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Pros and Cons of Bankruptcy - Chapter 7 & Chapter 13
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- เผยแพร่เมื่อ 26 ก.พ. 2016
- Bankruptcy, whether Chapter 13 or Chapter 7, has some great and not-so-great things to consider before deciding to file. Watch this video to discover whether this strategy is right for your current financial situation. It's not for everyone, and not everyone will qualify for the most popular option, either.
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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.
Pro is you will feel relaxed after you file bankruptcy. Con is will take time to build credit and taking loan again.
What are the exemptions for IN?
I agree I feel soo much better
Im turning 25 and after getting hit the a medical bill and car repo im wondering if this is my best option. I'll spend years trying to fix this and jobs today aren't paying enough. I don't have anything to lose, I rent.
Regarding the means test. I very rarely ever hear this mentioned but there is the business debt exception. If most of your debts are due to business debt and not Consumer Debt you can qualify for a chapter 7 regardless of your income.
Thank you sir! Merry Christmas and Happy New Year!!
judge judy court
I LIVE IN TEXAS AND I PLAN ON FILING CHAPTER 7 BANKRUPTCY AND THEN GOING BACK TO SCHOOL. I AM A VETERAN AND HAVE THE GI BILL
This is a great video, thanks for making it. I live in nys, and i have no assets. i have some student loan debt, private (~39k), personal loan at CU (~15k) and cc debt (~15k). I was recenetly laid off so i dont have any income but my unemployment
Thank you for your help here, have a great day!
Nebraska family of 5. My husband and I would both file together
The chapter 7 means test in Nebraska for a family of 5 would be about 80k. You can consult with bankruptcy resources for free at 800-939-8357 ext 3.
I am 22 Living with my girlfriend and her dog. Have hard debt and got scammed and owe 5000 to a bank , I have a repo for a 20,000 car, hospital bills over 3000, plan on joining the military this year, and have credit card. Also eyes surgery debt which I settled a monthly amount.
Great video! California, married, paying child support. My wife and I I make around 60k i have about 20 k in debt.
If your combined income is 60k than you would qualify for chapter 7 bankruptcy in California.
This video helped me alott
Deajah Wilson I suppose it didn’t help in spelling
What are the consequences of filing for Chapter 7 a second time in Wisconsin? I filed back in 2009.
I cannot think of any additional consequences to filing chapter 7 twice. You have to wait 8 years between chapter 7 filings, and that is it.
Michael Bovee Ok thanks.
I live in Kansas... moving to Texas don’t own a home thinking of filling chapter 7. Looking for state specific qualifications. House hold wife 2 children under 18, 1 child 20yrs. They all live at home including 20yr old. She doesn’t work. I am the only one with income.
Thank you for this video.
You are looking at a chapter 7 means test of about 80k for a family of 5 in Kansas.
Thanks for this video, this is a wealth of information!
How did this information help you?
California, single female. Will Chpt 7 keep me from getting hired by State or Fed ? i.e. Corrections, DHS, etc. Thank you
The means test for a single person in California to qualify for chapter 7 bankruptcy is roughly 48k.
There are certain types of jobs that bankruptcy can impact hiring. If you need security clearance, or handle other peoples money (investing etc) would cause concern.
Most informative video
I am the sole member of an LLC registered in WV. It owns commercial rental property in PA. There is a mortgage on the property, of which I am a personal guarantor and reside in WV. The business is in financial trouble. Which state should I file bankruptcy?
I would talk to a bankruptcy attorney in the sate where I reside first: consumerrecoverynetwork.com/find-bankruptcy-attorney/
Great video! Gives me some hope. I live in Hawaii, I'm head of household in a family of 3, my girlfriend is a stay at home mom for our 1 year old son, we have one vehicle which I need to keep obviously and have 3 years left of payments on it (which I pay on time monthly). I make just over 50k a year. I have around 40k of debt from personal loans and paying back the difference on a repo of her car. I'm calling a bankruptcy lawyer tomorrow. How am I lookin ?
