help me. i wanted to file for a chapter 13 or 7 bankruptcy. do you think i am qualified for either one? i have no way of paying my credit cards at the moment until i get a job. what will happen if i can't pay? will i be sued even though these are unsecured debts, and how long will they send me to court? i haven't been paying for over a year now. we have equity in our house, but cannot afford to borrow. i really appreciate your input. thanks

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi depressed,

You will have to go for a Means Test in order to check if you can qualify for Chapter 13 or [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url].

The credit card company can always come after you in order to recover their debts. You can try out the options of debt consolidation or debt settlement in order to clear off your credit card debts. In a debt settlement, your outstanding balance can be reduced by 40%-60% depending upon your situation. In a debt consolidation, the interest rates will be reduced.

You can contact any debt consolidation company and check out their plans. If you can afford any of these plans, you may go for it.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Good afternoon. I'm trying to figure out if I should file for bankruptcy or if I have other options. I'm 24 and have been caught in the payday loan trap. I have three payday loans totalling 3K, but the interest is $500/paycheck. I've fallen way behind on my credit cards (6 total...about 5k in debt). I make about 30K/year, but am barely able to cover my insurance, phone, utilities, and rent each month at this point. I've slowly fallen behind on my car payment as well...I'm about 2 months behind right now. I don't really have any assets...no savings, and the only property I own are the bedroom furniture (dressor, nightstand, hope chest) that my parents bought me when I was a kid (seven or eight), and a laptop that I use to work from home and browse the internet on accasion. Any advice? I don't want to default on my obligations, but I can't go on living like this either.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome ceonajaj,

Rather than [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url], I would suggest you to go for debt consolidation or debt settlement. If you go for debt settlement, your payments will be lowered by 40%-60% depending upon your financial situation. If you go for debt consolidation, the interest rates for paying off the credit cards will be reduced.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is it neccesary to report property out side the country while filing a chapter 7?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ARI,

As far as I know, you should report all the properties that you have while filing [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url]. I would suggest you to contact your bankruptcy lawyer and discuss your options with him.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a question concerning Chapter 13. My wife and I are planning a chapter 13. Our unsecured debt is about 35K. We have a first mortgage of 160K and a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] of 70K. Yet home values have plunged horribly. Our home is now only worth 185K. Both these mortgages are up to date, and have never been late. The problem is the unsecured debt. We passed the means test and have disposable income of $100. We already figured in the court cost each month. This would mean $6000 to go to unsecured creditors. Our question, the bankruptcy law says that Chapter 13 unsecured creditors are to get what they would receive if we filed Chapter 7. Does the equity imbalance have a bearing on this at all? We are under the assumption that if the home were to be liquidated, any equity that's left would go to the second mortgage lienholder. There would be nothing left in this scenario to be paid to unsecured creditors. We are making our best effort and really have no other assets of value, except household items, which are exempt in Pennsylvania. We make more than the state median and we will consult an attorney later. We just wanted to get some reassurance that we're on the right track with our thinking. Can anybody help?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi MC

If you file [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 bankruptcy[/url], you would get a discharge when you pay off the mortgage dues according to the new plan given to you by your lender. As far as the unsecured debts are concerned, they will get discharged. As you've mentioned that you make more money than the state median income, you won't qualify for Chapter 7 bankruptcy filing.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

JUST GOT A JOB BEEN UNEMPLOYED FOR ABOUT 4 MONTHS. EVERYTHING IS BEHIND SOME OF MY CREDITORS ARE WORKING WITH ME, BUT MY MORTGAGE COMPANY DOESN'T GET IT i BORROWED MONEY FROM FAMILY & FRIENDS TO PAY EVERYTIME i PAY WANT, NEED MORE MONEY EVN WHEN I EXPLAIN THAT I HAVE GIVEN THEM ALL I HAVE, I HAVE MANY OTHER DEBTS INCLUDING PROPERTY TAXES. i TOOK THE FIRST JOB I COULD, EVEN THOUGH IT IS LOW PAY . AT THIS POINT I FEEL THAT [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]FILING BANKRUPTCY[/url] IS MY ONLT ALTERNATIVE I AM A SINGLE PARENT, ARE THERE ANY OTHER OPTIONS FOR ME ?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi CARLA,

