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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]

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

Like | Dislike | Share | Posted: Tue, 05/18/2010 - 23:21

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi timl,

If you want get a discharge from all your debts, then it will be a good option to file bankruptcy. You should contact a bankruptcy attorney and take his opinion in this matter.

Take care.

Like | Dislike | Share | Posted: Tue, 06/28/2011 - 01:52

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.

Like | Dislike | Share | Posted: Mon, 12/07/2009 - 00:34

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.

Like | Dislike | Share | Posted: Thu, 09/17/2009 - 00:30

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?

Like | Dislike | Share | Posted: Fri, 12/11/2009 - 06:53 | Post subject:

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

Like | Dislike | Share | Posted: Wed, 11/18/2009 - 22:31

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

You should contact a bankruptcy attorney and discuss your case with him/her. The bankruptcy attorney will let you know which chapter of bankruptcy filing will be best suited for you.

Like | Dislike | Share | Posted: Mon, 01/31/2011 - 02:04

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?

Like | Dislike | Share | Posted: Wed, 09/23/2009 - 15:16 | Post subject:

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?

Like | Dislike | Share | Posted: Tue, 09/15/2009 - 21:42

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

My wife and I have some debt, credit cards, she stop working a couple of years ago to take care of our baby, in that time we got some serius credit card problems, now she has to stop working again for serius health problems, but all the debt or most of it is under her name, wich chapter can we file and can she do it by herself

Like | Dislike | Share | Posted: Wed, 02/09/2011 - 22:15 | Post subject:

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.

Like | Dislike | Share | Posted: Wed, 05/05/2010 - 02:36

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

Like | Dislike | Share | Posted: Fri, 11/18/2005 - 02:07 | Post subject:

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.

Like | Dislike | Share | Posted: Thu, 11/05/2009 - 23:24

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.

Like | Dislike | Share | Posted: Fri, 05/28/2010 - 16:13 | Post subject:

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

Like | Dislike | Share | Posted: Wed, 11/18/2009 - 12:16 | Post subject:

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

Hi Diana,

You can apply for a credit card with Home Depot. It will be their discretion whether or not they will offer you a credit card now. They will check your credit report and your financial situation and let you know about their decision.

Thanks

Like | Dislike | Share | Posted: Sun, 10/09/2011 - 21:52

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

Like | Dislike | Share | Posted: Wed, 09/23/2009 - 21:17

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

I am drowning faster and faster in credit card debt, i am using my credit cards to live off...my only income is social security which is the miminum.
my question is do i get an attorney first or go to credit counseling?
thanks

Like | Dislike | Share | Posted: Sun, 09/26/2010 - 16:36

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.

Like | Dislike | Share | Posted: Fri, 02/26/2010 - 02:35

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?

Like | Dislike | Share | Posted: Sat, 12/05/2009 - 13:48 | Post subject:

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

We filed a Chapter 13 in 2001 and has been discharged.Home depot was one of our creditors.Do you think it would be possible to get another Home Depot credit card.My credit score is now 699 and I presently donot have any credit cards.We own our home and make installment loan payments for our vehicle.Does Home Depot automatically red flag your account with a past bankruptcy?and not even consider your application?I would appreciate any input! Thankyou!

Like | Dislike | Share | Posted: Sun, 10/09/2011 - 03:35 | Post subject:

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

Here is my story.... July 2010 I was laid off, and couldn't afford the $1800/ mortgage, in addition my wife has about $2200 cc debt, I have about $1000 in cc debt.
we have a signature loan for about 7K.
My wife was working and daycare ran $150 a week.

Now the good new....
I took a job in another state, making a little less than I did prior to getting laid off. My wife relocated, and cannot find work. My rent and utilities are running about $1100/month. We have two vehicle payments which total about $550 month. She is getting some unemployment.

Should I consider filing for bankruptcy?

Thanks

Like | Dislike | Share | Posted: Mon, 06/27/2011 - 16:38 | Post subject:

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.

Like | Dislike | Share | Posted: Thu, 01/03/2008 - 14:05 | Post subject:

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.

Like | Dislike | Share | Posted: Sun, 09/20/2009 - 21:44

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

Hi vdogrrl,

You can go for a credit counseling yourself and then meet the attorney in order to file bankruptcy. However, if you wish, you can speak to an attorney and then go for credit counseling. There is no hard and fast rule in this regard.

Like | Dislike | Share | Posted: Mon, 09/27/2010 - 00:32

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

we can no longer afford our home, about 150,000 under water here in California. We have a 1st and 2nd. We have put our home up for short sale but that is only if the mortgage company doesn't forclose on us first which means they will come after us for the 2nd. We have already moved into a rental we can barely afford. Have 1 credit card with 14k balance & a pers loan w/ 11k, both equal out to 600.00 a month in payments. We just can't afford it anymore. Lost our house, our dog, our security, and still cant afford to live with 4 kids. Help...scared! Don't know what to do but I don't work and I am afraid they will garnish my husbands wages if we don't do something quick. He works soo hard for us. I can't continue to live like this, i spend every day in tears!

Like | Dislike | Share | Posted: Sat, 02/19/2011 - 19:48 | Post subject:

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

Hi Guest!

Welcome to forums!

After a foreclosure, you'll be liable for paying the deficient balance resulting from the property sale. If you pay off the dues, then your car will be safe. If you cannot pay the dues, then the lender can file a lawsuit and place a lien on your car.