The chapter 7 means test for a family of 3 in Hawaii is about 77k. And you can reconfirm the car loan in the chapter 7 and keep driving it, so usually no problem there.
You could’ve done a debt settlement through company called centuryss
2 questions:
What is the mean for a 2 family household in Michigan?
Also, does being self employed have any affect on chapter 7 or 13?
You are looking at $62,600 for a yearly income chapter 7 means test for a 2 person household in Michigan.
Being self employed can be a bit different when filing bankruptcy. I would get the feedback you need on this from an experienced bankruptcy attorney in your area.
I am Disabled and on a low fixed income. I live in the state of Utah. I am legally blind and I use a power chair. What protections do you get if you are on a low fixed income? A few years ago my best friend from Jr High that I have known since 1992 and her husband are disabled and asked me if I could help them because they didn't have anyone else who could. They were moving from Hutchinson KS to Wichita KS. Since I am legally blind and since I trusted her with my life and have known her I said to her that I didn't want to help unless ALL of us or None of us would be responsible. My friend said that she could get a credit card where ALL of our names would be on it and it would effect and build ALL of our credit's. They couldn't get a card on their own or combined. Since I am legally blind she is the one that helped me fill out the application. I myself had No Idea what to look for and I had no idea what would be safe or not. This person knew EVERY THING about me and knew my SSN and all of my secrets. She said that they needed to have some help to get settled and once they got settled they would pay the bill. She said that if I charged anything on the card I would be responsible. I never charged anything on the card. They did charge and they did pay the bill but they kept charging and they didn't just charge a few things they had many Reoccurring Charges. They had the bill up to over 9,000.00 but did pay some of it off.
On 07 FEB 2019 my best friend passed away and her husband never asked if I could help or even let me know what was going on with the credit card. Discover Card is the the worst Debt Card Corporation. My friend and her husband paid and kept charging so the bill is very high. I at the time didn't want to see my friend suffer so I tried to do all I could do and tried to be a good friend.
I had no idea that credit card companies only allowed ONE person to be the card holder and I was told it would help all of our credits but when it came down to it the card company pulls everyone's credit but doesn't have a spot on the card for more people to take the hit?
Now I know and a little late that I found out that only one person which was me was the one that was left to hold the bag. If I would of known that only myself would of been responsible I never would of got the damn card in the first place.
Do yourself a big favor, Don't ever try to get a credit card with any one else and when someone says to you when you ask about something like this, "Do You Trust Me"? When this happens you NEVER TRUST!!!!!!!!!!
Money and Credit is nothing but a Scam and a Form of $LAVERY! I call a credit card a DEBT CARD!!!!!!!!!
What if we made low enough to qualify for a 7, but now have a new job that puts us over the cap? What happens now
They calculate the means test using your last 6 months of income, and then double that. If you have not been back to work that long, you may still qualify for chapter 7.
Chapter 7. Texas. Family of 4. Own our home. 30,000 debt. Can they they have us liquidate the house? Can't make monthly payments.
Texas is one of few states where your home is not at risk in a chapter 7 bankruptcy.
The chapter 7 means test for a family of 4 in Texas is about 84k. Remember, they will take your last 6 months income to determine eligibility, so the harder hit with financial setback in the most recent months, the more that can help qualify for chapter 7.
@@MichaelBovee Thanks so much.
I have a house and what if im paying my mortgage on time and i owe 34 thousand in credit card debt. I really want to keep my house which chapter should i file best chicago il family of 2
Your house is nto at risk if you are approved for a chapter 13 repayment plan.
Talk to a local bankruptcy attorney about whether you qualify to keep your home in a chapter 7.
i have $50k in student loans, $20k in credit card debt = $70k total. i never considered filing for bankruptcy until i started reading around and some people are filing for bankruptcy for only being 20k, 30k in debt. my plan is to try and pay all $70k of this back but im currently only making $60k a year and barely getting by dumping almost half my paycheck on my debt. maybe i should file for bankruptcy....
