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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If I go into bankruptcy and my wife and I make a good living,

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If I go into bankruptcy and my wife and I make a good living, what will happen? In other words, I have 4 foreclosed rental properties and my foreclosed home without a lot of other debt....will I be able to get those judgements dismissed without responsibility to pay back?

Hi JACustomer,

If you file a Bankruptcy - either a Chapter 7 or Chapter 13 (the latter is basically for those whose income is too high to file a Chapter 7) - your debts would be discharged, thereby allowing your judgments to be vacated. This means you would no longer have the responsibility to pay those debts.

It does not matter that the debts are based on rental properties.


I think this is what you wanted to know. If not, please let me know.
Thank you!

Customer: replied 6 years ago.
I don't qualify for 7. I owe approx. 1 million in secured debt, although the properties that secured it are foreclosed. We make approx. 250k+ a year. What do you think our monthly pay back would be in this case.

Your Chapter 13 monthly payment will be all of your disposable income for a period of 5 years. Your disposable income is your gross pay minus necessary deductions (such as income taxes) and minus allowable living expenses.

To give you a better idea of what expenses are allowed, here is the Chapter 13 worksheet:


Customer: replied 6 years ago.
last time i bother you. thanks for your help! My disposable income at this point is a lot! What happens if I ignore everything. In other words just let them come after me? Other than taxes, will they be able to force my hand as in garnishing or anything like that?

In PA wages cannot be garnished for that type of debt (only for things like domestic support and taxes).

However, a judgment creditor can garnish bank accounts and place can liens on property (which will allow the property to be taken and sold).

Customer: replied 6 years ago.

any chance on shortening the length of the 5 year repayment?

No - not unless you pay the full amount early.

cfortunato and 3 other Bankruptcy Law Specialists are ready to help you