Posted on: 01st Nov, 2008 09:52 am
I am currently sinking deeper into personal debt due to business fall off
my net income is 3500 per month but my total outgoings without credit card penalties is 6480,I cant really see any way to make it work.
should i file chapter 7,would i qualify.
approx 3000 of the monthly expense is secured mortgage and child support.
my net income is 3500 per month but my total outgoings without credit card penalties is 6480,I cant really see any way to make it work.
should i file chapter 7,would i qualify.
approx 3000 of the monthly expense is secured mortgage and child support.
hi gerry!
welcome to the forums!
i can understand that you are going through tough times. i think you should deal with the whole issue patiently. you can also try for filing a chapter 13 bankruptcy which helps in re-organizing the debt. you will be able to save your property in this bankruptcy. the lender will offer you a new payment plan through which you will be able to pay of the debts easily between 3-5 years. however if you feel that chapter 13 bankruptcy is not suitable for you, you can file chapter 7. to know whether you qualify for chapter 7, you can check the following link:
http://www.mortgagefit.com/bankruptcy/chapter7-chapter13.html
feel free to ask if you have further queries.
sussane
welcome to the forums!
i can understand that you are going through tough times. i think you should deal with the whole issue patiently. you can also try for filing a chapter 13 bankruptcy which helps in re-organizing the debt. you will be able to save your property in this bankruptcy. the lender will offer you a new payment plan through which you will be able to pay of the debts easily between 3-5 years. however if you feel that chapter 13 bankruptcy is not suitable for you, you can file chapter 7. to know whether you qualify for chapter 7, you can check the following link:
http://www.mortgagefit.com/bankruptcy/chapter7-chapter13.html
feel free to ask if you have further queries.
sussane
That is a horrible situation to be in and one I hear quite often sadly. I hope you find a solution for you situation. You should probably talk to a bankruptcy attorney.
