Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
To qualify to file a Bankruptcy, the Bankruptcy court looks primarily at the debtor's gross income, not the ratio of debt to income.
There is no limit to the amount of debt a Chapter 7 Bankruptcy filer can have.
If you file, you will be allowed to keep your house.
As long as it is on less than 10 acres if in a city, or on less than 100 acres if outside a city.
And you are allowed to keep one car for every adult with a drivers license in your household - regardless of the value of the car.
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How many are in your household?
Is any of the $70,000 from Social Security?
Is any or the $70,000 pension from Social Security?
Is any of
the pension income from Social Security?
The allowable gross income for a household of 2 in Texas is $53,952. However, if you have extraordinary medical bills that you have to pay regularly, then you may still be able to file.
Because you can deduct medical bills from your income.
Otherwise, you will be able to file a Chapter 13 instead of a Chapter 7.
With a Chapter 13, you have to make monthly payments to the Bankruptcy court for 5 years. However, you will only have to pay your disposable income - which is your gross income minus your expenses.
Not including your debts.
Insurance payments that you pay or that you receive?