I will be 65 in June 2011. I currenly have 90K in credit card debt
, and 94K in mortgages. My home is worthy about 125K. I have no other assests execpt personal belongings, and I own a 2007 Toyota Corolla. my income will drop to social security wages
plus two small pensions
. The pensions will total about 2400 per month, and my social security and my wifes will be about 3600 per month. I plan to declare a full chaper 7 bankruptcy at that time since I will meet the salary limits. Right now my living expenses are around 2500 per month without the credit cards( about 2000 per month). My two mortgages are about 1100per month, This does not include state or federal taxes.
My salary was just reduced from 160K to 97L due to short term disablility. I can still barely meet my monthly notes without going under. When I retire in June 2011 I will have to survive on he social security plus pensions. I understand social security income is not counted against you when you file chapter 7
I live in Arkansas. The mean salary for bankruptcy is about 44000 not including social security wages.
With you knowledge could you please make a read of my chances for success at Chapter 7. Are there certain investments or other monetary actions that could jeopardize my proceeding. What roadblocks can you see. PS. I will also need to pay about 1000 per month for health insurancd for my wife after retirement until my wife becomes 65 (about 1.5 years) another .
Do they garnish social security wages
If you are wiling give my your best guess at my chances of success given the information above. If you need any more, please let me know.