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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Have a quick question. My wife and I are over $80,000 in consumer

Customer Question

Have a quick question. My wife and I are over $80,000 in consumer debt. We got to that point about 2 years ago when I lost my job and haven't had the income to pay it. We do have outstanding credit we are never late on payments. We just need a fresh start and we figured we would look at claiming bankruptcy. Can you help me with this?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
a bankruptcy would be better than a debt consolidation company, do you own property with equity and what is your current family income?
Customer: replied 7 years ago.
We just sold our house and we came out with a few grand. We needed to sell to reduce our monthly expenses, we are renting now. We together make about 40k a year.
Expert:  WALLSTREETESQ replied 7 years ago.

In PA the median income is $44,000 to file a chapter 7 bankruptcy case, and since you have no equity you can file a chapter 7 case, it will get rid of all your debts. You would be able to keep certain property also, see the exemptions list.