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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.

Related Articles
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?
Posted on: 18th May, 2010 05:00 pm
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.

Posted on: 18th May, 2010 11:21 pm
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?
Posted on: 24th May, 2010 09:34 am
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.

Posted on: 24th May, 2010 10:59 pm
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.
Posted on: 28th May, 2010 04:13 pm
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.
Posted on: 21st Jul, 2010 03:41 pm

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.
Posted on: 11th Aug, 2010 07:48 am
I am drowning faster and faster in credit card debt, i am using my credit cards to live only income is social security which is the miminum.
my question is do i get an attorney first or go to credit counseling?
Posted on: 26th Sep, 2010 04:36 pm
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.
Posted on: 27th Sep, 2010 12:32 am
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.
Posted on: 01st Oct, 2010 01:56 pm
chapter 13 will help you in reorganizing your debts. after the 5 year payment plan ends, you can refinance 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.
Posted on: 04th Oct, 2010 01:45 am
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?
Posted on: 28th Oct, 2010 01:12 pm
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.

Posted on: 28th Oct, 2010 11:57 pm
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.
Posted on: 17th Dec, 2010 07:39 pm
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?
Posted on: 30th Jan, 2011 10:24 am
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