It is, unfortunately, very difficult to discharge student loans in bankruptcy, unless you can show undue hardship. But getting rid of 20k in credit card debt is still worth it for many of us.
I’m in 29,000 dollars in debts. I made a mistake and got behind on all my bills. I don’t want to file for bankruptcy. I only make 30,000 a year at my job. I’m trying to get back in school and it’s been so difficult I can’t take it anymore I been praying to God not to break down. I just want my life back to normal. I’m getting harassment calls and I’m trying to pay off these people it’s difficult when you get behind and trying to catch up. I live in Tennessee what are my best options?
Check out these two articles and see what makes sense for you and for your goals. This one covers the mainstream options: consumerrecoverynetwork.com/debt-solutions-review/
This one covers credit reporting and access to credit. Chapter 7 will likely win the affordable, fast, and most relief trophies, but it will prevent you from getting federal student loans for a bit: consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/
Thanks for the information! I’m in Washington with a family of 5
That is going to be about 114k for the income means test.
I live in CT. Want is limit to kept home ? Second mortgage can be wiped out ?
If you are looking at chapter 7 in Connecticut, the home equity exemption could be capped at 75k.
If you are looking at chapter 13, the equity is not the same issue it is in a 7, and you can often cram down a second in the right situation.
I “fake” filed Chapter 13 about 9 years ago. I initiated the paperwork, but didn’t go thru with the rest of the process. This time I own a home, 2 cars and credit cards. I don’t want to default on them. I totally forgot about personal loan that foolishly I took out about 3 yrs ago. They have filed a judgement against me to garnish my wages. I didn’t get served. I know bc I got a letter from an attorney’s office Friday letting me know. I want to file “fake” file Chapter 13 to stop this and go back to the creditor to actually pay it. Would my assets be affected especially my home?
Who is the plaintiff in the lawsuit?
How much is the judgment for?
What state are you in?
When was the judgment entered in the court record?
I’m in NYS was thinking CH 7. I don’t have assets just a old van I own. I live with family members not a spouse.
Hello, Florida, means test for myself, what is the salary threshold? Thank you!
The means test is the salary threshold for most of us, unless you have multiple streams of income.
The chapter 7 means test for a single person in Florida is roughly 49k.
Indiana. I room with two people, I am not on the lease. I make 20,800 a year and owe 50, 000 in medical bills.
You should be able to qualify for chapter 7 bankruptcy.
Hello, I am in Oregon, and my household is 5
The chapter 7 income means test for a family of 5 is roughly 100k in Oregon.
I live in Michigan. My husband and I are in a Chapter#13. Won't be done until 2020. Our income has dropped a lot. Only enough money to pay on the house. There is no money for the creditors, and I doubt there will be. The money that will not be paid to creditors, will we have to claim it on our taxes es an income?
Debt that is cancelled in bankruptcy is not taxed. Debt that is forgiven out of bankruptcy often is. Check out this article for more details: consumerrecoverynetwork.com/debt-forgiveness-taxes-settled-credit-card/
I live in Al, I have three cars, I only want to keep 2. Two are financed and one I took a small loan out on when the wife lost her job, I want to keep one of the financed cars and the one with the load out on it. The financed one was 10k which was a lil below blue book when I financed it, So now I owe about 17k after financing. I owe about 3k on the one with the loan on it. What should I do. And do you suggest using a lawyer or doing it myself? Thanks
I highly recommend using an attorney to file chapter 7. You can talk to someone about the ability to keep one or both cars, and determine next steps from there at 800-939-8357 ext 3.:
Hello, I have a family of 3 but stay in a home with 5 adults. We live in Alabama but I'm not listed on the house info, also I'm only filing for myself
Talk to a local experienced bankruptcy attorney about how the courts will likely view your situation.
I live in north Carolina and have 3 people in home . What is my means test for chapter 7
A family of 3 in North Carolina would be over the means test for chapter 7 bankruptcy at 57k.
