QUESTION
Can I file for bankruptcy if I make about $7,000 a month in SS and Disability benefits every month but I have $150,000 in credit card debt?
Asked on Jun 30th, 2016 on Bankruptcy - California
8 ANSWERS
I think so. I would have to ask a lot of questions first, but without more information, I don't see why not (I think you meant $700 per month).
Answered on Aug 01st, 2016 at 2:47 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, you can file for bankruptcy. Given that your income is about $84,000 a year, you should consult a local attorney to see if Chapter 7 or Chapter 13 is appropriate.
Answered on Jul 29th, 2016 at 5:28 PM
Yes, you can that is the whole reason for filing for bankruptcy.
Answered on Jul 29th, 2016 at 5:28 PM
I do not know if you can file bankruptcy based just on the information you provided. How much money do you have left after paying just your necessary living expenses that you could use to pay your debts?
Answered on Jul 29th, 2016 at 12:01 PM
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I depends on what your disposable income is. The means test does not count social security income but if your income less your necessary living expenses leaves excess disposable income you may be ineligible for a bankruptcy regardless. I encourage you to seek legal counsel to review these numbers in more detail with you.
Answered on Jul 29th, 2016 at 12:01 PM
One can always file for bankruptcy, it just depends on the kind of disability you are receiving whether you would be required to repay any of that debt. It is likely that you would need to file under chapter 13 and make your best effort to repay the debt over a 3 to 5 year period, after which the remaining debt would be discharged. The monthly payments are based on your ability to pay, but a chapter 13 is too complex to take on without a lawyer.
Answered on Jul 29th, 2016 at 10:15 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Yes. Depending on lots of other details, you might have to file under Chapter 13 rather than chapter 7. But in light of the source of your income, you might not have to do so. Retain an experienced bankruptcy lawyer; it's almost always worth the investment.
Answered on Jul 29th, 2016 at 10:14 AM