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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have a condo with a home equity line of credit on it - 108,000

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I have a condo with a home equity line of credit on it - 108,000 on the mortgage, 45,000 on the line of credit. I have two bank credit cards; one with a 10,000 balance, the other with about 9,000 balance. No ther debt - never been late with any bills. No luck in selling the condo - nothing is moving. I am 66 years old, make 65,000 a year at first job and about 15,000 a year at second job. My plan is to move to Mexico or Panama. I recieve 2000 monthl in social security and my pension from my second job (teaching) will be about another 600 monthls. I want to know if I can file bankruptcy (more than willing to quiit my jobs, if necessary so I can move on. I do not anticipate needing credit any more. Let me know - Thanks
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :

In order to file a chapter 7 bankruptcy, you must pass a means test that compares your family income with the median income of the family of the same size in your state. If you are at or below the median income, you pass the means test in are eligible to file a chapter 7 bankruptcy. If you are above the median income, you must pass an additional test which compares your disposable income and unsecured debts.

The median income in Illinois for a family of one is $45,607. The median income for family of 2 is $59,104.

WebLaw :

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