Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
You sound like a great candidate for chapter 7
Chapter 7 can clear out all of the consumer debt - credit cards, medical, the balance on the car that was surrendered.
The process takes about 90 days.
Arizona is a community property state.
So, since you are not married yet, did your fiance cosign for you?
if so, your finace is on the hook for the debt.
I have read online that I may make to much for a chapter 7?
If you file before you are married, then the debts should be clear shortly after you get married.
She only cosigned for 1 of the credit cards, which she is paying for.
let me pull up the income sheets.
the income cutoff for the means test is 41,385 if you are the only one in the household.
$53,781 for a 2person household.
So if your household income from all sources is below that figure (last 6 months average x 12)
then you should have no problem with chapter 7
Do you have any questions?
here is the link
What would be better on my credit as far as long term/short term results. If i were to file for a chapter 13 vs 7, would my credit improve quicker?
no real difference in the long run, although chapter 13 shows that you are paying back debt
but, you are committed for 3-5 years repayment in most cases.
Also, would my defaulted car loan be dismissed in bankruptcy?
you need court approval to buy,sell during the case.
discharged yes, in either case.
but, in a 13, you'd be paying some of it back
The car has already been repossessed
4 years ago
yes, in a 13, you would be paying back a percentage of debts, from 10-100% based on your disposable income.
You would be paying that percentage back on the remaining balance in the ch13
you would probably be best off filing chapter 7 in most cases, unless you make too much money, or if you have a large asset that might not be exempt in the bankruptcy case
ok. so in chapter 7 the car debt would be dismissed?
dismissed means your case did not go thru
that is all
you mean discharged
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