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Ratings. Guidance. The Right Lawyer.
Chapter 7 or Chapter 13 bankruptcy....which is best for us?
Cleveland, OH
Viewed 136 times.
Posted 4 months ago in Bankruptcy / Debt
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My husband and I make <$30K per year, have 4 kids (1 w/special needs) and a LOT of debt. We are current on almost all of our bills including our mortgage and home equity line. Problem is, we are not making it...haven't been for a LONG time. Our expenses are more then our monthly income, our mortgage alone is more then 50% of our net income per month. Now there are a bunch of medical bills too. We struggle to pay utilities, buy food, We're maxed out 10 times over. We want to keep our house. We have 2 old used cars that we own out right; 1 for transportation to work, 1 that will all can fit in. We want to keep those too. (Each is only worth appx. $2200 blue book) Our est. debt is around $20K-$25K not inc. home. We owe $94K on home +$24K equity line. Value of home btw $110-120K
Answers (3)
Jeffrey Daniel Larkin
This attorney is licensed in California.
Posted 4 months ago.
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Chapter 7 would be your best option. You should find a qualified attorney in your area to assist you.
LEGAL DISCLAIMER Mr. Larkin is licensed to practice law in CA and is located in San Diego. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case. 
E. Brian Davis
This attorney is licensed in Ohio and 2 other states.
Posted 4 months ago.
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I agree with Mr. Larkin that it appears from the facts presented that a Chapter 7 is likely your best bet, although that may depend on how much equity, if any, you have in your house.
To find a local attorney who is qualified to help you, I recommend that you start at the website of the National Association of Consumer Bankruptcy Attorneys -- use their attorney locator service to find Ohio lawyers near you. The link is below. 
Scott W Paris
This attorney is licensed in Ohio.
Posted 4 months ago.
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The key(s) to determining which chapter bankruptcy you should file involves several considerations...they include 1) Your annual income;is it below the federal median; 2) how much equity do you have in personal property (including money assets), and what portion of it is exempt/non-exempt; and 3) Do your monthly expenses exceed your monthly income. When applying this analysis to your situation as presented here, it seems a Chapter 7 would be your best option (assuming there are no additional assets not mentioned in your summary). Find an attorney in Ohio that can help you...they will let you know which chapter bankruptcy is best for you, and the costs involved in filing the bankruptcy (including their fees). Best of luck.
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