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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33381
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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i want to file bankruptcy which route do i go. i have my primary

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i want to file bankruptcy which route do i go. i have my primary residence (under modification right now with bank) a rental property, and approximately 30K in debt with credit cards and auto loan. I want to keep my properties but just wipe out the credit. My husband and I are seperated and looking to finalize a divorce.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 4 years ago.

Please provide the amount of each of loans on the two properties (I need to know how much each loan balance is, not just the totals).

 

Also, what is the fair market value of each property.

 

Same for the motor vehicle (loan balance and fair market value).

 

Finally, how much do you gross each month from all sources of income (except social security if you receive it)?

 

I'm off to dinner. I'll get back to you in a bit. Thanks in advance.

 

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Customer: replied 4 years ago.
the primary property is valued at the same as the outstanding mortgage same as rental
primary is 389K and rental is 300 k value and loan amount, the vehicle is already repossed and they are telling me I owe them 10k and change my income is approx imately $4600 plus $1700 rental income credit card balances around $20k
Expert:  socrateaser replied 4 years ago.

Your income is too high for a Chapter 7, which leaves Chapter 13. Since the rental and your home are effectively worthless, you could create a plan whereby you continue to pay the two mortgages during the bankruptcy and then pay your disposible income towards your unsecured debts over the next 5 years. Frankly, you probably would pay off the debts in full before the five years is up, so what the bankruptcy would actually do would be to get your creditors to shut up while you were paying them off.

 

There's no way you can wipe out the debts entirely. You earn too much and your debt is too small in relation to what you earn.

 

Hope this helps.

Customer: replied 4 years ago.
so the rental income is considered as my income in its entirety (sp?) right?
Customer: replied 4 years ago.
also, should I pay an attorney to do this for me or is there a website that can help me put a proposal of such together to file it myself?
Expert:  socrateaser replied 4 years ago.

Here is a guide (perhaps the only decent one) to "do-it-yourself" a Chapter 13. A lawyer will probably run you $2,500. If your case is unremarkable, you may have no difficulties. But, if you start receiving objection pleadings from the bankruptcy trustee, you may suddenly think $2,500 is cheap to get a night's sleep.

 

For a consumer bankruptcy attorney referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=MA and www.martindale.com.

socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33381
Experience: Attorney and Real Estate Broker -- Retired (mostly)
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