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I want to pay off my credit cards but file bankruptcy on house…

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I want to pay off...
I want to pay off my credit cards but file bankruptcy on house that i have moved out of 3 years ago. I am retired but my wife works and i am wanting to end this.
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 58 minutes by:
6/18/2010
Bankruptcy Lawyer: Ellen, Attorney replied 8 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified

Hello,

 

Thank you for your question.

 

The typical reason of person does not qualify for a chapter 7 bankruptcy is that their income disqualifies them. If this is your situation, you may want to consider reducing your income in order to qualify.

 

I will explain

 

In order to file a chapter 7 bankruptcy, you must pass a means test that compares your family income with the median income of the family of the same size in your state. If you are at or below the median income, you pass the means test in are eligible to file a chapter 7 bankruptcy. If you are above the median income, you must pass an additional test which compares your disposable income and unsecured debts.

 

The median income in New York for a family of two is $57,902. The median income for family of 4 is $82,164.

 

Good luck

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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