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.
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.
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 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?
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.
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.
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!
Exemptions for people filing chapter 7 bankruptcy in South Carolina include roughly 58k in your home, which doubles with dual ownership. $5825 of car value. $1,175 of Jewelry. $4,650 for all household goods. $1,750 tools of trade. There are more exemptions to go over, but those are the larger ones. Call and talk with a bankruptcy attorney about what chapter 7 will look like for you . You can reach one at 800-939-8357 ext 3.
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.
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
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.
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.
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.
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!!!!!!!!!
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.
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?
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
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.
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/
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.
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.:
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.
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.
Ok so my situation is a bit tricky or at least I think it is. I hope you can help answer this for me! So, my husband and I have a prenup, we have no joint accounts, the credit card debt is all mine and he is not a signer on my card, nothing is in my name, and I want to possibly file. Like I said we have no savings, checking, credit cards or anything at all together jointly so would I possibly qualify?? I make way below the poverty level. I live in Ohio for reference also. Thank you so much for your help! I have no assets besides a car I wanted to clarify I am the one and only with the credit card and he is not on the account at all. Oh and also I wanted to file for chapter 7 not 13.
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.
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 ?
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.
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
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.
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.
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.
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/
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!
@@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.
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!
@@MichaelBovee same with me SSDI and 100% Disabled Vet in California. Credit cards and two auto loans. I cosigned on my sons car. I am upside down in debt.
Great video bro My debt is $16,000 and living in my car. I have a fultime job, and i was just thinking about doing this but no sure, do you think this preses is for me. By the way i have no collecction the thing is that everytime i make a payment in one of my credit card i use it later. What do you recommend. I just make 23,000 a year as a warehouse clerk.
It would provide a clear benefit to you. Talk with a local attorney and get all your questions answered and then sleep on it for several days or weeks.
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.
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.
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.
California one child. Also is there a certain time to wait to file? 3 months ago I took out my 401k from an old job just to pay bills. Will that count if against me? Should I wait a few more months to file?
A 2 person household in California has about a 65k income means test to qualify for chapter 7. I am pretty sure that 401k withdrawal will be treated as income, and if it put you over the 6 month measurement for the means test, may require you to wait another 3 months. But consult with an experience bankruptcy attorney in your area to be certain.
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.
You would meet the chapter 7 means test of about $52,500 with a household of 2 in Montana. I should point out that even if you make a couple thousand over that, there are allowable exemptions that a skilled bankruptcy attorney may be able to go over with you, where you could still qualify to file chapter 7.
Talk to a local bankruptcy attorney about reconfirming your car loan. This will allow you to keep a vehicle that you are still paying on through chapter 7 as long as you continue the payments.
There are limitations to who can file chapter 7, so it can often be a matter of qualifying under the rules. And there are workable parameters to affording a chapter 13 monthly payment too. Talk with a local experienced bankruptcy attorney and go through your situation. Most offer an initial consult at no cost.
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.
I live in Florida and it's just me and my girlfriend that had an income of only $10,000/annual. I'm an independent contractor that drives around 70,000 miles per year and makes around 45K gross. What would the means test be in Florida? Thank you for your response
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?
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.
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.
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.
Talk with an experienced bankruptcy attorney about how you will factor your household income. It is likely just you and your spouse. The chapter 7 income test in Texas for a family of two is just under 56k.
I'm 6 payments into my car lease want to return it back to bmw financial but afraid they might want to sue me.Then my wages get garnished! I can file for bk 7 I don't own a home but my sister put 4 of us on grant deed of my mother home she has had for over 30 years,She made a mess putting us 3 brothers on my mother home when she refinanced her home about 5-8 years ago.Can I still do bk7 even though I wasn't aware of what she had done? Because I don't consider it my home but my mother's home?
Hi, I live in Massachusetts am a caretaker, have a couple of judgements and credit card debt of over 15,000.00 I make about 2200 a month and need to file chapter 7. Will I need to declare to person living with me I care for? not married A friend of the family elderly and ailing. I do not get compensated I do it out of caring for this person! please advise! And about how much will a bankruptcy cost and should I stop paying credit cards TY KF
Talk the situation over with a local bankruptcy attorney. It sounds like it is more of a roommate situation. If I knew for sure I was going to file chapter 7 I would not make another credit card payment.
hey so i live in washington state. I live with my parents right at the moment, havn't been able to get employment and i have 1 quarter of school left before i get my degree (already pre-paid for out of pocket before i lost my job). I have $17000 in student loan debt 8 months overdue. I have close to $6000 in credit card debt, several months past due. I've been getting calls from both the student lender and the banks, one of which is now in collections. I'm worried that i will get taken to court and possibly be looking at jail time. The only asset i have is a car which was given to me. I do however have some swords and fairly expensive books i really don't want to lose. what am i looking at with a chapter 7 here in washington? Do i need to "give" my possessions away before filing or are they safe from liquidation? Also will the chapter 7 take care of the student loan debt? Will me filing for bankruptcy affect my parent at all since i live with them? And lastly should i wait until i can find employment before filing or will having filed for bankruptcy affect getting a new job at all? Thanks.
