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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Are there any limitations to filing for Chapter 7 bankruptcy?

Customer Question

Are there any limitations to filing for Chapter 7 bankruptcy? I was told you had to have a certain level of verifiable income for a 12 month period to show you have the funds to pay creditors...is this true and if so what are the requirements?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

Hi - my name is XXXXX XXXXX X'X a Bankruptcy attorney here to assist you.

cfortunato :

It is not true that someone filing a Bankruptcy has to have verifiable income for the 12 months before filing.

cfortunato :

In fact, there is no requirement that a Bankruptcy filer have any income at all before filing.

cfortunato :

And it is not true that the debtor has to show there are some funds to pay creditors, as there is no requirement to pay anything to creditors.

cfortunato :

Most Chapter 7 Bankruptcy filers pay nothing to creditors.

cfortunato :

The main requirement for filing a Chapter 7 is the debtor must earn less than a certain amount per month. This amount depends on the size of the debtor's household, and on the state in which the debtor lives.

Customer:

Wow! What bad info that was. Can you discharge judgments from divorce that specify they cannot be discharged in bankruptcy?

cfortunato :

There are 2 main types of divorce decrees - those that require payments directly to the ex-spouse, and those that require payments to a third party (such as a mortgage company).

cfortunato :

The first type (payment to an ex-spouse) is not dischargeable in a Bankruptcy, the second type (payment to a third party) is dischargeable.

cfortunato :

The fact that a judgment from a divorce says it cannot be discharged in a Bankruptcy does not mean the judgment cannot be discharged.

cfortunato :

If the judgment says the payment is to be paid to a third party, the judgment can be discharged, even if it says it cannot be discharged.

Customer:

there are alimony judgments for past unpaid alimony, alimony that is still due for 121 months, and a $71,000 payable to me for having taken all of my returement monies.

cfortunato :

Are you asking if your ex-spouse can have these judgments discharged in a Bankruptcy?

Customer:

an additional $3,000 for dental injuries as a result of abuse payable to me, $1,500 to repay me for atty fees

Customer:

yes

cfortunato :

Thank you for your response.

cfortunato :

These judgments cannot be discharged in a Bankruptcy - because they are supposed to be paid to you.

Customer:

each judgment carries the "this judgment is not dishargable in bankruptcy"

cfortunato :

That does not matter. What matters is the money was ordered to be paid to you.

cfortunato :

If the money was ordered to be paid to someone else (for example, if the $3,000 was supposed to be paid to your dentist), then that $3,000 portion would be dischargeable, even though the judgment says it is non-dischargeable.

cfortunato :

But if all the judgments say the money has to be paid to you, then you do not have to worry - your ex-spouse cannot have those obligations discharged.

Customer:

None of them were ordered payable to others...all to me, and I made sure the bankruptcy wording was included.

cfortunato :

This is pursuant to Bankruptcy Stat. 523(a)(15).

Customer:

Of course...I haven't been paid a thing and spending more to try and collect something! :) I really appreciate this info as I know he is attempting to file Ch 7 to get out of this.

cfortunato :

If his main reason to file a Bankruptcy is to avoid paying you, then he is wasting his time.

cfortunato :

However, if he gets his other debts discharged (such as credit cards), then he may have more money available to pay you.

Customer:

That is good news! Thank you again...it has been my pleasure!

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

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