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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I will need to file bankraupcy. I lost me job after 20 years,

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I will need to file bankraupcy. I lost me job after 20 years, but am now employed with a different company. My income dropped from approx 160,000 to $120,000. My problem is I have around 200,000 in unsecured debt which includes a repo with approx $45000 deficit. When calling an attorney to find out the cost to bk, he stated I made too much money and would have to file at chapter 13 instead of chapter 7. I asked doesn't it matter what you owe versus income, and he said he would look it up and get back to me. He never did. What is your opinion as I will need to do something soon before attachments.


Hi JACustomer,

The income qualification for filing a Chapter 7 does not at all depend on the amount that is owed.

I think this is what you wanted to know. If not, please let me know.
Thank you!

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