Great vid just subbed
Thank you so much for your videos
Live in California silicon valley in debt for over 50k family of 4. paid child support for 2 other kids this year taxes hit me for 7k have not fallen behind yet but cant pay everything in the future what should I do.
Thank you just subscribed
Nevada and I'm the only one in my house hold. How do I know when I should file for Bankruptcy ?
Call in and consult with a bankruptcy professional at 800-939-8357 ext 3.
Live in the state of Indiana with a Famliy of 5 . The wife and I are planning to file together.
You are looking at about 94k for the chapter 7 means test for a family of 5 in Indiana.
This was so helpful. I live in Missouri so what would mine be? I only live with my mother
A single person earning less than about 47k in Missouri would qualify for chapter 7 bankruptcy. Consult with a local attorney and go from there.
I live in Florida with my sister so the # of people in my household is 2. I owe $95,000 on my house that is worth 212,000 approx. I have no income to speak of - one car with no equity - and $15,000 in credit card debt. I want to file chapter 7, My question is: qualification certification, I was told I could not be past due on my 1st mortgage to file/qualify. Can you elaborate on that? Is it ok if I'm within the grace period or 15 -30 days?
You can be late on a mortgage and still file chapter 7.
If got a secured loan at loan company do u have to give up the collateral in chapter 7
I would run that by an experienced bankruptcy attorney in your area.
Most offer a no cost initial consult.
Tyvm for this video. I'm in Florida, myself and Mom, single, own our right; what can you share for pros/cons for both 7 & 13?
Thanks in advance!
Have a great day!
Did you mean to say you own your home outright in Florida?
I live in idaho with a house of 4. Means testing? I make about 32,000 a year combined with my wife. I just got a call from a collection agency today that i owed 201,000 just for a medical bill. I was shot by police last year and had to get surgeries and what not. I have loved a hard life of addiction up until now and making a new start. I owe much more than that probably in court fees and other medical. I
You would qualify for chapter 7 in Idaho. Talk to a local bankruptcy attorney about this option.
Jeremy DON'T talk collections, I got help with my debt and so can you!
If a collector sues you and your wages are being garnished due to the judgement, will chapter 7 stop that?
Chapter 7 bankruptcy will stop the garnishment, and get get rid of the judgment for good.
So me and my fiancé live in Washington, we have a lot of credit card debt and are also paying off two cars. Would we qualify for anything ? He also has some loans for consolidation. Would we lose are cars if we did this ? We are still paying on our cars. I’m just wanting some questions answered. Please and thank you
You can often reconfirm your car loan in a bankruptcy and keep the vehicle.
Talk to a local bankruptcy attorney about your situation and find out if you qualify for chapter 7.
Okay. A couple quick questions.
We live in Utah. We are a family of a husband and wife and three kids, means test cap.
And if only one spouse were to file, do you still claim a household of 5? And include their income?
You would be looking at about 101k for the chapter 7 means test for a family of 5 in Utah.
Yes, you can file separate of your spouse, but the household size, and combined income, is typically still included.
@@MichaelBovee thank you so much
You mentioned debt settlement options. What would those be?
Most unsecured debts can be negotiated to a lower balance pay off. You can pay with a lump sum, and there are many monthly payment opportunities when settling too.
You can post a few details about your debts here, and I can offer more feedback, or you can schedule a call with me here: calendly.com/debtbytes/15min
Are there any cons to being fiscally responsible?
Thank you for this video, quite helpful.
What is the mean for Michigan family of 6?
You are looking at 111k as the means test hurdle for chapter 7 bankruptcy in Michigan for a 6 person family.
What is the means for Florida family of 5? Great video!
The chapter 7 income test for a family of 5 in Florida is about $76,000.
Georgia
What sort of exceptions would my mother be looking at in MN? She lives with two other adults in a house owned by someone else in the household. Also, I and maybe on other are under her on the state health insurance. Would it affect our credit as well as hers? Would she lose any stocks is she has any? What about savings account or checking accounts?
