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I have $169,000 in personal debt (not including mortgages).

 
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  • Answered by:CML Bankruptcy
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Customer Question

I have $169,000 in personal debt (not including mortgages). I have another $220,000 in mortgages. My gross income is $86,000 per year. My monthly expenses are $4500 not including a credit card or loan payments. Would I qualify for Chapter 7 bankruptcy in Illinois? If not, how much of my monthly income would I have to give up to creditors if I file for Chapter 13?

 

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State/Country relating to question: Illinois

Submitted: 472 days and 16 hours ago.
Category: Bankruptcy Law
Value: $25
Status: CLOSED

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Expert:  CML Bankruptcy replied 472 days and 16 hours ago.


CML Bankruptcy :

Good evening. Thank you for the opportunity to assist you this evening.

CML Bankruptcy :

So that I can give you the most complete legal information possible, what is the total value of the properties securing the mortgage(s)?

CML Bankruptcy :

And, what expenses are you including in your monthly expenses?

CML Bankruptcy :

And, how many people live in your household? Is the $86,000 the total household income?

Expert TypeAttorney
Category: Bankruptcy Law
Pos. Feedback: 100.0 %
Accepts: 24
Answered: 12/30/2011

Experience: Highly experienced in Chapter 7 & 13 bankruptcy.

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Expert:  CML Bankruptcy replied 472 days and 15 hours ago.

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Expert:  CML Bankruptcy replied 472 days and 15 hours ago.

Once I receive this additional information, I'll be better equipped to respond to your question.

 

I await your response.

 

Thanks!

Cara

Customer replied 472 days and 15 hours ago.

I was still typring my answer when you ended the chat. please give me a few minutes to answer your questions.

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Expert:  CML Bankruptcy replied 472 days and 15 hours ago.

No problem. The chat program doesn't always let me know when a customer is still there. My apologies.

Customer replied 472 days and 15 hours ago.

I keep trying to send my answer and it disappears when I hit the reply button

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Expert:  CML Bankruptcy replied 472 days and 15 hours ago.

Hmmm. I haven't had that happen before. Can you try it again?

 

 
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