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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 30909
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My husband is thinking about filling chapter 13 but we are

Resolved Question:

My husband is thinking about filling chapter 13 but we are just not sure if that is the correct thing to do. Our property is under my husband's name so as the 2nd mortgage on which we understand that can be removed on chapter 13. But the tricky questions is that we had waited almost 2 years to file since we were trying to work a loan modification with the bank, since they denied us so many times, we got tired and decided to file chapter 13. But in the meantime I opened a business( LLC) and my husband has 50%. Will that affect too much the bankruptcy? What is considered too much asset in this case?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 5 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.


Is he wanting to file a personal bankruptcy?

Customer: replied 5 years ago.
yes. We decided to file only under his name.
Expert:  Roger replied 5 years ago.

A Chapter 13 is a bankruptcy where debts are re-structured and combined into one monthly payment that you make to the trustee. You are required to pay the full amount of all debts, but you're just given a longer time frame (reduces the monthly payment amounts) to do so. But, the benefit is that you get to keep all of your stuff.


In order for a person to qualify for a Chapter 13, he/she must be able to prove that there's enough income to fund a plan. Thus, the fact that he's 50% owner in the business would be helpful to prove that he has the income to support the plan.


I would recommend that you see a local bankruptcy attorney about this issue and go through all of your assets, property, liabilities and decide if a 13 is the best option.

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