The student loans will typically not be included in the bankruptcy, and the 6k in credit card debt is almost not worth filing chapter 7. You will not be jailed for unpaid debt unless you are sued and ignore a court order to show up, or something similar. Are your student loans federal or private?
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.
Thank you sir! Merry Christmas and Happy New Year!!
judge judy court
This video helped me alott
Deajah Wilson I suppose it didn’t help in spelling
Thank you so much for your videos
Thanks for this video, this is a wealth of information!
How did this information help you?
Most informative video
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.
Great vid just subbed
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.
Great video 🙏🏽
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.
Great info 👍
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 TEXAS AND I PLAN ON FILING CHAPTER 7 BANKRUPTCY AND THEN GOING BACK TO SCHOOL. I AM A VETERAN AND HAVE THE GI BILL
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 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 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
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.
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!
Thanks for the info. What is the means test for filing Chapter 7 if I live in Arizona?
How many people in the household?
@@MichaelBovee Just myself.
About 52k.
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.
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.
What's the exemptions in the state of South Carolina Chapter 7?
Exemptions for people filing chapter 7 bankruptcy in South Carolina include roughly 58k in your home, which doubles with dual ownership.
$5825 of car value.
$1,175 of Jewelry.
$4,650 for all household goods.
$1,750 tools of trade.
There are more exemptions to go over, but those are the larger ones. Call and talk with a bankruptcy attorney about what chapter 7 will look like for you . You can reach one at 800-939-8357 ext 3.
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.
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
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!
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.
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.
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.
Are there any cons to being fiscally responsible?
What is the mean for Missouri.
2 adults 1 child
You are looking at roughly 72k for the chapter 7 means test in Missouri.
I wonder if my disability benefits be effected here in Virginia with no assets?
Did you get an answer to your reply?
Talk to a local experienced bankruptcy attorney, but I do not think your disability is impacted by a chapter 7 filing.
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.
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.
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.
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!!!!!!!!!
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
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.
How much do you charge for a console? Great video!Thanks
No charge.
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.
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?
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.
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.
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
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.
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 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/
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.
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.:
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.
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.
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.
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.
Ok so my situation is a bit tricky or at least I think it is. I hope you can help answer this for me! So, my husband and I have a prenup, we have no joint accounts, the credit card debt is all mine and he is not a signer on my card, nothing is in my name, and I want to possibly file. Like I said we have no savings, checking, credit cards or anything at all together jointly so would I possibly qualify?? I make way below the poverty level. I live in Ohio for reference also. Thank you so much for your help! I have no assets besides a car I wanted to clarify I am the one and only with the credit card and he is not on the account at all. Oh and also I wanted to file for chapter 7 not 13.
You can file bankruptcy without your spouse, but the household assets and income are typically factored into whether you qualify for chapter 7.
Even if my name is not on the mortgage?
Normally, yes, even then. Talk with a local bankruptcy attorney and walk through whether you will be able to qualify.
Ok, ugh.... thank you for your help!!
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.
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.
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.
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.
Oregon family of 3.. please advise
The income means test in Oregon for a family of 3 when filing chapter 7 bankruptcy would be about $63,000.
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.
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.
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.
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’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/
Looking for the means testing for CA family of 7
You are looking at roughly 124k for the Chapter 7 Means Test in California for a family of 7.
Oklahoma family of 4. Thank you.
Oklahoma Chapter 7 Bankruptcy means test for a family of 4 is about $62,000.
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.
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 am living on SSDI and VA should I stick with 13
Is there a reason you cannot qualify for chapter 7, such as too much home equity?
@@MichaelBovee same with me SSDI and 100% Disabled Vet in California. Credit cards and two auto loans. I cosigned on my sons car. I am upside down in debt.
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.
California family of 4. Wife and I both need to file.
A family of 4 filing chapter 7 bankruptcy would have a means test income hurdle of about 80k.
Great video bro
My debt is $16,000 and living in my car. I have a fultime job, and i was just thinking about doing this but no sure, do you think this preses is for me. By the way i have no collecction the thing is that everytime i make a payment in one of my credit card i use it later. What do you recommend. I just make 23,000 a year as a warehouse clerk.
It would provide a clear benefit to you. Talk with a local attorney and get all your questions answered and then sleep on it for several days or weeks.
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.
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.
I have medical bills out of the y-zoo roughly about 15000 and should I file for bankruptcy
If you qualify for chapter 7, it is the most cost effective way to eliminate that debt.
Did you filed the bankruptcy, right?
I live in michigan, i rent to a roomate, what salary is the cap to quailfy for a chapter 7
$43,611 for a single person household in Michigan.
ty
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.
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/
Thanks for the information 👍
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.
California one child. Also is there a certain time to wait to file? 3 months ago I took out my 401k from an old job just to pay bills. Will that count if against me? Should I wait a few more months to file?
A 2 person household in California has about a 65k income means test to qualify for chapter 7.
I am pretty sure that 401k withdrawal will be treated as income, and if it put you over the 6 month measurement for the means test, may require you to wait another 3 months. But consult with an experience bankruptcy attorney in your area to be certain.
