Chapter 7 or 13 bankruptcy?

Question

I am a married mother of two our combined income is 72,000 a year. The onlly way I can save my home {it is being foreclosed] is to file chapter 13. With all my debt that I owe [CREDIT CARD HOME AND 1 VEHICLE} the trustee wants $2000.00 monthly for five years. would we be better off to do chapter 7 and let our house go into foreclosure?

Answer 1

At your current income you probably do not qualify for a Chapter 7 bankruptcy.  If you are over the median income for your area, the only way you might be eligible for Chapter 7 is if your essential expenses exceed your available income.

To make the best decision, you should consult with a bankruptcy attorney.  They often do not charge for the initial consultation.