Bankruptcy Law

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home equity is very high. MA Yes I have an attorney.
Private school tuition I need to declare bankruptcy as I have too much debt & interest rates too high. I have a kid in private school for personal reasons. My house is very valuable due to the current housing bubble. I don't want to sell my house. Is it possible for me to declare Chapter 13 at a 100% payback. My income is not high but this might be possible for me to pay. The homestead exemption is $500,000 where I live. I have some home equity...I'm not sure how much. I REALLY don't want to move (it will not help my financial situation given the rent prices). Now my house is worth 1.14 million dollars. It's a fixer-upper but my neighborhood is insane. The house has many cosmetic issues. I really must send my child to private school, though I know this sounds like a terrible indulgence. My kid has various issues that are just too much for him in public school. I read that if I pay back 100% of my debt that I can pay the tuition on the private school. It will be difficult to pay the huge amount in 5 years. My income is around median income. But I take it you have to pay in 5 years. You cannot pay in 7 years.… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
3,002 satisfied customers
I am a homeowner with close to $35,000 in credit card debt.
Good morning, I am a homeowner with close to $35,000 in credit card debt. I find myself in a deficit of about $250/mo paying mortgage, household expenses, and credit card payments. Would I be eligible… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
3,002 satisfied customers
my son's mother received a notice from the Nassau county ny
my son's mother received a notice from the Nassau county ny marshall. it stated that he needed to pay 10 percent of his salary to payback 26000 to Hofstra. he did not take out a student loan. he enrol… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,947 satisfied customers
A debtor automatically passes the means test because her household
A debtor automatically passes the means test because her household income is below the state median. However, her monthly net income is $1,627.00. She has $390,000 in unsecured debt. In this situation… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,856 satisfied customers
Hi I sold my business 2 years ago I had some dedt, paid
Hi I sold my business 2 years ago I had some dedt, paid some off but now it is just to hard to pay, approx $10,000 in credit cards and $45,000 bank line of credit as far as i know unsecured. credit ca… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
HOW DOES A JUDGE DETERMINE HOW MUCH YOU CAN AFFORD TO PAY ON
HOW DOES A JUDGE DETERMINE HOW MUCH YOU CAN AFFORD TO PAY ON A BANKRUPTCY AND IS THERE A PERCENTAGE THAT THEY NORMALLY GO BY. IS A DISIBILITY PAYMENT CONSIDERED IN THAT AMOUNT?… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
my wife and i have income of 160k a year.Do we make to much
my wife and i have income of 160k a year.Do we make to much to discharge 25k in credit card debt and can we keep our cars in the process?… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
We have a significant amount of debt that we were paying off.
We have a significant amount of debt that we were paying off. Then are family income droped about 40%, and we can't afford to pay the creditors at the moment. I want to emphasize, at the moment, becau… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
Need expert advice on if i would qualify for chapter 7. Where
Need expert advice on if i would qualify for chapter 7. Where to start and if its recommended with my situation. We have 45,000 roughly in CC debt, plus a couple other personal loan debts. I make 40,0… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
This is a chapter 13 question...We have a combined monthly
This is a chapter 13 question...We have a combined monthly income of 7600 which I believe to be over the median...3 people live in our household and we are in the state of Alabama...do we have to pres… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
I am single, I have no depentants, and my gross income (based
I am single, I have no depentants, and my gross income (based on last 6 months pay stubs) is about $60000. I live in Florida. I know if I file bankruptcy, it will have to be chapter 13. I have a car t… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
3,002 satisfied customers
My wife and I have approximately $175,000 in credit card debt(!).
My wife and I have approximately $175,000 in credit card debt(!). About $125,000 is hers, and the remaining $50,000 is mine. In order to protect my own credit history - I'm concerned about future empl… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
3,002 satisfied customers
Questions concern Chapter 13 Bankruptcy State of Virginia The
Questions concern Chapter 13 Bankruptcy State of Virginia The concern is my home which is owned by me and another party, both living in the home. There are no other joint accounts. Home valuation = ab… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
3,002 satisfied customers
Unfortunately my husband and I are looking into filing bankruptcy.
Unfortunately my husband and I are looking into filing bankruptcy. We have too much credit card debt ($70,000) and have barely enough to make the house payment,energy bills, etc. My husband's income h… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
3,002 satisfied customers
I have two sums owed to me and I have a question about collection.
I have two sums owed to me and I have a question about collection. The first is for $125,000 I loaned to a man. It was secured by a Trust Deed against his house. When he didn't pay I went to court and… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,947 satisfied customers
I am not quite there yet but my business partners and I are
I am not quite there yet but my business partners and I are quickly approaching a decision about bankruptcy. There are three of us. A sixty percent owner and two twenty percent owners. We are an S Cor… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
3,002 satisfied customers
I sold my California cafe 3 months ago for $30,000. I kept
I sold my California cafe 3 months ago for $30,000. I kept the funds in a separate account and used them ONLY for living expenses (mortgage, food, credit card pmts., gas, utilities, etc.) while I am l… read more
Law Girl
Law Girl
Attorney
Doctoral Degree
153 satisfied customers
I am now 77,000.00 in credit card debt. I am working for ...
I am now 77,000.00 in credit card debt. I am working for minimum wage and bring in 1200.00 to 1400.00 a month. I have been borrowing money from wherever to keep my bills up, but can no longer do it. F… read more
VanDLaw
VanDLaw
Juris Doctor
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Meet the Experts:

Terry L.

Terry L.

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

cortrightlaw

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JoeLawyer

JoeLawyer

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A.J.

A.J.

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Fritz

Fritz

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

Law Girl

Law Girl

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I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

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

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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).

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