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VanDLaw
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Category: Bankruptcy Law
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Experience:  Chapter 7 & 13
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I am now 77,000.00 in credit card debt. I am working for ...

Customer Question

I am now 77,000.00 in credit card debt. I am working for minimum wage and bring in 1200.00 to 1400.00 a month. I have been borrowing money from wherever to keep my bills up, but can no longer do it. Four of these accounts are business cards from our business that is no longer. I have a partner who is listed on the business accounts, but not the personal ones. Our combined income is around 3000.00 a month and we have a rent payment of 800.00 plus car payments of 485.00, plus car ins. payments of 129.83. Plus the normal monthly household expenses and medical expenses. Would we qualify for chapter 7.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 6 years ago.

In order to see if you qualify to file a Chapter 7, you take your gross annualized income six months prior to filing. Determine the number of people in your household and then look at the median income required for your area, if you do not exceed the median income you qualify. There is a bit more to it, but that is a high level look at it. Your business partner's income is not relevant unless they are your spouse or child.

You need to consult with a bankruptcy attorney in your area to get a definitive answer to this.

Customer: replied 6 years ago.
Thankyou for your reply, but I need clarification on something. My business partner is also my domestic partner, but is only listed on the business accounts as half owner. Also, we have a mobile home we have been trying to sell for over a year now. Would that be affected by a bankruptcy, or would it have to be included? I myself have medical issues and require surgery in the near future, not too mention medical bills we are both paying on for past surgeries or treatments. So, all this is in the mix. Why does the number of people in the household have any relevancy?
Expert:  VanDLaw replied 6 years ago.

The number of people in your household is relevant because it is used to calculate the median income level you use to meet means test. The more people in your household the higher the median income is and the easier it is to meet the meanst test to file a Chapter 7. Household members are your spouse and children, and anyone else you can declare as a dependency exemption. Domestic partners normally do not count as part of the household number. Your partner's debts are not discharged in your bankruptcy, so any cards that you own jointly become the sole responsibility of the remaining co-owner. The business debts would only be discharged in your personal bankruptcy if they were personal cards. Any credit cards held in the name of the company are not personal debt.

Medical bills owed are unsecured debt and are dischargeable in bankruptcy.

The mobile home would have to be included if you have an ownership interest in the mobile home. If it has equity it could be that your one-half equity (if your name is XXXXX XXXXX title) would be subject to the bankruptcy.

Your situation has some areas that need to be looked at by a bankrutpcy attorney to make the best decision. Many will provide free consultations to discuss your situation.

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