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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have very little assets. A car worth little about 6 ot 7

Customer Question

I have very little assets. A car worth little about 6 ot 7 thousand keyed badly the leaving of the place where a judgement was placed on me for 2600. I have in contact with a bankruptcy JD C furano sp sorry. I have addtions questions my personal property is less than 7,000 for sure. About 32000 in credit card debt imployed still cannot pay it over my income. Lossing money and all my savings now. Credit sliding. Should I wait till more judgement come in or file Chapter 13 asap to protect my self. Also can I ever have a bank account again with out some one garnishing it. Just enough in to pay rent etc.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

With a Chapter 13, you have to make payments to the court for up to 5 years. With a Chapter 7, you pay little or nothing to the court.

Why are you filing a Chapter 13 instead of a Chapter 7?



Edited by cfortunato on 1/3/2011 at 5:36 PM EST
Customer: replied 3 years ago.
Have not fiiled yet I earn about 35,000 now is that why I can not file 7 My debt is over 1000 per month I earn about 2000 how can I live on that any more. No credit no money no doctors, vets, dentists no co pays............let alone any enjoyment
Expert:  cfortunato replied 3 years ago.

Last question - do you have property that has equity that you are trying to save, such as a house?

Customer: replied 3 years ago.
no just a car worth about 6 or 7 thousand at best
Customer: replied 3 years ago.
employed sorry for the typo
Expert:  cfortunato replied 3 years ago.

Just a few more questions, sorry. I want to make sure I give you the right answer:

1) Is the $35,000 income your take-home or your gross income? If it is your take-home income, what is your gross income?

2) What - if any - is the balance on your car loan?

3) What is the a) year, b) make, c) model, and d) mileage on your car?

Customer: replied 3 years ago.
my take home is about 2200 per month I own my car a 2005 Mazda 6 4 door sedan with about 23,000 miles on thanks on lien holder but I did charge my car that part of the reason I owe so much on my credit cards I was also unemployed for 2 years almost
Expert:  cfortunato replied 3 years ago.

Given the information you provided, you do qualify to file a Chapter 7 Bankruptcy, and it makes no sense to file a Chapter 13. If you file a Chapter 13, you will have to pay all of your disposable income into the Bankruptcy court for 3 years. If you file a Chapter 7, you will have to pay nothing.

When you file a Chapter 7 you are allowed to keep a car if it is worth less than $5,350 plus the cost to sell the car. Because of this, it may be a good idea to wait as long as possible to file, so that the value of your car will go down.

If the attorney you consulted with told you that a Chapter 7 could not be filed, you should call the South Carolina Bar Association and ask for a recommendation for a Bankruptcy attorney - to get a second opinion. The number is 803.799.6653. Most Bankruptcy attorneys will give a free consultation.

I think this is what you know. If not, please let me know.

Thank you!

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 4 other Bankruptcy Law Specialists are ready to help you

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