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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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i have two questions 1. if i file personal bankruptcy is

Resolved Question:

i have two questions:
1. if i file personal bankruptcy is my landlord notified. i've lived here so long that neither of us can figure out what she may have in escrow and i'ved never received a statement and it's not on my lease renewal. the building we live in is a condo with very strict financial rules.
2. i work but because my husband's business failed i am personally liable for over $1 million that we personally guaranteed to the sba for 9/11 disaster relief. we were in the world trade center. my personal debts are all being paid on time or paid off but the business ones are not and sba is on my credit report as collection. is there any way i can do a 7 filing or must it be a wage earner. i am 63 so i am close to retirement and my husband is unemployed and on social security.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

Hi JACustomer,

Whether or not you can file a Chapter 7 depends on your gross annual income. What is your gross annual income? How many are in your household? Do you have to pay support to anyone outside your household?

Customer: replied 4 years ago.

my gross income is about $170,000. my husband gets about 12,000 from social security.

it sounds good but we have medical conditions so our drug, food, transportation costs are high. we also live in manhattan and pay high rent but can't move because of our poor credit and no extra money to pay 6 months security.

i am paying off some guaranteed business bills for about 2k each month.

Expert:  cfortunato replied 4 years ago.

1) If you do not owe money to your landlord - if your landlord is not a creditor - and if you plan on continuing to pay the rent, your landlord will not be notified about your Bankruptcy.

2) To pass the "Means Test", the total household gross annual income (not including Social Security, which is not counted) has to be $56844 or less. However, if your living expenses are high enough so that you have less then around $100 per month left over after paying all expenses, it is possible that you would be able to file a Chapter 7 instead of a Chapter 13 (wage earner) Bankruptcy.

If you are still earning too much to qualify for a Chapter 7, perhaps it would be better to wait until you retire to file a Bankruptcy. The other option - if you cannot wait - is to file a Chapter 13 now, and then convert to a Chapter 7 after you retire. The first option would be preferable, of course, because it will cost a lot less.

Edited by cfortunato on 1/7/2011 at 1:25 PM EST
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
can you recommend an attorney in new york that i can discuss filing with
Expert:  cfortunato replied 4 years ago.

Thank you for accepting my answer! And thank you for the bonus!

You should call the NYC Bar Association to ask for a recommendation. The number is (212)(NNN) NNN-NNNN/strong>.

Customer: replied 4 years ago.
Expert:  cfortunato replied 4 years ago.
You're welcome!

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