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Ratings. Guidance. The Right Lawyer.
What to do if we don't qualify for Ch. 7 or 13 bankruptcy
Niagara Falls, NY
Viewed 45 times.
Posted 2 months ago in Bankruptcy / Debt
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My husband and I went to see a bankruptcy lawyer. We were told we don't qualify for either chapter. We make combined 104,000 per year. We have 47,000 in unsecured debt, 130,000 in student loan debt. After figuring everything, the lawyer said we would have to pay 4,000 per month if we filed for bankruptcy for years but that would pay off our unsecured debt and our student loans. We can't afford 4,000 per month. We can't afford our monthly payments now so I don't understand how we fail to qualify. What other options do we have? We tried a debt managment plan but it was 1,300 per month. Along with 1,100 in student loans, 550 for mortgage and then our utilities and various expenses we can't stay afloat. We are already 2 months behind in all bills.
Answers (1)
Stephen Z Starr
This attorney is licensed in New York and 3 other states.
Posted 2 months ago.
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There are a number of factors that will determine the amount of monthly chapter 13 plan payments you may be required to make.
While the attorney you saw is perhaps correct regarding your ineligibility for chapter 7 if you and your husband are a household of two with no dependents making $104,000 year, however, the monthly chapter 13 payment you mention of $4,00 per month seems high to us based on what we are seeing with our clients in chapter 13 cases. You should meet with another experienced bankruptcy attorney who has successfully confirmed a number of chapter 13 cases under the post 2005 Bankruptcy Code and pay him or her to run the means test in your case and double-check how much your monthly payment is likely to be in chapter 13. Our firm handles bankruptcy cases throughout the State of New York. If you would like us to assist you please feel free to contact me at 888-867-8165 or by e-mail at info@starrandstarr.com. Please feel free to visit the Frequently Asked Questions (FAQs) on our website at www.starrandstarr.com and posting on our Blog at www.newyorkbankruptcylawyerblog.com/ for further information regarding personal bankruptcy topics. The foregoing is not intended as legal advice for your situation. Facts and circumstances not disclosed in your brief posting may materially affect your rights you should consult with an attorney. Best regards, |
