QUESTION
How do I know if filing bankruptcy is right for me and will I qualify to file bankruptcy?
Asked on Nov 28th, 2012 on Bankruptcy - North Carolina
More details to this question:
My spouse and I are currently working fulltime and have been. No change in working status has occured however we did have a life changing event happen in September 2011-until August 2012. I don't want to provide too many details but ultimatley my husband had an affair and moved out of the home in September and we are trying to make our marriage work. At that time we did agree to stop making payments on everything including our home but since then we decided to work on the marriage and we did a loan modification to our home and has been going well with the payments since July. We have two car payments which are both behind, medical bills, credit card debit (which has not been paid on in over a year) and there are more but I cannot think of them all. I would say we are anywhere between $30,000-$40,000 in debt including one of our cars and we do not want to file on our home. Our W-2's last year show we made $76,xxx. Would we qualify to file for bankruptcy with the information I have provided or can you please provide advise.
14 ANSWERS
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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I suggest you consult with a bankruptcy attorney in person to discuss the specific details of your situation and filing bankruptcy. I believe you would be good candidates though based on your preliminary information.
Answered on Apr 15th, 2013 at 6:22 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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More information is required than provided. It in the math which requires use of my software program and a real life discussion.
Answered on Apr 15th, 2013 at 6:13 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Nov 30th, 2012 at 6:52 AM
You will qualify for bankruptcy, it is just a matter of what type of bankruptcy. You might be able to file a chapter 7 bankruptcy depending on where you live because that is used to determine how high your income can be. Filing a chapter 13 and repaying some of your debts over a 3 or 5 year period is also an option. You should seek the advice of an bankruptcy attorney to determine what your options are and what will be best for you.
Answered on Nov 29th, 2012 at 9:30 PM
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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First of all, I want to say I'm sorry for your predicament. Marital issues can be tough to deal with and debt issues only make matters worse. There are several factors that will determine your eligibility to file a Chapter 7. If you are your husband are still separated and maintaining separate households, you may each qualify separately for a Chapter 7 BUT if you are not separated but living together, you may or may not qualify jointly or individually. The income eligibility is based on household income and if you are separated, it will depend on who made what part of the 76K in income last year. If it was pretty even, say around 38K each, then you may be able to file a Chapter 7. The best course of action I would recommend is to contact a Bankruptcy Attorney to discuss your options. Oddly enough, if you are separated, it may be in your (and his) best interest to file separate Chapter 7 cases before you reconcile and move back in with each other.
Answered on Nov 29th, 2012 at 4:37 PM
Chapter 7 Bankruptcy Attorney serving Huntington Beach, CA
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Law Offices of Robert Parkinson Taylor
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You will probably qualify for bankruptcy under Chapter 7 or 13. You're probably thinking about a Chapter 7, which may or may not be an option based on your income. For this determination, we would at least need to know where you live and what your/your husband's gross incomes were over the past 6 months. If your income is the same as last year's, you'll be overmedian but probably have deductions sufficient to still qualify. You will need a knowledgeable attorney to make the calculations.
Answered on Nov 28th, 2012 at 5:06 PM
Daniel James Wilson
The best answer I can give is see a bankruptcy attorney. Your situation sounds manageable. Depending on your household size and some other factors you may qualify for a Chapter 7. The debts you listed are probably dischargeable. If your loan modification dealt with the arrears you will be able to keep your house. I, and most attorneys, will do a free consultation to analyze your financial situation and advise you as to your best course of action. Good luck.
Answered on Nov 28th, 2012 at 4:59 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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There are different types of bankruptcy cases. You probably will qualify for one of the two most common. Your situation is not uncommon and should be fully discussed with a bankruptcy attorney. Money issues often affect a marriage and money solutions sometimes help. Many good bankruptcy attorneys offer free consultations. Take advantage of this.
Answered on Nov 28th, 2012 at 4:59 PM
Chapter 13 Bankruptcy Attorney serving Bloomington, MN
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Gregory J. Wald
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You may be able to file Chapter 7 to discharge and completely eliminate your personal liability on debts. Your eligibility depends on a number of circumstances that you have not listed. For example it makes a big difference if you have children or other people living in your household. The amount of your mortgage payments and other expenses can make a difference. If you can afford to make some payment toward your debt, then you may qualify for Chapter 13. Chapter 13 is a debt consolidation and partial repayment plan on your debts. Under a Chapter 13 plan, you pay an amount that is affordable in your budget for 3 to 5 years. At the end of the payment term, the remaining balance of the debt is discharged (eliminated). The basic idea is that if you can afford to make a partial payment on your debt through Chapter 13, then you are not eligible for Chapter 7 and you should file a Chapter 13 case.
Answered on Nov 28th, 2012 at 4:58 PM
Business Litigation Attorney serving Orange, CA
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Law Offices of Frank Granato
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You will need to schedule an appointment with an attorney and complete a detailed questionnaire before you can be properly advised to file Chapter 7.
Answered on Nov 28th, 2012 at 4:58 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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In NJ, you would be able to qualify for bankruptcy. Probably a chapter 13 to take care of arrears on the car, and due to income level. See someone like me for a free consult in your state.
Answered on Nov 28th, 2012 at 4:58 PM
I wish I could give you an easy or quick answer, but you haven't provided me with the information I need to know to advise you. To cut to the chase, after you pay for your essential living expenses, how much money is left to put towards paying debts? If less than $150, I would recommend Chapter 7, if significantly more than $150, you might want to consider Chapter 13. I would urge you to consult with a local bankruptcy attorney as from your description of events, it appears you are already shooting yourself in the foot. You would have been smarter to file Chapter 7 before you applied for a loan modification program.
Answered on Nov 28th, 2012 at 4:57 PM
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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It is not uncommon for people to file chapter 13 to actually repay their debt or come current with mortgages and vehicle loans. Yes, you would qualify if you have disposable income. It sounds like you could clear up a number of issues in a 13.
Answered on Nov 28th, 2012 at 4:57 PM
Bankruptcy Law Business Attorney serving Asheville, NC
Partner at
Pitts, Hay & Hugenschmidt, PA
2 Awards
Your income may disqualify you from filing chapter 7 (do you have children?) but you can certainly file chapter 13 to get the debts under control. Nothing you will do will put your house in jeopardy.
Answered on Nov 28th, 2012 at 4:56 PM