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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16036
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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We have some money problems and are considering bankruptsy

Resolved Question:

We have some money problems and are considering bankruptsy (Boise, Idaho). We have over $90,000 in credit card debt and have lost all of our savings, mostly due to my medical expenses after major surgeries (with resultant disability and loss of job) and losing over $200,000 in equity from our home which we sold. How do we go about deciding if bankruptsy is the right decision and if we were to file bankruptsy (preferably Chapt 13), is there anyway we could save a condo that we currently rent out and a lot that we someday were hoping to build on? We owe more on both properties than they are currently worth so selling them does not seem like a wise choice. Thank you.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.
A CHAPTER 13 WOULD ALLOW YOU TO KEEP THE PROPERTIES BUT IN ORDER TO QUALIFY YOUR INCOME AFTER ALL EXPENSES INCLUDING THE MORTGAGES HAVE TO BE LESS THAN YOUR INCOME.

ALSO, IN A CHAPTER 13, UNSECURED DEBTS SUCH AS CREDIT CARD DEBTS COULD BE REDUCED TO 5-10% AND THE COURT WILL ALLOW YOU TO PAY THEM OVER 60 MONTHS.
Customer: replied 5 years ago.
Not sure we understand. Our monthly expenses not including the unsecured debt is about $5500/month and our income is about $6000/month. Do you think we would qualify for Chapter 13? That would leave about $500/month for the unsecured debt.
Expert:  WALLSTREETESQ replied 5 years ago.
YOU COULD DO A $500 A MONTH PLAN, WHICH WOULD PAY THE UNSECURED DEBT $30,000 OVER 60 MONTHS.

THIS WOULD BE ACCEPTABLE, AS IT IS A 35% PLAN, YOU MAY EVEN TRY TO DO A 10% PLAN AND PAY LESS SPEAK TO YOUR BKCY ATTORNEY ON THAT.
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16036
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 3 other Bankruptcy Law Specialists are ready to help you

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