If you want to get rid of the mortgage, you can apply for a deed in lieu foreclosure and check out if the lender approves it. This will help you in selling off the property and you won't be liable for the deficient amount. However, this will definitely effect your credit score.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've filled out an online means test and I have a question. Will my payments on school loans and 401k loans qualify as an expense that will be deducted from my bottom line disposable income? Does a trustee allow room for those payments?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lori,

Your query has been answered in the given page:
http://www.mortgagefit.com/bankruptcy/ch13-meanstest.html

Take a look at it. I hope it'll help you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My inlaws currently owe 12,000$ in back city property taxes, they have student loans that are being paid for by garnished income tax returns, and now an 8000$ (30% interest annually) lien on their property from medical bills which is being garnished from their wages. Their only asset is the property with a house on it, valued at 200,000 combined.

Is bankruptcy an option here? Is there anyway they could file and keep the house and property?

I'm not versed in liens, if the lien is payed off in one payment, then the lien is lifted?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hi i am in chaptr 13 bankruptcy and still struggling to make the payments; can i get my case dismissed and just file chapter 7?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

To C and M,

As far as I know, back taxes and student loans do not get discharged through bankruptcy. Your in-laws will have to pay it off. As far as other liens are concerned, you can make one single payment and pay them off. Once you do so, make sure you get a lien release certificate from the creditor.

To help,

You do not need to dismiss your [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 bankruptcy[/url] to Chapter 7. You can simply convert your bankruptcy into Chapter 7. You can contact your bankruptcy attorney and take the required steps.

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gunz.ijjistaff's picture
gunz.ijjistaff | Joined: April 7, 2009 02:40 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jessica,

Thanks for sharing this information with us. I never got information about how to proceed chapter 13 to chapter 7 before that. I respect your knowldge.

Thanks you So much Mam.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

So if I make under the median for the state, but do have about 200.00 left over after allowable expenses...should I be okay for Chapter 7 still?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jeremy!

Welcome to forums!

As far as I know, in order to qualify for [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url], it's essential for you to qualify the means test. You need to contact a bankruptcy lawyer and take the means test. The lawyer will be the best person to let you know whether the left over amount will be considered when you file Chapter 7.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My wife and I both have good jobs. We have a good house that is worth about $1.3M, but we owe about the same on it. We have a second home that is worth $180k and we owe $185k on it. We have 2 new cars on payments and they are worth less then what we owe on them. We have over $100k of credit card debt and $100 of student loan debt. We pull in over $280k/yr, but we are drowning in terms of cash flow. We have big blips in our pay during the year because one of us consults and one of us has bonus income sometimes. We are also supporting two kids and an elderly great Grandmother. Our credit cards are maxed out and we have no way to get cash unless we liquidate our $150k of 401K retirement money. We cannot even borrow on the 401k because we already have a lone on some of that money, and we would need to pay it off before we could take out any more. Can we, or should we, file Chapter 13?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Randolfo,

You can file [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 bankruptcy[/url]. It will help you in getting rid of the unsecured debts. As far as your mortgage on the property is concerned, the lender will give you a repayment plan to pay off the dues. However, a bankruptcy would stay in your credit report for 10 years and would lower your credit score by 200-250 points. Before you file bankruptcy, it would be better to consult a bankruptcy attorney and then take the decision.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my lawyer says to file chapter 7, said i would have to take a couple of internet test, nothing about 6 months before filing?. my significant other have been together for 22 years but not married so the lawyer said we must file separteley, we have about 50000.00 in credit card lans and medical debt, iwas was laid off this year and with unemployment and what my wife(i call her my wife) makes we are short about $500. a month to pay mortgage utilities and food( just the basics). we have a daughter in colege and pay for that. my wifes car is paid and worth more than $3000 and i have a boat worth maybe $12000, stock worth $18000 how can i protect this for my daughters college and shoul i do chapter 7 or 13?? help mark

