Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

I have very little assets. A car worth little about 6 ot 7

I have very little assets...
I have very little assets. A car worth little about 6 ot 7 thousand keyed badly the leaving of the place where a judgement was placed on me for 2600. I have in contact with a bankruptcy JD C furano sp sorry. I have addtions questions my personal property is less than 7,000 for sure. About 32000 in credit card debt imployed still cannot pay it over my income. Lossing money and all my savings now. Credit sliding. Should I wait till more judgement come in or file Chapter 13 asap to protect my self. Also can I ever have a bank account again with out some one garnishing it. Just enough in to pay rent etc.
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 3 minutes by:
1/3/2011
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

Hi JACustomer,

With a Chapter 13, you have to make payments to the court for up to 5 years. With a Chapter 7, you pay little or nothing to the court.

Why are you filing a Chapter 13 instead of a Chapter 7?



Edited by cfortunato on 1/3/2011 at 5:36 PM EST
Ask Your Own Bankruptcy Law Question
Customer reply replied 7 years ago
Have not fiiled yet I earn about 35,000 now is that why I can not file 7 My debt is over 1000 per month I earn about 2000 how can I live on that any more. No credit no money no doctors, vets, dentists no co pays............let alone any enjoyment

Last question - do you have property that has equity that you are trying to save, such as a house?

Ask Your Own Bankruptcy Law Question
Customer reply replied 7 years ago
no just a car worth about 6 or 7 thousand at best
Customer reply replied 7 years ago
employed sorry for the typo

Just a few more questions, sorry. I want to make sure I give you the right answer:

1) Is the $35,000 income your take-home or your gross income? If it is your take-home income, what is your gross income?

2) What - if any - is the balance on your car loan?

3) What is the a) year, b) make, c) model, and d) mileage on your car?

Ask Your Own Bankruptcy Law Question
Customer reply replied 7 years ago
my take home is about 2200 per month I own my car a 2005 Mazda 6 4 door sedan with about 23,000 miles on thanks on lien holder but I did charge my car that part of the reason I owe so much on my credit cards I was also unemployed for 2 years almost

Given the information you provided, you do qualify to file a Chapter 7 Bankruptcy, and it makes no sense to file a Chapter 13. If you file a Chapter 13, you will have to pay all of your disposable income into the Bankruptcy court for 3 years. If you file a Chapter 7, you will have to pay nothing.

When you file a Chapter 7 you are allowed to keep a car if it is worth less than $5,350 plus the cost to sell the car. Because of this, it may be a good idea to wait as long as possible to file, so that the value of your car will go down.

If the attorney you consulted with told you that a Chapter 7 could not be filed, you should call the South Carolina Bar Association and ask for a recommendation for a Bankruptcy attorney - to get a second opinion. The number is 803.799.6653. Most Bankruptcy attorneys will give a free consultation.

I think this is what you know. If not, please let me know.

Thank you!

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
cfortunato and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask cfortunato Your Own Question
cfortunato
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
8,023 Satisfied Customers
Experience: Bankruptcy professor.

cfortunato is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I have the same question. I had a Chapter 7 bankruptcy 13
I have the same question. I had a Chapter 7 bankruptcy 13 years ago. I have not seen on my credit report for the last 6 years. The SBA question says have you ever had a bankruptcy? Is it fair to say n… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
56,297 satisfied customers
Can credit card debt be listed on schedule j under other
can credit card debt be listed on schedule j under other question 21 … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
What happens i file chapter 7 bankruptcy and judge denies my
Second opinion] What happens i file chapter 7 bankruptcy and judge denies my reaffirmation agreement...will they repo my car or will the co signer be able to keep it… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I am probably going to need to file a Chapter 7 bankruptcy
I am probably going to need to file a Chapter 7 bankruptcy in Minnesota because Geico is suing me for $100K for personal injures sustained by someone else that was involved in an accident. I am fighti… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I have a chapter 7 in process in las vegas, nv. I have a
I have a chapter 7 in process in las vegas, nv. I have a court date set for a reaffirmation agreement for my mortgage. I would like to change my court date to a more current date. What motion with the… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,366 satisfied customers
I filled chapter 7 and discharged a mortgage with Wells
I filled chapter 7 and discharged a mortgage with Wells Fargo in 2009. I did not reaffirm the mortgage but I continued making payments for these eight years. I requested a payoff from Wells Fargo and … read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
About 15 years ago I had a credit card debt of $10,000. My
About 15 years ago I had a credit card debt of $10,000. My friend had a Discover Card and offered to transfer my debt onto her card because at the time it had no interest charge offer at the time. I w… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,343 satisfied customers
I have filed a chapter 7 back in June of this year.. today I
I have filed a chapter 7 back in June of this year.. today I got into an accident to which the other party was at fault.. i has to go to the hospital... if I am … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,871 satisfied customers
Interested in information concerning personal chapter 7
interested in information concerning personal chapter 7 bankruptcy as a member of a 50/50 LLC … read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Regarding my chapter 7 ProSe on the Reaffirmation $2000
Regarding my chapter 7 ProSe on the Reaffirmation $2000 behind on payments, $6000 equity in car Obviously, we don't want to be Repo'd with all that equity.My husband went to the reaff hearing today an… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
Regarding my chapter 7 Reaffirmation hearing tomorrow,
Regarding my chapter 7 Reaffirmation hearing tomorrow, husband is going without me. $2000 behind on payments, 6000 equity in car. When I try to talk to the people at "ascension capital" who do Cap1's … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,366 satisfied customers
We filed chapter 7 bankruptcy in California with the intent
We filed chapter 7 bankruptcy in California with the intent on reaffirming the car.We are 90 days out with a report of no distribution and "awaiting discharge" on Pacer.We have $6000 equity in the car… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
If you file a chapter 7 bankruptcy and I own a house free
If you file a chapter 7 bankruptcy and I own a house free and clear that's worth 15000 can I keep the house? if so do I have to claim it as an exemption… read more
LegalGems
LegalGems
Juris Doctorate
10,717 satisfied customers
This is a Chapter 7 question. The Debtor was unemployed for
This is a Chapter 7 question. The Debtor was unemployed for 4 of the last 6 months, having worked the last 2 months. Her currently monthly income amount is above the local median, but averaged over th… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
My parents filed chapter 7 bankruptcy. They received a
My parents filed chapter 7 bankruptcy. They received a letter back from the attorney they hired and the letter stated, "they are over the limit on the allowable exemptions for a chapter 7".What does t… read more
Ray
Ray
Lawyer
Doctoral Degree
30,877 satisfied customers
I have substantial credit card debt, and i am currently
I have substantial credit card debt, and i am currently unable to make the monthly payments.… read more
Ray
Ray
Lawyer
Doctoral Degree
30,877 satisfied customers
Can I rent to own a home in Tennessee with chapter 7 and
Can I rent to own a home in Tennessee with chapter 7 and chapter 13 bankruptcy on my credit?… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed,
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed, but only by the husband. The wife never signed. Does this mean that the loan company now has lost consent? In her not reaffirming the loan … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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).

Show MoreShow Less

Ask Your Question

x