If you want to file bankruptcy, then you should contact an attorney and discuss your situation with him. 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

Like | Dislike | Share | Posted: Thu, 10/28/2010 - 23:57

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

Hi Xavier!

Welcome to forums!

Your wife can file chapter 7 bankruptcy in order to get rid of her debts. She should contact an attorney and take his help in this matter.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 02/10/2011 - 23:19

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

My fiance and I both have credit scores below 500 due to ex's screwing up things for us, we want to get married and file ch 7 bankruptcy, can someone tell me what we need to do and if this should be done? We have no home, we live with friends and my car is our only means of work. We only make about 800 a month. HELP

Like | Dislike | Share | Posted: Sat, 09/24/2011 - 00:32 | Post subject:

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

I became disabaled a year ago and cannot make house payments now. Will be foreclosed on in 30 days. I get disability payment and also my husband was killed at work and I get money each month from workers comp. I have not other bills but house and car payments. No credit card bills. Can they take my car, I have always paid on time. Do we count my late husbands money in filing bankrupcy? Do I file Chapter 7 or 13?

Like | Dislike | Share | Posted: Thu, 10/28/2010 - 13:12 | Post subject:

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

Hi my husband and I have 25k in credit card debt and although we have good credit and making payments on time, we are very tight with money. We pay the credit card and we end up using it again just to make ends meet. Sometimes we don't use it for a couple of months but the interest rates are so high that even above minimum payments on the card will not lower our debt at all. We have three kids and he's currently going to school. He has an oustanding loan of $75k. He will be graduating in six months and I'm afraid when his student loans are due, we won't be able to make the payments. Should we apply for Chapter 7? He makes $60k annually and we're a family of 5.

Like | Dislike | Share | Posted: Wed, 07/21/2010 - 15:41 | Post subject:

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

Chapter 13 will help you in reorganizing your debts. After the 5 year payment plan ends, you can [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the rest of your debts at an affordable rate and pay off the dues. If the creditor doesn't pursue the debt, then he will issue a 1099c and it will considered as a borrowers income and he or she will have to pay income tax for it.

Like | Dislike | Share | Posted: Mon, 10/04/2010 - 01:45

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

If someone files for a chap 13 BK and almost has 500K total debt (15K unsecured and the rest secured)
does she have to repay the 100% of 500K or just a portion of it?
what happen to the unpaid remainder after 5 yrs?, will the lender can still come after her?
if creditor wont pursue the remaining debt, are they gonna issue 1099 so that it will become like a "phantom" income on her part.
thaks

Like | Dislike | Share | Posted: Fri, 10/01/2010 - 13:56 | Post subject:

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?

Like | Dislike | Share | Posted: Mon, 05/24/2010 - 09:34 | Post subject:

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

Sue,

My husband and I went to a lawyer at Rahaim & Saints her name is Tiffany Poole. I don't have her number on hand but she was very helpful for us.

Like | Dislike | Share | Posted: Wed, 08/11/2010 - 07:48

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

Hi poshtots,

You can contact your first lender and apply for a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url]. The first lender won't be able to come after you in order to recover anything. You can negotiate with your second lender and ask him to forgive your dues. If he does so, you won't be liable for paying off anything to the lender.

Thanks

Like | Dislike | Share | Posted: Sun, 02/20/2011 - 23:02

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?

Like | Dislike | Share | Posted: Wed, 09/16/2009 - 17:26 | Post subject:

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?

Like | Dislike | Share | Posted: Tue, 05/18/2010 - 17:00 | Post subject:

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

Like | Dislike | Share | Posted: Mon, 05/24/2010 - 22:59

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

We have fallen behind due to my plant shutdown and health problems. We have made qualifing paymts for remod on our home loan. Only to be shut down after we give them 2000.00 plus dollars 3 times. They wont give us an answer on where that money went and turned us down for remodification. We are looking at once again sending them 2000.00 plus Feb 1 st. Where do we turn to?? Chapter 7 or 13 or what?

Like | Dislike | Share | Posted: Sun, 01/30/2011 - 10:24 | Post subject:

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

I don't know why you keep discouraging people from filing chapter 7. It's on your report for 10 years, but the credit card people try to get you to take out more the day after bankruptcy. I have a great lawyer and as a teacher with 45,000 in debt I'm going for chapter 7 and i'll have a clean slate. I think the person giving advice here is uneducated and is on the side of the creditors.

Like | Dislike | Share | Posted: Fri, 12/17/2010 - 19:39 | Post subject:

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 .

Like | Dislike | Share | Posted: Mon, 04/26/2010 - 12:51 | Post subject:

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

Hi Amandaandsteve,

Your query has been replied to in the given page:
http://www.mortgagefit.com/postdeal/about53168.html

Please take a look at it. I hope it will help you.

Thanks

Like | Dislike | Share | Posted: Sun, 09/25/2011 - 23:13

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?

Like | Dislike | Share | Posted: Tue, 05/04/2010 - 13:21 | Post subject:

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?

Like | Dislike | Share | Posted: Thu, 11/05/2009 - 10:36 | Post subject:

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 ?

Like | Dislike | Share | Posted: Thu, 02/25/2010 - 08:35 | Post subject:

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

Like | Dislike | Share | Posted: Thu, 01/03/2008 - 14:33 | Post subject:

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.

Like | Dislike | Share | Posted: Mon, 08/18/2008 - 12:39 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 08/19/2008 - 06:06 | Post subject:

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?

Like | Dislike | Share | Posted: Wed, 10/15/2008 - 13:32 | Post subject:

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