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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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I just filed bk.Does it matter how much income i make now that

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I just filed bk.Does it matter how much income i make now that i have filed BK.It is not an issue at this point but could be as the months go by.Does the bk have to be discharged to be a non issue? Thx
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 2 years ago.

cortrightlaw : Your future income is not an issue, bankruptcy looks six months into the past at your income to determine if you qualify. The goal of bankruptcy is to eliminate your debt with the hopes that you do go on and get a better job and become financially stable again.
Customer:

No matter how much u make? Not an issue now but can happen.Been doing housing rentals not paying much but could get some home sales down the road.By the way,since u have helped me i have to tell u what happened to me Fri.i filed BK on my own Fri. I had left my phone in the car.When I entered my car I listened to the message. The one creditor I have been fighting left a messgage to settle.(We were set to go to trial May 14) I called and they said they would settle for just a $1,000($12,000 owed).I would not have filed if they had called earlier.Unreal! I have been thinking of opting for a voluntary dismissal since i only have 1 more creditor for $18,000 and one medical bill for $5,500.Would u suggest that or just go bk since it will still be a public rercord whether i voluntarily dismiss it or not.

cortrightlaw : Yes the amount of money you make in the future is not an issue. As to the dismissal that is a personal issue, even with the one creditor settling you still have a fair amount of debt. Another consideration is if your credit is already shot going through with the bankruptcy will give you a fresh start and you can rebuild your credit quicker.
Customer:

But as far as getting employment it would look better if i did not actually go bk,right?On the other debt they have been sending a letter to settle the 18k for around 5k and if I fought them if they sue me i could get maybe get it down even more because apparently they really dont want to pay heavy legal fees to go to trial like my other creditor.In addition,the other creditor is approaching the statue of limit in about 5 months.Given this info,do u still feel that way about still going through bk.thx

Customer:

Or would the voluntary bk dismissal really not make that much diff?

cortrightlaw : I would probably recommend to my clients to proceed with the bankruptcy to give their credit a fresh start. Another concern is that if you settle the amount written off will be considered taxable income and it will be reported negatively on your credit report.
Customer:

It is amazing if I had got that call 45 min earlier I would not have filed BK.What luck? Story of my life.Thx

Customer:

But I am insolvent currently so I would not have to pay that as income correct?

cortrightlaw : Everything happens for a reason, maybe the bankruptcy is going to work out for you best in the short and long run.
Customer:

what about insolveny does that counteract liabilty for taxable income.i will hit button upon r answer Thx for all r help

cortrightlaw : Not sure on that you would have to ask an accountant since it is a tax issue.
Customer:

I think that is correct.

cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you

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