Her filing bankruptcy would not impact anyone else's credit report or credit score.
I would talk to a local bankruptcy attorney about her household structure, and whether she would file as a single person household.
Assets that are protected in her retirement accounts, which can often include stocks, are okay, but assets that are held out of protected accounts may not be.
Chicago single home alone social security and + student loans. Thank you
The income means test to file chapter 7 in Illinois is about 46k for a single person household.
Those student loans may not qualify for discharge. But be sure to find an attorney with adversarial proceeding experience regarding student loans for help.
Hi my name is Lazaro and I have about 6000 dollars in credit card debt plus I’m about to have my car repoed and it will have about 14000 of auto deficiency. I had a really rough year with my wife having cancer so I’ve been financially struggling. What’s your best advice to get out of this huge debt?
Check out this article covering the mainstream options to resolve overwhelming debt: consumerrecoverynetwork.com/debt-solutions-review/
Once you get to the point of have a repo and deficiency balance I would be looking at chapter 7 bankruptcy, or settling all of these accounts for less than what you owe.
So when trying to figure out the means test for a chap 7, how do you calculate that? We are a family of 3 in AZ, and our combined income is probably above the state mean income, but how do I calculate it for sure? Also, if we do make above it, how is the disposable income calculated? Are there formulas, apps, is it based on my last 1040 taxable income?
I would talk to a local experienced bankruptcy attorney for a free consult. There are formulas for sure, but there are also exemptions that may apply to your unique set of circumstances. Talking to someone who deals with the trustees and judges in your court is going to typically yield the most useful information.
Husband, Myself (children all above age 21 ( 22 yr old still lives at home) we live in Texas.
Talk to a local bankruptcy attorney about whether your adult children will be part of the income means test. Each person you add to the household is significant to the equation.
If just you and your husband are counted the income means test is about 67k.
Remember this is calculated by taking the most recent 6 months of income, and then basically doubling that.
With COVID impacting many of us these past months, you may qualify for chapter 7, where in normal times you would not.
What is the means test for Texas for a family of 5 for chapter 7?
Roughly 95k.
Great video 🙏🏽
Im disabled just happend thanking about doing chapter 7 my self need more info on it before I fo it can u give be better insight
Check out my comparison article: consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/
I have a Honda Accord 2017 which I pay $520 every month and my insurance as a new driver is $290 a month . because I got into a bad deal with a older car for 5 years so I'm upside down on this car for $8000 I only make $38000 after taxes plus my other expenses
BlackStar your better off with them taking the car. And filing chapter 13 you never no you may not have to pay for the car or if so not for long. Maybe for 3 years if you get the right attorney
My girlfriend had a car accident and wants to file bankruptcy because she owes 12k but that doesn't include her medical Bill's and was told to file bankruptcy her and her son and me but we are not married would my income still have to be added into it because we live in the same house and if so how much would the income have to be(state of Wisconsin
You are looking at about $81,500 for a chapter 7 income means test for a 3 person household in Wisconsin.
I would talk to a local experienced attorney about how your income will be calculated, but you outlined is common.
We’re in California, family of 5, looking at possibly filing a Chapter 7. What is the income cap? Anything we should know before filing? Thanks!
Roughly 106k is what you will be looking at.
There is much to know before filing. You will want to sit down with an experienced bankruptcy attorney and go over the process and what will be required of you.
indiana 3 people I'm the kid wanting to file chapter 7 but parents filed a year ago
Talk with an experienced bankruptcy professional about whether your parents are part of your household income calculation. If just you, the means test in Indiana for chapter 7 would be about 48k. If the three of you, the means test would increase to about 60k.
I have loads of debt from medical bills due to having no insurance. Thats the only thing im really worried about, maybe a few little things like old bank account with overdraft fees and a small loan all together not more than like $300. But im thousands in debt due to all of my medical bills, will bankruptcy clear all this? Never had a credit card because i been racking up medical bills since i was 18 and my credit score was as bad as my health! Young adult here in need of some advice!
