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Check whether you qualify for Bankruptcy Chapter 7 or 13

Posted on: 18th Nov, 2005 01:16 am
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 bankruptcy chapter 7 or Chapter 13 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.

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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.
Posted on: 20th Sep, 2009 09:44 pm
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?
Posted on: 23rd Sep, 2009 03:16 pm
hi jeremy!

welcome to forums!

as far as i know, in order to qualify for chapter 7 bankruptcy, 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
Posted on: 23rd Sep, 2009 09:17 pm
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?
Posted on: 05th Nov, 2009 10:36 am
hi randolfo,

you can file chapter 13 bankruptcy. 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.
Posted on: 05th Nov, 2009 11:24 pm
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
Posted on: 18th Nov, 2009 12:16 pm
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
Posted on: 18th Nov, 2009 10:31 pm
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?
Posted on: 05th Dec, 2009 01:48 pm
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.
Posted on: 07th Dec, 2009 12:34 am
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?
Posted on: 11th Dec, 2009 06:53 am
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 ?
Posted on: 25th Feb, 2010 08:35 am
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.
Posted on: 26th Feb, 2010 02:35 am
Thinking of filing chapter 13 on 55,000 in credit card debit. I am on social security. Could I still do it .
Posted on: 26th Apr, 2010 12:51 pm
What is the yearly income that 2 can make in order to file and qualify for Chapter 7?
Posted on: 04th May, 2010 01:21 pm
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 chapter 7 bankruptcy. 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.
Posted on: 05th May, 2010 02:36 am
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