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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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i live in california and our household income is about $98,500

Resolved Question:

i live in california and our household income is about $98,500 i am married and have to chilren, my parents also live with us, can we file for chapter 7? and i got judged on a credit card debt on thursday, how soon do i have before the possibilty of the collectors putting a freeze on my bank accounts and garnish my wages?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.


do you support your parents and were they claimed as dependants?

Customer: replied 6 years ago.

we do support them but have not claimed them as dependents yet

Expert:  WALLSTREETESQ replied 6 years ago.

In California for a four person household, the 12 month annualized salary to qualify is $77,596, for a six person household, for a 6 person household you need a salary of $92,596.00 which is close to your salary and with minor adjustments you could file.


You will have to claim them as part of your household, and prove to the trustee that you support them financially, if they filed their own taxes or recieve any income that also has to be listed.


WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Expert:  WALLSTREETESQ replied 6 years ago.

Worst case scenario you can file a chapter 13 bankruptcy and reduce your debt by 90-95% and pay the remaining balance over a 5 year payment plan.

Customer: replied 6 years ago.
would i be able to file now for that chans?pter as long as i claim them on my 2010 tax returns? and also i would like to know how soon before a freeze on my bank accounts and garnisment of wages if got judged for a credit card debt on thursday? and if i file bankrptcy how soon can they stop all that?
Expert:  WALLSTREETESQ replied 6 years ago.
you can file the chapter 13 bankruptcy now that will stop garnishments and collections the same day.
Customer: replied 6 years ago.

is it true that i have about 30 days from the date judged before possible garnisment of wages or freezes on my bank account?

Expert:  WALLSTREETESQ replied 6 years ago.

Once a judgment is made it takes time for a garnishment action to take place.