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Recent Means Test questions

In terms of the means test or debt limit issues in

In terms of the means test or debt limit issues in bankruptcy, does it matter if more than half of the debt is business debt?

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Terry L.

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Doctoral Degree

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I live in NJ. I have a house. The value of the house is

I live in NJ. I have a house. The value of the house is around 500,000 and the remaining mortgage is about 320,000. I have been paying the mortgage, but I have credit card debts over 150,000. I want to file bankruptcy to get rid of my credit card debts, but I want to keep my house. Since my income is around 130,000, I know I cannot file Ch7. But can I file Ch13? Thank you.

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Terry L.

Partner

Doctoral Degree

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My wife accumulated a lot of credit card debt and now she

My wife accumulated a lot of credit card debt and now she wants to file chapter 7. How will this relate to me and my assets, inclufing my home which I bought ling before we were married and is only in my name? I'm afraid they will try to go after my sssets.JA: What state are you in? And has anything been officially filed?Customer: California and no, nothing has been filedJA: Has anything been filed in civil court? If so, what?Customer: NothingJA: Anything else you want the lawyer to know before I connect you?Customer: Is there a chargeJA: You just pay a $5 deposit now and the rest only when you get a reply from the Bankruptcy Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: Ok. I also have another question on the same topic

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DrakeLAW

Juris Doctorate

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I am 35 years old and accumulated a bunch of debt for

I am 35 years old and accumulated a bunch of debt for various reasons and can't find a good answer to how to handle going forward. The bankruptcy attorneys I have talked to don't really tell me whether it's a good idea, they just want to charge me and file. A financial adviser is just there to manage wealth, debt settlers just want to consolidate your debt whether it's the best option or not and I am past credit counseling and consolidation at this point. Below are the points of my situation and questions.1. I am in the situation due to house issues, a salary decrease, and health issues so I do qualify for debt settlement. I don't want to do this because I could still get sued for the debt and I would like to just move forward with whatever the solution is.2. I would like to save for emergencies and retirement and can't do that now because I have so much debt and I would also like to buy another house at some point again in my lifetime.3. I make $110,000 a year in salary with about a $10,000 bonus.4. I own a house but can't sell it because I just purchased it in August and would have to bring thousands of dollars that I don't have to close. I can rent it but would still have to pay about $500 a month to make up for the gap between the rent and my mortgage. I do not want to keep it so could let it go in bankruptcy or do a deed in lieu of foreclosure. I don't think I can do a short sale as I don't think I can keep up with the payments as it can take a long time to sell and close.5. If I do bankruptcy, is using an attorney online sufficient or should I find another one local that can be a bit more hands on?6. I have a car that I owe about $25,000 on that I want to keep.7. What kind of financial information do I have to provide to prove I need to file bankruptcy?8. I have about $46,000 in student loans9. I have about $86,000 in personal loans10. I have about $21,000 in credit card debt.

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Terry L.

Partner

Doctoral Degree

2,972 satisfied customers
Is a loan against a 401K considered a secured loan for

Is a loan against a 401K considered a secured loan for purposes of the means test that allows deductions of creditors listed in Schedule D.

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Terry L.

Partner

Doctoral Degree

2,972 satisfied customers
I am a homeowner with close to $35,000 in credit card debt.

Good morning, I am a homeowner with close to $35,000 in credit card debt. I find myself in a deficit of about $250/mo paying mortgage, household expenses, and credit card payments. Would I be eligible for bankruptcy? Thank you,.

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Terry L.

Partner

Doctoral Degree

2,972 satisfied customers
I have the following debts: 42,000 student loan (Feds)

I have the following debts:42,000 student loan (Feds)14,000 car loan12,000 signature loan26,000 credit cardsI've been unemployed 5 monthsAssets:22,000 in pension account600 in Series e savings bonds2000 in stock and bonds account3200 in 401k1000 cashI do receive 1,900 in unemployment benefits a month but that will run out in 2 monthsIs it as hopeless as I feel it is? Should I file for bancruptcy now?

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mmdesq

Attorney

Doctoral Degree

1,066 satisfied customers
Do you have to include VA disability as income on the

Hello...Do you have to include VA disability as income on the chapter 13 and/or chapter 7 means test, Debtor is not 100% disabled but is 80% disabled...thank you in advance for your assistance

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DrakeLAW

Juris Doctorate

1,144 satisfied customers
This is a chapter 7 question...The Debtor is over the median

This is a chapter 7 question...The Debtor is over the median and is giving up his vehicle in his chapter 7 case. However, he is going to have to pay for the fuel and upkeep of a vehicle owned by someone else while he gets back on his feet. Can the Debtor still check 1 vehicle on line 11 of the 122A-2 means test form because he does have operating expenses although he doesn't have ownership expenses? Thank you in advance for your assistance.

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Maverick

Doctoral Degree

7,766 satisfied customers
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