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What can you do if you owe too much money for Chapter 13 bankruptcy and your income is too high for Chapter 7?
Wiki User
∙ 15y ago
The Chapter 13 limits are $336,900 for unsecured debts and $1,010,650 for secured debts. Basically close to 1.5 mill.....a lot to leave others hanging on for.
So, if your above the means testing allowing for C7 where you get all debts extinguished, it means you should have enough to start paying the debts you've incurred, at least down low enough you can then file for C13, and after a few more years of making good, have the rest discharged and get away for free with them. So what you mean is you make a lot of money, enough it would seem to pay on your bills and for those things you promised others you would pay on first, even if it intrudes on your lifestyle to do so, but you want to spend more than that...well, get a financial planner...and control. Simply if you have incurred so much debt for the things you've wanted and enjoyed that paying on it now will detract from your current and future lifestyle, and you would rather everyone else does without so you can have more...well...that doesn't make for a very sympathetic position.
Wiki User
∙ 15y ago
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How much will a trustee take out of your monthly income in a chapter 13 bankruptcy Is it a certain percentage?
It's your disposable income. The debtor files a statement of income and expenditures. The expenditures cannot be unreasonably high. The chapter 13 payment is the difference between the income and expenditures.
What is the means test to file bankruptcy?
One of the first steps you must take when filing for bankruptcy is to complete a "means" test. You must submit the results of this means test to the Bankruptcy Court. The means test checks your income in order to determine your eligibility to file for bankruptcy. If your income is below the average for your state, then you can file for Chapter 7 bankruptcy without any problems. However, if your income is above the state average, the calculations for the means test become more complex. The means test looks at your disposable income (the amount left over after paying your expenses). If your disposable income is too high, the Bankruptcy court may decide that you can pay off at least some of your debts, and prevent you from filing for Chapter 7 bankruptcy. You are still able to file Chapter 13 bankruptcy, however.
Can a person with only social security income file chapter 7 to discharge their medical debts if they live with their parents?
In a word yes. You sound like a perfect candidate for chapter 7 bankruptcy. The court looks at an individual's income, which would include the social security income, and the debtor's expenses. The income is listed on schedule I and expenses on schedule J. To file chapter 7 there cannot be any disposable income (the difference between the income and expenses) left over. If money is left over, then the court would say, you have money left at the end of the month, so file chapter 13 and pay your creditors that amount. I assume your social security income is low, but since you live with your parent's maybe your expenses are not high. Again, your expenses need to be basically the same of a negative to file chapter 7. Hope that made sense and helped.
What are the new laws concerning bankruptcy and credit cards?
For a full discussion, you can perform a google search for something like "2005 bankruptcy reform" and get more complete answers. For consumers, eligibility for Chapter 7 will be based on a "means test" that will depend on your income, number of family members, where you live and how your expenses compare to a list of predetermined criteria. And the means test is based on your average income for the last 6 months as opposed to your current income. If you were just fired from a high paying job, you woudl still have "income" for the means test. Some consumers that were previously eligible for a Chapter 7 discharge might be forced into a Chapter 13 repayment plan. Consumers will need credit counselling before they file for bankruptcy and before they get a Chapter 7 discharge. There is a new cap on the homestead exemption. NOTE: These are just SOME of the important changes. You should see a local bankruptcy attorney to determine what other changes might impact your decision to file for bankruptcy.
What are the types of bankruptcy?
Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.
How does bankruptcy afact your credit?
you will pay high interest rates when you borrow money
Why is there a difference in waste production between low income countries and High income countries?
there is a difference in waste production between low income countries and high income countries because high income countries have more money to spend on raw materials therefore creating more waste.
The circuit court sent garnishment payments they received to the creditor after the date they filed the hold on the garnishment due to bankruptcy should I get that money back?
It's not your money any more. The bankruptcy trustee may be able to get the money if the amount was high enough, since it is a preference, but not you.
About Bankruptcy Services?
It is possible that you are among the many that are facing financial difficulties in our uncertain economy. For those facing these difficulties it is sometimes hard to believe that there can be a way out or an end in sight. This is not the case as there are many ways to deal with financial hardship. One thing to consider is how bankruptcy services might be able to help your particular situation. There are different types of bankruptcy services available and it is important that you are aware of what is out there so that you can make an informed decision if this is the route that you choose. While bankruptcy may not be your first choice, if you are facing endless creditor calls, wage garnishment, and undue stress, this may be the way to relieve these problems. The first thing to understand is that there are two different types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is a total liquidation of your debts. This may be the right choice if you have a large amount of unsecured debt such as medical bills, credit cards, and payday loans. You also have to make sure that your income is not too high. If your income is too high, chapter 13 may be the right option for you. This is sometimes called the wage earner's bankruptcy as you might be making enough to repay your debts if you had more time. It allows you to protect assets such as home and car and the court will lay out a payment plan that must be strictly followed. While the plan is in place, all creditor calls will be stopped. Though it is possible to file for bankruptcy yourself, it is best to have an attorney that specializes in bankruptcy services. Bankruptcy can be a complicated process and if you do not have a complete understanding of what you are doing it is possible to put your assets at unnecessary risk. Do some research and find a law firm in your area that specializes in bankruptcy and let them take care of the details so that you can get back to building your life.
What do creditors look at when assessing if one is a high or low credit risk?
A high credit risk is a person who owes a lot of money already or does not have a steady income. A low risk person owes little to no money and has a good, solid income.
How difficult is it to get a car loan after being discharged from chapter 13 bankruptcy?
It's fairly easy to buy a nice used car after you've been discharged from bankruptcy; there are companies that send mailings to these people offering them car loans. You'll pay a high rate of interest,though. Buying a nsw car or leasing a car tends to be more difficult, but if you have an income adequate to pay off the loan, you may be able to get those, too.
Can you get get a credit card without a money income?
No. No money means you can not pay for it . A credit card is a loan from a bank with a high interest rate.
