How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
14232603
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

I had acabin ra ental busness and borrowed on credit cards

Resolved Question:

I had acabin ra
ental busness and borrowed on credit cards to make payments.Now credit card are taking me to court.Cabins are sold.Could use some advice







i
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.
Hi JACustomer,
Your question is in the Bankruptcy Law section.
Are you asking about the feasibility of filing a Bankruptcy to have this debt discharged?
Customer: replied 4 years ago.
yes and will Ilose 401k
Expert:  cfortunato replied 4 years ago.

Whether or not you can file a Chapter 7 Bankrutpcy (the preferred one) depends on your income:

1) What is your gross monthly household income?

2) How many are in your household?

Customer: replied 4 years ago.

I gross about 2600 and have 2 in householkd

Expert:  cfortunato replied 4 years ago.

Yes - you can file a Chapter 7 Bankruptcy, because your gross household monthly income is less than $3,933. Filing a Bankruptcy is the best way to eliminate debt you cannot afford to pay.

Additionally, as 401K pension plans are exempt (protected), you would be able to keep your 401K if you file a Bankruptcy.

 

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

 

cfortunato and other Bankruptcy Law Specialists are ready to help you