Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
I must have hundreds if not thousands of medical bills due to several very serious illnesses. I just won my SSDI case and received a lump sum back pay of $60,000 and going forward $1,697.00 per month plus medicare. I purchased a automobile for $11,000 and paid down some bills. I know SSDI monies are exempt from being levied but they are trying anyway. I got levied $2,502.07 and have 5 other judgements on my report. I am fighting the medical bills by keeping all money in one acccount ONLY with SSDI money. It is the only account I have actually. Because this judge in the county I live in keeps giving my creditors judgements and I have 100's still in collection that could always be granted judgement. When They get a judgement and I am now taking steps to shelter my money from being taken. They also sometimes might give them the right to take my auto. etc etc. I am scared and can not pay any of these medical bills. I declared Chapter 7 four years ago and I understand I could file for Chapter 13 now because 4 years have passed. BUT, how could they possibly make a payment plan when I have so many creditors to pay and such a low income? I own a house that is in foreclosure and has many liens against it. How could Chapter 13 even be a answer for me? I just want to keep my condo, my car and have peace of mind that I all these medical bills will not haunt me. It is very scary and I do not know what do. I only take home $1,697.00 per month in SSDI. I possibly could get a side part time job (I am sick so that is going to be hard), however I could bring in another say $700 a month since I am limited under SSDI. Could Chapter 13 be an answer? HELOOOOOOO
Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.
1) What is the current market value of your car? (How much could it sell for now?)
2) What is the current market value of your condo?
3) What is the balance, if any, of any mortgage(s) for the condo?
1. Car is worth about $9,000.00
2. condo is worth $120,000.00
3. Mortgages: $155,000
Thank you for your response.
Given the information you provided, you would not be able to file a Chapter 13 Bankruptcy for 2 reasons: your income is not high enough to pay anything into a Chapter 13 plan, and your sole source of income is exempt from the Bankruptcy court.
However, since your condo is worth less than the balance on the mortgage, you are not in danger of losing your condo to your creditors.
But your car is vulnerable - since it is worth more than $1,000.
If you had a car loan, which would bring down the car's equity, you would not have to worry about losing your car to your creditors.
I UNDERSTAND ABOUT THE CAR LOAN OPTION AND WANT TO TRADE THIS CAR IN NAND GET A FINANCED OR LEASED CAR NOT BECAUSE I AM TRYING TO HIDE MONEY BUT ALSO BECAUSE THIS CAR I BOUGHT I DO NOT LIKE AND IS ALREADY GIVING ME SMALL PROBLEMS. I WAS TOLS IF I DID THAT I GOOD BE HELD IN CONTEMPT OF COURT????
I WAS TOLD THIS BY A LAWYER ON THIS WEBSITE TWO DAYS AGO. JUDGELAW AS BELOW
I ASKED WHAT IF I TRADED IN MY CAR FOR A LAE OR FINANCE?
Sunday, March 31, 2013 11:40 AM EST
DOES EQUITY MATTER HERE? MEANING IF I LEASED OR FINANCED A CAR FOR LETS SAY 18,000.00. AND GOT A TRADE IN OF $8,000.00 THAT WOULD LEAVE ME WITH A LOAN OF $10,000.00 BUT EQUITY OF 10,000.00 WITH THAT LARGE EQUITY THEY MAY COME AFTER THAT?????? SUCH AS GETTING A COURT ORDER TO SEIZE IT. SELL IT AND I GET WHAT IS LEFT. OR IS THIS UNLIKELY..... REMEMBER THESE ARE ALL MEDICAL BILLS I HAVE AND I AM 100% DISABLED BY SOCIAL SECURITY AND SHELTER ALL MY MONEY TO PROVE THE TRUTH AND THAT IS THAT ALL MY FUNDS ARE EXEMPT FROM NON-FEDERAL LEVY BUT NOT MY NON FINANCED CAR.
yes excactly nmy thinking as well. THANK YOU