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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am seriously considering bankruptcy. My charges are maxed

Resolved Question:

I am seriously considering bankruptcy. My charges are maxed out and it is difficult to make my
mortgage. I have no savings and am not eligible for social security. I work for the US Post
Office and am in their old retirement system. The money cannot be withdrawn for any reason.
I had a major operation last year and lost quite a bit of income. Also, all my overtime, which
was a major help has been cut off. I did a bankruptcy in 1997 after my divorce. I kept on
paying interest on the money I borrowed to cover his share of private school and college. He
didn't have to compensate me for the years it went on. I got tired of enforcement and legal
fees. Then I broke my wrist had no income. That's when I declared bankruptcy then. I have
refinanced at least three times and there is no equity in the home.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

What is your Bankruptcy Law question, please? (What would you like to know?)

Customer: replied 3 years ago.

I'm sorry, I just rambled on. Will I have to give up or sell my home? Will I have to pay my

credit cards? What about my car which I just got in April? I need it and the payments

are $310 a month. Can that be touched? There's no value because I financed everything.

Expert:  cfortunato replied 3 years ago.

What is the current market value of your home?

What is the balance on the mortgage?

How many are in your household?

What is your current gross monthly income?

Customer: replied 3 years ago.

I just had it appraised for $125,000. The balance on the mortgage is $116,677.58.

I live alone. My gross monthly income is $4425.

Doesn't my health insurance $181 a pay (I get paid every two weeks) or my Flexible

Spending money $134 a pay get me a break? I usually bring home $1000 a pay.

Expert:  cfortunato replied 3 years ago.

Your gross monthly income is below the amount ($4,842) that would qualify you to file a Chapter 7 Bankruptcy. This is the preferred one, because the filer pays nothing to his creditors to have his debts discharged. So, you do qualify to file a Chapter 7.

Additionally, you would be able to keep your home if you file, as it has less than $20,200 equity, and you would be able to keep your car with no equity, and continue to make the monthly payments.

 

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.

How do they determine your income for bankruptcy? Paystubs? Income tax returns? Or

W2's?

Expert:  cfortunato replied 3 years ago.

Thank you for accepting my answer!

The Bankruptcy court looks at your paystubs to determine your gross (before-tax) income.

Customer: replied 3 years ago.

How do they determine your income for bankruptcy? Paystubs? Income tax returns? Or

W2's? Last year I only had $33,000 because of medical. This year I'm volunteering to

work all my holidays(straight pay) and one of my off days(time and a half). Years ago I

made $60,000. Am I in danger of having to do the other bankruptcy if I continue with

working all this overtime? What are the consequences of the other bankruptcy? Hope I'm not becoming a pain hitting you with so many questions.

I just got your response about the paystubs. I thought I'd have to wait 24 hours for that

response. That's what the site said.

Expert:  cfortunato replied 3 years ago.

The court goes by your paystubs for the 6 months before you file. If your average monthly gross pay is less than $4,842 for the 6 months before you file, you are okay. This means some months can be more than $4,842, as long as there are some months that are less than $4,842.

If you have high medical bills, the court can take that into consideration.

If you have a period where your income exceeds the monthly amount, but you know it is only temporary, and you income will go down, you can wait a bit until your income goes down.

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you

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