When are the medical bills from?
What do all the bills add up to?
@@MichaelBovee thanks for response. Medical bills started racking up when i was 24 but my insurance dropped at 25 so thats when they became too big to handle. Im 27 now and racked up between 14k and 16k from different hospitals and ambulance rides.
Great video my husband became disabled loss his job I have a family of 4 income is about 24k and a lot of debt. Can you help?
I would call and talk to an experienced local bankruptcy attorney.
I'm in a 13 i kept my lease and paid separate from the13 payment the lease is up i need a car. How hard is it gonna be since i been paying on a car and the lease is up
I would talk to your bankruptcy attorney about this.
It will not be easy, and there may be an issue of having to inform the trustee.
I live in Los Angeles, Ca am I’m a single working mother of 2. My son will be 18 in May I was thinking to file chapter 7, I’m leasing a car with 2 more years with the option to buy. I wanna buy a house in 2 years and get a truck in 1 year
You can get an FHA loan 2 years after chapter 7, and you can get a car loan at a decent interest rate a year after filing.
Michael Bovee
How do I know if I qualify? I mainly have personal loans, sprint, pet medical for $300. I wanna know if I need to file bankruptcy or Dispute some thing or ask for payment deletion
Talk to an experienced bankruptcy attorney near you and find out if you do.
Great info 👍
Can a credit card companies still sue you if you owe less than 1000 dollars?
Capital One, Credit One, Merrick, and some other banks sue on balances this small. Most of the larger debt buyers will too.
Liked and subbed! PLEASE, please tell me how filing chapter 7 could affect joining military!
Talk to a recruiter.
I know that bankruptcy may have an impact on advancement once enlisted, but I am not sure about enlisting.
Alabama family of 3 means test? For chapter 7
Roughly 67k. Remember, they are typically taking the last 6 months of income and then doubling that to figure out the yearly income.
I was laid off in November of 2019. My only income is UI. I am the only source of income for my family of three. My daughter is not capable of taking care of herself. My wife takes care of her, so she cannot work. A mental health facility abused their use of medicines by giving my daughter medicines that should never have been given to her. They made her worse than before we took her there. She was experiencing anxiety issues that they exacerbated with wrong medicines. My bills are insurmountable even on the 5 year plan. I was on the 5 year plan before I was laid off. It wasn't a lot to pay back on the plan, but now I can't pay that back. I am thinking of filing Chapter 13. Is that the right route to take ?
Have you looked at chapter 7 and learned you could not do it for some reason?
@@MichaelBovee I think you're right about that. Chapter 7 is probably the best way.
On social security for 2 years since retirement. Own a condo in Florida worth 80,000 with my mother with a 425 dollar HOA. SS is only 1,300 a month but mother has the same income. Owe 13,000 on a car, 30,000 on credit cards. The last 2 years living on cards after retirement and paying for health care. Medical problems and 2 surgeries during this time. Have a 17 yr old car paid for. Could I file for either 7 or 13 ?
I would look into chapter 7 Sherri. If you cannot do that for some reason, let me know, and we can go from there.
@@MichaelBovee I could do that without losing the condo ? If so that's what I will do. Thanks so much
California, 1adult 1 child. 16k in credit card debt. I have co-signed on a vehicle, and currently paying for one myself. Will the co-signed loan be affected? Am I able to continue to pay on my own auto loan, and keep the vehicle?
Talk to a local bankruptcy attorney about your situation.
You can reconfirm an auto loan in chapter 7 bankruptcy, which allows you to keep it and just continue making payments. With 2 of them I would want the attorney feedback.
Married, family of 4 in Iowa. What is the means yeast for me to file and how do I go about if I have no assets. I rent and have loans on my cars.
Family of 4 income means test in Iowa would be roughly 94k. Contact a local bankruptcy attorney for a free initial consult about how to proceed with chapter 7.
