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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  Licensed to Practice Law
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if i missed the 1,083,000.00 amount by 300,000 to qualify for

Resolved Question:

if i missed the 1,083,000.00 amount by 300,000 to qualify for a chapter 13 , is there a way i can still file a bankruptcy? our combined income is 250,000 and the reason for our bankruptcy is due to the purchase of 2 investment properties that we claimed on our income tax as rental properties and lost everything on . Our 13 was discharged in court due to the 300,000 over. as it is,we make too much for a 7. Please help
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 1 year ago.
Hello and thank you for allowing me the opportunity to assist you.

Yes, you can still file for bankruptcy, but instead of filing under Chapter 7 or Chapter 13, you would file under Chapter 11. Like a Chapter 13 bankruptcy, a Chapter 11 bankruptcy is a reorganization without the restrictions of a Chapter 13. Unfortunately, Chapter 11 bankruptcies are more complicated and cost much more ... both in filing fees and in legal fees (assuming you use an attorney, which you should). It may take a little work finding an attorney who will file a Chapter 11 bankruptcy for you, since most bankruptcy attorneys concentrate on Chapter 7 and Chapter 13 bankruptcies. But you should be able to find a few attorneys in your area after making a few phone calls.

Does that answer your question? Let me know if you need clarification, and please remember to rate me positively so that I receive credit for my efforts.

Thank you and good luck!
Customer: replied 1 year ago.

our rental property business was not incorporated but we did tax returns stating our losses. are attorney says that i have to quit my job and try to file for a chapter 7 or get ready to by sued by credit cards (15,000) and mortgage deficiencies totaling 230,000. Also we currently have been paying 700 dollars a month (5 months) into the chapter 13 bankruptcy which was recently put on hold by one of the mortgage companies of one of the rental properties in court (they have a motion to stop the bankruptcy 13 stating a case that said we had more secured debt than 1,080,000. On Feb 14 the lawyers will be in court for the final hearing.

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Do you have another legal question for me?
Customer: replied 1 year ago.

our rental property business was not incorporated but we did tax returns stating our losses. are attorney says that i have to quit my job and try to file for a chapter 7 or get ready to by sued by credit cards (15,000) and mortgage deficiencies totaling 230,000. Also we currently have been paying 700 dollars a month (5 months) into the chapter 13 bankruptcy which was recently put on hold by one of the mortgage companies of one of the rental properties in court (they have a motion to stop the bankruptcy 13 stating a case that said we had more secured debt than 1,080,000. On Feb 14 the lawyers will be in court for the final hearing.


My question is, should i file a chapter 7 and quit my job, is there a chance to redo the numbers on the chapter 13 paperwork including 2 properties as rental properties, or the only choice is file chapter 11

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Unfortunately, I am in no position to tell you what you should do since I know almost nothing about your case. You stated that you have an attorney who recommends that you quit your job and convert your case to a Chapter 7. I don't have enough information to agree or disagree with your attorney, but most times a person's attorney will be correct.

But, I'll also point out that quitting your job seems like a disaster waiting to happen. What happens if you can't get a good paying job like that again? Why not keep the high paying job and work out settlements with your creditors? Sometimes it's better to have a high paying job in which you make monthly payments to creditors, than to have your debts discharged but have no job at all (or a low paying job). Has that been analyzed? If not, then you may want to consult with a different bankruptcy attorney who can give you a second opinion as to your options.

As for redoing the numbers on your Chapter 13, that is not likely possible. Any manipulation of the numbers will likely be viewed as an attempt to skirt around the law, and could be considered abuse or even fraud. Based on the little I know about your case, I would seek a second opinion from a different bankruptcy attorney who has the opportunity to review your case in detail. Even if such analysis costs you a few hundred dollars, it will be worthwhile to know that you are making the best decision as to how to proceed given your particular facts and circumstances.

I truly wish you luck!
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9586
Experience: Licensed to Practice Law
TJ, Esq. and 2 other Bankruptcy Law Specialists are ready to help you

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