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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Im divorced. I have a large amount of debt 50k. I have bee

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I'm divorced. I have a large amount of debt >50k. I have been living with my girlfriend for more than a year. When I moved in, to her marital home, her ex left her a few months in the rears with her mortgage. We tried to buy the house together to incorporate my debt into the new mortgage, but my earning to debt ratio was too high.   In order to make ends meet, my credit has suffered through my paying the mortgage and bills etc instead to keep from foreclosure. Many of my creditors have sent the balances to credit agencies. I contemplated bankruptcy a year ago and have suffered the stress of avoiding the inevitable. I just wast informed my job was being eliminated. While I will get some money, I still have child support payments as well as bills to pay. I do not own any property. How do I enter into bankruptcy having waited so long? Does waiting so long play negatively for me?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

Given the information you provided, having waited to file a Bankruptcy will not have a negative impact. If anything, it should have a positive impact. This is because it will now be easier to pass the "Means Test" (a determination - based on the debtor's income - of whether or not the debtor can file a Bankruptcy).

 

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

 

 

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