How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ, Attorney
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
16356563
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

bankrupt or not?chapter 13 or 7 what do I qualify for?

This answer was rated:

bankrupt or not?chapter 13 or 7 what do I qualify for?

WALLSTREETESQ :

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

WALLSTREETESQ :

How much debt do you have?

WALLSTREETESQ :

Do you own property?

WALLSTREETESQ :

How much do you make a year or month?

WALLSTREETESQ :

How large is your family size?

WALLSTREETESQ :

Do you have any property such as a home or car which has equity?

WALLSTREETESQ :

Under the law a chapter 7 will wipe out all your debts except for child support, some taxes and criminal or fraud debts.

WALLSTREETESQ :

A chapter 13 is a payment plan bankruptcy which still reduces most of your debts, however you would have to create a 60 month payment plan for your debts.

WALLSTREETESQ :

If you own property or have income above the State average a chapter 13 bankruptcy would be your option.

Customer: replied 4 years ago.

around 50,000 unsecured and another 40,000 secured.I own a modular house that sets on rented property,2 cars and a boat.The last 7 years I've made anywhere from 50,000 to 97,500 and I can't get ahead.I have a wife and a step child. My wife went bankrupt before we were married.
There is some equity in our property ,but not much.

In that case a chapter 13 may be best, XXXXX XXXXX create a 60 month payment plan for your unsecured debts, and any arrears you may have on your secured debts can be put into the chapter 13 payment plan as well.

Under MN law for a three person household, you have to make less then $53,595, which if you can claim, then you can file a chapter 7 and discharge all your unsecured debts.

In terms of the cars and boat, if their is equity, you may have to give them up during the bankruptcy,.

In MN their are also several exemptions you can claim for the equity of personal property which you can use, such as $2500 for one car and $4500 for personal property.

http://www.montana.freebankruptcyevaluation.com/montana/bankruptcy-exemptions.html

Customer: replied 4 years ago.


are you sure you are looking at the right state? montana is mt not mn

Let me clarify these are MT exemptions.

Montana Bankruptcy Exemptions
Unless otherwise noted, all law references are to the Montana Code Annotated.
Homestead
70-32-105 & 70-32-104 & 70-32-201 - Real property or mobile home you occupy, to $250,000. Must record a homestead declaration before filing. Insurance, condemnation or sale proceeds exempt for 18 months.
Personal Property
25-13-608 - Health aids; burial plot.
25-13-609 - Motor vehicle up to $2,500; clothing, household goods and furnishings, appliances, jewelry, books, animals and feed, musical instruments, firearms, sporting goods, and crops up to $600 per item and $4,500 total.
25-13-610 - Proceeds for damaged or lost exempt property for 6 months after receipt.
35-15-404 - Cooperative association shares up to $500 value.
The original exemptions were from Montana as well, in terms of a chapter 13, if you qualify for a chapter 13, you can claim a $2500 exemption for one car and up to $4500 for the other property you have.
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you