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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I AM IN CHAPTER 13 BANKRUPTCY. I JUST MISSED BEING ABLE TO

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I AM IN CHAPTER 13 BANKRUPTCY. I JUST MISSED BEING ABLE TO FILE CHAPTER 7 BECAUSE OF MY PART ITME JOB. AT THE TIME OF FILING MY CAR HAD A ASSET VALUE OF $7,500.00 THE DIFFERENCE BETWEEEN MY LOAN AND THE VALUE. IF I LOOSE MY PART TIME JOB OR GET MY HOURS CUT WOULD MY MONTHLY PAYMENTS STOP AND I WOULD HAVE TO PAY THE $7,500.00?

Hello,


Thank you for your question. I am happy to assist you.


It appears that if you lose your part time job and thus meet the Chapter 7 means test, that you can convert to a Chapter 7. There would not be monthly payments required in a Chapter 7. Most unsecured debt would be discharged (wiped out).



In Massachusetts, if you choose the federal exemption list, it appears the you could exempt your car. To do this you would exempt $2,775 of the vehicle under your motor vehicle exemption and you may apply your wild card exemptions to increase the motor vehicle exemption by $9650 representing the wild card exemptions of $925 of any property and $8,725 of unused homestead exemption, for any property


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


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