Please help I have hit a very rough patch. I have lost my job ,i owe in child support and I just had my electric shut off I don't know what to do. the only thing I own is a mobile home in pretty bad shape. hell i don't even have the title for it. would they take that if I file for 7 and what will happen with the child support
Talk to a local bankruptcy attorney about the child support. You may still owe some or all.
The mobile home may be protected depending on the state rules.
Good evening,
I am considering chapter 7 bankruptcy in the state of New York. I am currently engaged and live with my fiance and our child. Would her income be needed since we are not yet married? I am also a Veteran of the United States Army receiving disability compensation, is this something that is taken into account when filing? Thank you very much for any and all help in this matter.
I would contact a local experienced bankruptcy attorney about your situation. Most offer a no cost initial consult. If you call one that wants to charge, keep dialing. Many of their competitors will not.
How much do you charge for a console? Great video!Thanks
No charge.
NJ CHPT 13 What about back rent in an apartments
Talk to your bankruptcy attorney, but that should be part of any repayment through the trustee, along with any other unsecured creditors.
Great video. Im really thinking hard about this option due to extreme credit debt of about 47k. I'm single, a home owner, doesn't have car loan. Salary about 56k
What state are you in?
Michael Bovee Maryland
You are right at the income cap, so can probably do a chapter 7.
The home equity exemption in Maryland is terrible. Be sure to talk through that aspect with a bankruptcy attorney.
Michael Bovee ok that's great to know! You do free consultations?
All day. You can schedule on here: calendly.com/debtbytes/15min
I have a car lease that I voluntarily repoed after they auctioned it they said i owe 15k, a bogus 10k medical bill, and about 10k credit card debt. I've been struggling since last may financially and got set back. Been working a job for about a month making overtime making about 1100 on average a week. Overtime ends in late may so I'm saving up as much as possible.. After that I may get a lay off or go back to 40 hrs. I live in Miami Florida....would I be able to file for chap 7? I would really appreciate a response!
Yes, you can, and doing so now may be better than later after overtime is cut. Talk to a local bankruptcy attorney and get a feel for when to file chapter 7.
California Family of four, only wife needs to file, would that be possible? or husband also has to file? does she gets to keep her car and keep paying for it? please reply thanks
You can file bankruptcy independent of a spouse, but their income and assets are typically still part of your income and exemption calculations.
You can often reconfirm an auto loan and keep the car while continuing the payments. Talk to your bankruptcy attorney about how that would work for you.
For filing for chapter 7 we’re a family of 5 monthly income for my husband is about 30000..would we loose both our cars? Our names are on both
Talk to a local bankruptcy attorney about the car concerns.
If you are still making payments on them, you can often reconfirm them and keep them. But if you own them outright, it can boil down to the fair market value, and other factors.
Thinking about filling chapter 7 me and my wife but I wanna keep our cars in Wisconsin, 5 people in my household
@@chi2capcorn ok I'll do more research on 13 thanks
I live in Texas, own $90k in debt, 52k a year. Looking to file for chapter 7
If you are a single person household you are about 1k over the chapter 7 means test in Texas. More than one person and you should be fine.
With only being 1k over, I would still talk to an experienced bankruptcy attorney about chapter 7, as there are allowances to be considered that may apply to you.
Michael Bovee thank you for the answer!
California 3 people live in household, I am on disability, wife works part time about $20k I make about $32500 from disability. House is worth about 600k we owe 430k. Can we file and still keep the house? Ch. 7?
Talk to a local bankruptcy attorney to be sure, but it sounds like you may be about 100k over the exemption to keep your home in California (unless you are over the age of 64).
Hi Mr. Bovee I live in California and have a household of 3...myself and my 2 children. What would be my exemptions and means testing?
The chapter 7 means test for a family of 3 in California is about 82k, or 41k in the last 6 months.
I would talk to a local attorney about exemptions that can apply to you.
@@MichaelBovee thank you!
Oklahoma family of 4. Thank you.
Oklahoma Chapter 7 Bankruptcy means test for a family of 4 is about $62,000.
Colorado, family of 4
Roughly 105k is the chapter 7 income means test for a family of 4 in Colorado.
