Submitted by Anonymous on Thu, 08/06/2009 - 13:25
Posted in
I am wondering if I qualify for bankruptcy. I have a solid salary ($85k/yr) and I have good credit (700+) but my credit card debt is about to get the best of me. I have $60K+ total debt in credit cards alone (not to mention student loans). I am wondering if I would qualify for Chapter 13. Also, I have transferred all of my debt to one credit card (huge limit) so I'm wondering if that would help me b/c everyone else theoritcially would have been paid in full.
Thanks.
Read Similar Questions
- Bankruptcy or debt settlement
- Bankruptcy when bank has credit card debt and mortgage
- Credit card use before filing bankruptcy
- Can I use my credit card before bankruptcy?
- Debt consolidation company/being sued
- Can I discharge payday advance loans with bankruptcy?
- Credit card debt discharged under Chapter 7 Bankruptcy?
- Discharge student loans in bankruptcy?
- Husband not paying off debt after divorce in MA
- Do I have to keep car if I file MA bankruptcy?
Recent Posts about Massachusetts Laws
| Forum | Last post |
|---|---|
|
I have a lease until June 2012, but I am very unhappy with my living situation, I pay half of the rent. I am a....
I cannot answer this question based upon your statement. Who are they....
|
2/8/2012 11:00 by Alexm2012 |
|
Is it legal for Massachusetts employer to send a SALARIED employee home for the day, without pay, for a dress ....
Federal and Massachusetts courts have upheld employee dress codes as l....
|
2/8/2012 09:09 by Munsterwoman |
|
Hi, I'm the grandmother of 4 beautiful grandchildren. The oldest has hit a rough spot with defiance (puberty ....
I'm very sorry about your situation and the ordeal your family is goin....
|
2/7/2012 23:02 by gramy |
|
Hello. I'm in the middle of an appeal for SSDI and my attorney asked me to get a residual functional capacity....
First, I guess it's not a good sign that you do not trust your current....
|
2/7/2012 08:18 by Adam13 |
|
Hi everybody.
I am trying to make an offer on a house, which is an estate sale. As I understand, the execut....
|
2/6/2012 13:50 by ilya980 |
|
I've been helping a friend pay for a lawyer to go to probate court.
Her ex-Boyfriend, whom she is taking to c....
|
2/6/2012 12:21 by rbiddle |
|
If I witness a person getting beat up at a party and just run away without calling the cops or helping the guy....
I don't think so. In terms of civil liability (as opposed to cri....
|
2/3/2012 07:17 by Coller |
|
My father passed away in September. The probate is over and settled, no contests to the will. My mother is the....
Your dad died in September and the probate is already settled – ....
|
2/2/2012 18:50 by JGraul |
|
Hi. My cousin is charged with possession with intent to distribute drugs in a Massachusetts court. He is not a....
Unfortunately for your cousin, if an immigrant is convicted of certain....
|
2/2/2012 08:07 by Sister6 |
|
Just curious if you have any thoughts or have read any information regarding the success rate of divorce media....
Yes, I've also seen the 90% estimate on various websites, with some me....
|
1/24/2012 11:47 by RRM |
|
Several of my colleagues will dictate consultation notes in which they state they don't have the complete hist....
The question probably boils down to whether or not such practice is wi....
|
10/2/2011 18:37 by Anonymous |
Editor's Response
Although it is difficult to tell from such a limited set of facts, I would guess you will not satisfy the means test for a Chapter 7 Bankruptcy. So, yes, I would assume Chapter 13 would be your best best. That's what Chapter 13 is all about: protecting the debtor while allowing him to repay all or part of his debt and get back on a solid financial footing.
However, if all your debt is with one card, I would think you would want to explore options other than bankruptcy (which will harm your good credit for years to come). I encourage you to discuss your situation with an attorney who has a lot of bankruptcy experience ( I do not). He or she might be able to help you work out an agreement with your credit card company that allows you to make manageable payments. Good luck.
Means test for Chapter 7 Bankruptcy
You may still qualify for chapter 7, and if you do, it may be a good option. To determine your financially eligibility for chapter 7 you compare your family’s gross income to that of the median gross income for the state you live and same family size. If you are under you qualify, if you are over you have to do means testing to determine if you have means to repay, if not you still qualify. With that said, you would very likely qualify for chapter 13, the question is “how much would you have to repay during the plan?” And this can not be answered without much more information. As for the transfer this may be a problem depending on when you did it and what your intent was when you did the transfer. Time is your friend on this matter so the longer ago it was the less it matters. You should call a bankruptcy lawyer to determine which type of bankruptcy best fits your situation and what effects bankruptcy will have on your situation. Good luck. Robert Kovacs