Posted on: 05th May, 2010 09:54 am
Me and my wife make around 60k after deductions on our tax return. I am self employed as an independent contractor and she has a "regular" job, w2, taxes taken out, etc....
We have over 40k in unsecured debt. We owe slightly more than the house appraises for, and are behind on almost everything. From what I understand, we are below the income level on the means test for our state.
One of our mortgages is a line of credit with a draw period that is ending very soon. At this time, they will want to put on payment plan and our payments will definately increase. We are having a very difficult time making ends meet right now and can't imagine having to pay more for the house. We want to stay in our house, but the payments on all of the other things will make that virtually impossible. My wife has had 2 surgeries on her back in the last 3 years and my son had to have surgery last fall to set a broken arm, so there are medical bills involved as well.
What are my chapter 7 odds?
We have over 40k in unsecured debt. We owe slightly more than the house appraises for, and are behind on almost everything. From what I understand, we are below the income level on the means test for our state.
One of our mortgages is a line of credit with a draw period that is ending very soon. At this time, they will want to put on payment plan and our payments will definately increase. We are having a very difficult time making ends meet right now and can't imagine having to pay more for the house. We want to stay in our house, but the payments on all of the other things will make that virtually impossible. My wife has had 2 surgeries on her back in the last 3 years and my son had to have surgery last fall to set a broken arm, so there are medical bills involved as well.
What are my chapter 7 odds?
Hi Guest,
If your income is below the state median income, then you will be able to file Chapter 7. You can contact a bankruptcy attorney and he will guide you in this regard further. Your unsecured debts can get discharged in your bankruptcy filing. However, if you want to save your property, then you will have to reaffirm the loan and make the payments on time.
Take care.
If your income is below the state median income, then you will be able to file Chapter 7. You can contact a bankruptcy attorney and he will guide you in this regard further. Your unsecured debts can get discharged in your bankruptcy filing. However, if you want to save your property, then you will have to reaffirm the loan and make the payments on time.
Take care.
What about a loan modification? If youre experiencing hardship you may be able to get a loan modification on your mortgage and make the payments more manageable.