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

You can file Chapter 13 as it will help you in reorganizing your debts. Thus, you won't have to sell off your assets to pay off your debts. Your lenders would give you a payments and you'll have to make the payments under the supervision of the court. Thus, you'll be able to save your property.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if some creditors have a judgement against you i know they can clean out your checking account, question can they clean out your tyraditional ira account for retirement?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Retirement account cannot be garnished by the lender. However, the lender will be able to garnish your savings account or your checking account in order to recover his dues.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I went to a bankruptcy lawyer yesterday, he is not sure i will qualify for Chapter 7, i am gathering the info, but i almost think i would want Chapter 13, i want to keep my house and cars, i have the cars paid off in 3 years. Say i owe 40.000 in unsecured debt, with my house and cars i can not afford to pay much in chapter 13, but i could afford a little, do you have to pay off the whole 40,000.00 in 5 years?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I lost my job a year ago. I was making 50 to 52 K a year, now I am lucky to make 22000 a year. I am on a commission only sales job. I avg approx 1500 to 1800 a month. My mortgage is 1065. My credit cards are 950. a month. Not counting Utilities, food, and gas expense to go to work. I have no savings. I had to literally depend on my cards to get by. I can move to my homestead that my brother and I are co-owners. If the house is appraised at 50K and that means my portion is 25K. Is it true I can have 20K is asset in Ohio which means I have 5,000 to put towards my debt ? I need a place to live, can the trustee take my homestead that my brother and I own ?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your query has been replied to in the given page:
http://www.mortgagefit.com/postdeal/about35408.html#152684

Take a look at it. Hope it helps you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thinking of filing chapter 13 on 55,000 in credit card debit. I am on social security. Could I still do it .

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is the yearly income that 2 can make in order to file and qualify for Chapter 7?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

To Kathy,

You will be able to file Chapter 13 in order to get rid of your credit card debt though you are in social security. You will have to contact a bankruptcy attorney and take his opinion in this regard.

To Guest,

The state median income will be considered while you file Chapter 7. If your income falls below the median income for your family size and there is no abuse, then you would be able to file [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url]. You will have to check out what your state median income is. This will help you know whether or not you would be able to file Chapter 7.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is the median income for madison county Illinois?
Can I file chapter 7 and keep my car but not my house? I have always had good credit but when I bought my home I was tricked and now the repairs needed are almost twice the value of the house.
If I am not including my husband in the bankruptcy does his income count towards my income for these purposes?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Nell,

As far as I know, state median income of Madison county, Illinois is $73,291. However, you can contact a bankruptcy attorney and he will be able to help you in a better way.

You can reaffirm your car loan and pay it off and save the property. As far as the house is concerned, you may not reaffirm it and let the lender foreclose the property.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have recently had a motorcycle repossesed (owe 10,000), we are buying our house (owe 39,000). We have a car that we are having trouble making the payments and am afraid we will loose soon due to a small mountain of other debt (small loans, medical). Our expenses are currently 90+% of income. Is this a situation that qualifies for bankruptcy, or if not what can we do?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ericjasonj!

Welcome to forums!

I would suggest you to contact your bankruptcy attorney and take his opinion in this matter. He will be the best to guide you in this regard. He will go through your financial situation and let you know which chapter of bankruptcy filing will be best suited for you.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I do not think it is good advice when you tell someone that it will effect your credit report since it is probably already messed up. I filed around 9 yrs ago and am going to file again. A few years after I filed the first time I was given a loan to buy a new Jeep and got credit card offers. I say, jump in with both feet and go for it. Many "debt" counseling companies really do you no good. I tried those too. It was great to put all the debts to bed and start fresh. I am ready to do it again.

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