Importance of Chapter7 discharge in bankruptcy

my husbund was out of work 1 year , we have lost everything and we are a 5 person family in two bedroom house , my husbund is working and getting 800 a month , can we go chapter 7 we have lots of bills collection after us including state and federal

Hi Guest!

Welcome to forums!

You can file Chapter 7 bankruptcy if you're facing financial problems. However, in order to do so, you'll have to clear the Means Test. Unless you clear the Means Test, you won't be able to file Chapter 7.

Feel free to ask if you've further queries.

Sussane

How much in debt do you have to be to file Chapter 7?

Hi Eb,

You will have to qualify the Means Test in order to file Chapter 7. You need to check out what the state median income is for your state. If you've an income lower than that, then you will be able to file bankruptcy chapter 7.

is it true that filing chapter 13 is better than filing chapter7

Hi sonia,

Filing Chapter 13 will help you in reorganizing your debts and saving your property. If you file Chapter 7, there are high chances that you will lose your property and it will have severe negative affects on your credit report.

Thanks

I was gift-deeded my family's home. It is paid for, but it is in great disrepair and is not worth but around $26,000; I am living here, however. I just lost my job, and my debts are in excess of $85,000. I have no savings. Can I file chapter 7 bankruptcy, and if so, can I lose my home?

Hi Guest,

You can file Chapter 7 in order to get discharged from your unsecured debt. As the property is free and clear, your trustee can sell it off in order to recover the dues of the creditors.

Thanks

After filing chapter 7 how long till you can sell your home.

You won't be able to sell your home without the permission of your bankruptcy trustee. You should contact the trustee if you want to sell off your home.

I filed Ch 7 bankruptcy and my case is completed and dismissed. Recently I discovered that the deed is still in my name, how do I get my name off the deed, shouldn't the mortgage company be on the deed as owner of the house. The house was included in the bankruptcy.

Welcome Dennis,

You have mentioned that your bankruptcy filing has been dismissed. It means that you're still liable for your mortgage payments. Thus, the property will remain in your name and you need to pay the dues to the lender every month.