I owe about $ 50K in personal debt and $ 25K in credit report. How much debt would justify for BK 7?

Question

our gross annual income is $ 80K but we're still not making pay check to paycheck. I am behind on my utilities, car payments, etc, etc. Which way would be a good way to go? Can a Chapter 7 be filed or a debtor has to file chp 13 first?

Answer 1

Wow, what a dumb answer from Koog. Posters like him are a disgrace to our great nation, not those who declare BK.

Which chapter of BK you file is dependent on your income mostly, and pulling in 80k a year will probably disqualify you for Ch7.

The only other advice I can give you is to do your homework before, during and after you file. If you are smart, you can have a respectable credit score within 1-2 years.

Answer 2

First, you would have to see a qualified bankruptcy attorney in your area. With the new laws and the changes, your income may be too high to qualify for a chapter 7 filing. You may need to go into a chapter 13 payment plan with the US Bankruptcy courts. Most attorneys will see you on a first free consulation. You can check out this website...www.bcsalliance.com  It's a great site that have excellent info on debts, credit and bankruptcy info and will tell you the difference between the two. An attorney will want to look at your income (pay stubs for last six months), a list of all your debt, assets and last 4 years of taxes. Based on this information they will be able to tell you what you would qualify for. You don't state if you have a mortgage. With a chapter 7 filing if you qualify, you could re-affirm on secured debts like a mortage and vehicle loans, that's if they are current. In a chapter 13 the debts do not have to be current and they run thru a plan which is a payment plan set up thru the trustees of the bankruptcy court and is taken out of your paycheck each pay period, they run 5 years max and the secured debts are paid first, with unsecured being paid lastly. Gather you information together, call a bankruptcy attorney and they can tell you what you need to do. Good Luck!

Answer 3

losers file chapt  7.. be a man and take care of your debt.. u make anough money to pay it back in 2 years...  stop buying 20 dollar cigars and 15 dollar whores u sob , u discrace our great nation. live cheap with pride for 2 years, or hide in shame for 7 .. and trust me all your friends and family will be making fun of you behind your back, u wont get the job you interview for and got will not allow u in the gates...  i hope this helps..

Answer 4

There are some rules you need to follow while filing bankruptcy. But did you try debt consolidation? As your income is good, i think the only problem is of managing your debts.

A debt consolidation program will analyze your situation and based upon that will provide you with an affordable debt management plan after negotiating with your creditors. Here is the one which I know http://ezconsolidation.com you can refer to it.