QUESTION
What would be the best bankruptcy to file if I have roughly $20,000 unsecured debt?
Asked on Oct 16th, 2012 on Bankruptcy - New Jersey
More details to this question:
I do not want to lose my house or vehicles in the process.
13 ANSWERS
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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So long as you do not have equity in your home, you probably would look at filing a ch 7. However, there are many factors and you should consult with a bankruptcy attorney.
Answered on Oct 25th, 2012 at 7:26 PM
Appellate Practice Attorney serving Cheyenne, WY
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Lynn Boak Attorney at Law
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Chapter 13 is probably the only way you could keep your vehicles and home while filing bankruptcy. With Chapter 13, you will still have to pay off some of the unsecured debts.
Answered on Oct 19th, 2012 at 5:18 PM
Daniel James Wilson
If possible, Ch 7 might be the best deal for you. It depends on your income and non-exempt assets. You need representation.
Answered on Oct 19th, 2012 at 12:46 PM
If you are not in arrears on the house and car Chapter 7.
Answered on Oct 18th, 2012 at 2:51 PM
Chapter 7 or 13 suitability depends upon a number of factors including your current employment. A bankruptcy will defer action but not relieve you from liability for the mortgage and vehicle payments. Additionally, bankruptcy allows approximately a $20K exemption for home equity and one vehicle with an equity approximating $3K. A Chapter 13 may be your best option but can only be determined by analyzing your financial position.
Answered on Oct 18th, 2012 at 2:48 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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*- depends on what your income is and your assets are; if you can exempt your assets, AND qualify under the means test to file a Chapter 7, then I'd consider filing a Chapter 7; however, if your income will not allow you to file a Chapter 7, or, you have assets that you can't exempt but want to keep, then you may find it better to file a Chapter 13 *
Answered on Oct 17th, 2012 at 1:08 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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It depends if you are current on your house and car payments and what your income vs. expenses is. I suggest you consult with a bankruptcy attorney to discuss the specific details of your situation.
Answered on Oct 17th, 2012 at 1:07 PM
When you are trying to eliminate unsecured debt, Chapter 7 is usually the best choice. But not everyone can qualify to file Chapter 7 and there may be other reasons why filing a Chapter 13 could be more helpful to you. I have learned not to make assumptions about what is best for each individual until I have thoroughly reviewed their financial situation.
Answered on Oct 17th, 2012 at 1:07 PM
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 Oct 17th, 2012 at 1:06 PM
Litigation Attorney serving San Antonio, TX
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Graves Law Firm
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If you qualify under the means test you can wipe out the unsecured debt and reaffirm the debt on your house and at least one vehicle two if you're married and probably all if you owe about what they're worth or more. Most bankruptcy lawyers will talk with you for free. Go see one.
Answered on Oct 17th, 2012 at 1:06 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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You need to consult with an attorney, bankruptcy is a very complicated process and the chapter you file depends upon your income and family size. Chapter 7 is preferred because you can get out of all of the debt. In a chapter 13 you have to pay at least a percentage of what you owe.
Answered on Oct 17th, 2012 at 1:04 PM
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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Chapter 7 permits the debtor to get rid of all of their unsecured debt without having to make payments to that debt. It is not a good choice for people who are behind on their mortgage and want to save their house from foreclosure. It is an excellent choice if you want speed and simplicity. You must qualify for a 7. The tests are income versus ALLOWABLE expenses (term of art...need a lawyer) "liquidation" (do you have equity in property that is not protected by an exemption (law stuff again) and the "means test"...one of the stupidest things Congress has ever thought up (and I am a conservative Republican) which asks are you an above or below median (half above/half below) income household. Chapter 13 is a bankruptcy where you are required to make a monthly payment for 36 or up to 60 months. The basis of the payment is never unsecured debt. It is affected by the tests outlined above. Filing this bankruptcy will stop a foreclosure and allow you to repay the mortgage arrears at zero percent interest.
Answered on Oct 17th, 2012 at 1:04 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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It depends on your income and if you qualify under the median (see us trustee's website). Also, are you in arrears on your vehicles or mortgage? Do you have equity in your house. Depending on the answers to these questions, you would either go Chapter 7 or Chapter 13. This applies to NJ.
Answered on Oct 17th, 2012 at 1:03 PM