Thank you! Last question, if I know I'm going to file should I just stop paying the credit card bills? I mean why pay if imma file anyways?
Virtually all bankruptcy attorneys I know would tell you to stop paying credit card debts if you are about to file chapter 7.
Michael Bovee what is a means test? what is the 65k?
Will I be able to keep my vehicle. I’m still paying on it .I still have a lien holder and I don’t own the car officially.
Talk to your bankruptcy attorney. You can often reconfirm an auto loan in chapter 7, and continue to drive it, and pay it off like normal.
Michael Bovee okay thank 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.
Family of two. Montana. Thanks
You would meet the chapter 7 means test of about $52,500 with a household of 2 in Montana.
I should point out that even if you make a couple thousand over that, there are allowable exemptions that a skilled bankruptcy attorney may be able to go over with you, where you could still qualify to file chapter 7.
Michael Bovee what is the means test for Arkansas?
floydbibbs
The means test for chapter 7 in Arkansas for a family of 2 is roughly $44,500.
mi mo
If I qualify for Chapter 7, will I be able to keep my car which is financed?
Talk to a local bankruptcy attorney about reconfirming your car loan. This will allow you to keep a vehicle that you are still paying on through chapter 7 as long as you continue the payments.
@@MichaelBovee thank you!
Who decides what chapter of bankruptcies you file ?
There are limitations to who can file chapter 7, so it can often be a matter of qualifying under the rules. And there are workable parameters to affording a chapter 13 monthly payment too. Talk with a local experienced bankruptcy attorney and go through your situation. Most offer an initial consult at no cost.
Michael Bovee thank you for replying!
Your household income decides
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.
I live in Florida and it's just me and my girlfriend that had an income of only $10,000/annual. I'm an independent contractor that drives around 70,000 miles per year and makes around 45K gross. What would the means test be in Florida? Thank you for your response
I'm also current but have been only making minimum payments for over a year on the $30K I owe.
You are looking at roughly 60k for a chapter 7 income means test in Florida for a 2 person household.
Michael Bovee thank you
Hey Steve, I'm in Florida too and I got help getting rid on my LOAN
Maryland limit? Filing for 1
You are looking at $64,600 as the chapter 7 bankruptcy means test for a single person in Maryland.
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.
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.
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.
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.
what exemptions am I allowed in nyc in a chapter 13?
You will want to run that by an experienced bankruptcy attorney in your state.
What about in Texas you don't have a home and you live with family you and your spouse?
Talk with an experienced bankruptcy attorney about how you will factor your household income. It is likely just you and your spouse.
The chapter 7 income test in Texas for a family of two is just under 56k.
I'm 6 payments into my car lease want to return it back to bmw financial but afraid they might want to sue me.Then my wages get garnished! I can file for bk 7 I don't own a home but my sister put 4 of us on grant deed of my mother home she has had for over 30 years,She made a mess putting us 3 brothers on my mother home when she refinanced her home about 5-8 years ago.Can I still do bk7 even though I wasn't aware of what she had done? Because I don't consider it my home but my mother's home?
Thank you very much!
Talk to an experienced bankruptcy attorney in your area. You can find one at 800-939-8357 ext 3.
Hi, I live in Massachusetts am a caretaker, have a couple of judgements and credit card debt of over 15,000.00 I make about 2200 a month and need to file chapter 7. Will I need to declare to person living with me I care for? not married A friend of the family elderly and ailing. I do not get compensated I do it out of caring for this person! please advise! And about how much will a bankruptcy cost and should I stop paying credit cards TY KF
Talk the situation over with a local bankruptcy attorney. It sounds like it is more of a roommate situation.
If I knew for sure I was going to file chapter 7 I would not make another credit card payment.
@@MichaelBovee ok thanks for the advice.
Georgia
hey so i live in washington state. I live with my parents right at the moment, havn't been able to get employment and i have 1 quarter of school left before i get my degree (already pre-paid for out of pocket before i lost my job). I have $17000 in student loan debt 8 months overdue. I have close to $6000 in credit card debt, several months past due. I've been getting calls from both the student lender and the banks, one of which is now in collections. I'm worried that i will get taken to court and possibly be looking at jail time.
The only asset i have is a car which was given to me. I do however have some swords and fairly expensive books i really don't want to lose. what am i looking at with a chapter 7 here in washington? Do i need to "give" my possessions away before filing or are they safe from liquidation? Also will the chapter 7 take care of the student loan debt? Will me filing for bankruptcy affect my parent at all since i live with them? And lastly should i wait until i can find employment before filing or will having filed for bankruptcy affect getting a new job at all? Thanks.
The student loans will typically not be included in the bankruptcy, and the 6k in credit card debt is almost not worth filing chapter 7.
You will not be jailed for unpaid debt unless you are sued and ignore a court order to show up, or something similar.
Are your student loans federal or private?
@@MichaelBovee there subsidized and unsubsidized direct Stafford loans so federal I believe.
Hey Jeremy I got help with my STUDENT LOAN. It's gone!!