Hello, I am a single man in Alabama with an annual income of approx. $67K. Teacher. Student loan over 10 years (deferred for over half that.) I have a house (mortgage $840 a month) and a car a little more than a year old. Over $32 in credit card debt. Thinking if this is an option. I cannot get a personal loan (credit score around 600). Want to get rid of credit card debt, the interest makes it impossible to pay down.
Any thoughts?
Read this review of the 3 main debt relief options Lance. What are you more inclined to do after reading it: consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/
I’m in New York want to file chapter 7. But what bills does a chapter 7 include and do u need an lawyer
I suggest you at least speak with an experienced bankruptcy attorney. Most offer the initial consult at no charge, and often over the phone.
Most unsecured debts are put into the chapter 7 bankruptcy, but you can include secured debts too, like an upside down car you no longer want to hold on to.
Thank you. I live in Nevada and I am single . What is my means testing or what is my cap for being able to file for Chapter 4?
You are looking at about 51k for a chapter 7 means test in order to qualify for chapter 7 bankruptcy.
I live in Illinois me and 2 kids. Divorced. Own my own home no mtg but back real estate taxes and about to lose my house over it. I make approx 26k a year. Thanks
Talk to a local bankruptcy attorney about chapter 13. You qualify for chapter 7 based on income, but the home equity exemption in a chapter 7 is really low in Illinois.
what are the exemptions allowed in filing a chapter 7 in the stat of Maryland
There are a host of them. Talk to an experienced bankruptcy attorney in your area. Most offer an initial consult at no charge.
I live in New York, what will i need to qualify for chapter 7 ? And will have to sale my home I'm in pre Forecluser
Call and talk to a bankruptcy attorney at 800-939-8357 ext 3.
How you qualify to get the most relief from chapter 7 will vary based on how many people in your home.
How much equity you can have in your home in a chapter 7 will vary by the state or federal exemptions you opt for, and whether you are married.
Single, head of household in townhouse that I own.. lost roommate, changed jobs last year now making approx $30k a year now.. took a pay cut from previous job. Two paid off vehicles.. no other assets.
What is your goal?
Well I was hoping to keep my house but I don’t feel like I can keep up the mortgage payments much longer.
What state are you in? How much equity do you estimate you have?
Are you carrying any unsecured debt, and if so, how much?
Utah, approx $1500 in other debt like credit card,
And approx 20k in equity
Just me single male 29 years old I own the property and I just ran a little apartment two questions will bankruptcy affect me forever? Alabama state
Chapter 7 stays on your credit reports for 10 years. Chapter 13 stays on for 7. But neither should interrupt you or your financial goals for that long.
You can move forward with financial goals after filing chapter 7 withing a few months to 3 years.
You can accomplish financial goals within 3 to 5 years after filing chapter 13 (when you complete the repayments plan).
Check out this article for more on how quickly you can move forward with life after chapter 7 compared to other alternatives to bankruptcy: consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/
AZ Individual make just under 50k a year. Single family home at 185k. Debt to creditor is about 8 grand. Would they liquidate my house just for 8 grand? No other assets. Ch.7. I have a lot of minor other debts which is why im interested.
Are you saying you have 8k equity in the home?
@@MichaelBovee no. I owe about 8 to 10 grand in CC and personal loans from consolidating debt in the past. I was interested in bankruptcy because im 24. I just bought my first home last year at 185. Every paycheck is 20 to 40 dollars left over after all the bills and credit payments. If I were to file chapter 7, i have no other assets other than my car to get to work. Would they liquidate my home just for 10 grand of debt if I were to file chapter 7?
I bought the home at 185k
I want to have a clean slate. So unsecured debts. Basically half my income goes to creditors.
A little more than half. Im getting married next year....dont want to bring that onto the wife when shes in no debt whatsoever.
Family of 4 in Colorado. What is the means test for CO?
Roughly 102k is the means test for chapter 7 in Colorado for a family of 4.