Posted on: 21st Jan, 2009 02:03 am
i am wanting to file a chapter 7 bankruptcy. but have been told i am unable to because my name is on the deed of our home. if i did and interspousal transfer or a quit claim deed would i be able to file the chapter 7. i am only on the deed not the mortgage.
Hi Jeshaines
I do not think that you will not be able to file Chapter 7 bankruptcy just because your name is on the property deed. Qualifying for bankruptcy will depend upon your average monthly income for past 6 months (gross income divided by 6). If your average monthly income is less than the state median income, then you can file Chapter 7 bankruptcy. If it's higher than the state median income, then you need to calculate your monthly disposable income. Again if your total disposable income is less than $6000 in 5 years, then you can file Chapter 7. But if it's more than $10,000 in 5 years, it is considered that you dont need to file Chapter 7 bankruptcy.
Thanks.
I do not think that you will not be able to file Chapter 7 bankruptcy just because your name is on the property deed. Qualifying for bankruptcy will depend upon your average monthly income for past 6 months (gross income divided by 6). If your average monthly income is less than the state median income, then you can file Chapter 7 bankruptcy. If it's higher than the state median income, then you need to calculate your monthly disposable income. Again if your total disposable income is less than $6000 in 5 years, then you can file Chapter 7. But if it's more than $10,000 in 5 years, it is considered that you dont need to file Chapter 7 bankruptcy.
Thanks.