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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My husband and I filed for a Ch. 13 in Jan 2004, completed

Customer Question

My husband and I filed for a Ch. 13 in Jan 2004, completed the plan (paid off all unsecured/secured debt (except mortgage) through refinance) and was discharged Feb 2006. We recently lost our CA-primary residence (with a prin. bal. of $924,000 plus arreages and lender's attorney fees which totaled approx. almost $1,050,000) last month to an auction - sold for $626K and now we are at risk of losing our 1bd condominium (where we are currently staying and trying to get a modification - principal balance is approx. $275Kwhile property value is approx. $200K) with a sale date Mar 8. We do not have any credit card debt, nor car payment except a medical bill in collection Will we be able to file a Ch. 7? Will the recently foreclosed property convert to an unsecured debt? Also, since I have a pending civil lawsuit for $80K+, will I be able to include it in BK? Since we do not have the financial means to hire an attorney, can we file BK online w/ a $6250/mo household income family of 3?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.
In CA currently the means average for 3 people is $5,908 per month
after March 15 the new means test income will go down to $5,887. Currently your income is a little higher
than the mean, but if you file certain the means test and have high expenses such as rent and living expenses you should have no problem filing a chapter 7.