QUESTION
Which chapter do we file if we have $17,000 in debt, don't own a home but would like to buy after filing bankruptcy?
Asked on Jan 28th, 2016 on Bankruptcy - California
11 ANSWERS
William Rhymer
It actually depends on your type of debt, income, and total assets that you have. If your income is low, your debts are general unsecured debts, and you have no major assets, probably a Chapter 7. I would suggest you call and get a free consultation with an experienced bankruptcy attorney. If you supply them with the information needed to make an evaluation, he or she can usually tell you to the dollar what you can and cannot do. I wish you luck.
Answered on Feb 24th, 2016 at 5:31 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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If you qualify chapter 7.
Answered on Feb 24th, 2016 at 3:27 AM
Unfortunately, the information you shared does not give my any assistance in helping you to decide what type of bankruptcy you might wish to file. If you had said you had $17,000 in recent tax debt, child support arrearages, or delinquent mortgage payments, I could say Chapter 13. Or if you had said you have $150/month available to pay debts beyond your necessary living expenses, I could say Chapter 13. Frankly, I will not accept a case for bankruptcy where the debt is less then $20,000, but that is just me.
Answered on Feb 24th, 2016 at 3:27 AM
Chapter 7, assuming you are not over the median income for your state.
Answered on Feb 24th, 2016 at 3:26 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Chapter 7 would appear to be the best fit for you.
Answered on Feb 24th, 2016 at 3:25 AM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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It depends on whether you qualify for a Chapter 7 discharge; otherwise, you may need to file a Chapter 13 case (assuming that you do not have large amounts of secured debt).. You qualify for a Chapter 7 case depending on your household's total income and the size of your family. The larger your family, the more your household's total income may be and still allow you to qualify for Chapter 7 relief (note that if you support adults who are not your children and full time students, such people may not count toward the size of your family). With that said, the short answer to your question is that it depends and you should consult a qualified experienced attorney.
Answered on Feb 23rd, 2016 at 3:38 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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The key question is how much you two earned budding the past six months doubled. If that amount remember it's your gross income from all sources exceeds the median in your state for the past 12 months is greater than the median (50% more; 50% less) for a household of your size, then you must file under Ch. 13 unless you have PROVABLE expenses for a number of the items on your Means Test. Retaining a skilled BR lawyer is almost always worth the expense.
Answered on Feb 23rd, 2016 at 3:38 AM
2 Awards
You don't really get to choose which type filing to make; rather, it depends upon your income and expenses. Of course, a chapter 7 is more quickly resolved and gets you moving forward with re-establishing your credit sooner for purposes of purchasing a home.
Answered on Feb 23rd, 2016 at 3:37 AM
If you qualify you can file a Chapter 7 bk but you need to check all requirements.
Answered on Feb 23rd, 2016 at 3:37 AM
The first and foremost factor in deciding on a bankruptcy is your income, and you have not mentioned that in your question. Bankruptcy is defined as the inability to pay your debts when they become due, so $17,000 might or might not be a serious burden for you, depending on your income. But if you're contemplating buying a home, you should have some down payment set aside, which could be used against you in a bankruptcy. So you really should speak to a knowledgeable bankruptcy attorney for some pre-filing strategy to make sure you can achieve all your goals.
Answered on Feb 23rd, 2016 at 3:37 AM