Declare bankruptcy: I live in Florida and I have over $30,000 in Student loan debt. I made arrangements to pay $5/mo because that's all I can afford and I figure it's something. I am a single mother of 3 and working, but I am living paycheck to paycheck. Should I declare bankruptcy and how will it affect my future?
Chad’s answer: I guess I'll be there is always one in the crowd but yes you should look into bankruptcy to discharge your student loan debt especially if these are private student loans. The case law is changing and your circumstance seems like one that should at least be looked at to see if the loans can be discharged.
How can I get a bankruptcy off my credit report?: I have been cleaning up my credit report to buy a house for a while now. I have a bankruptcy on there ch 7 discharged in 2008 with my ex. Called Equifax talked to 3 different people, and a super 1st person said they can take it off if the br court sends them something. Called br court twice they have nothing to do with it bc they don't put it on the report. What steps can I take now to get it off? I'm 60 I don't want to wait two more years to buy a house or apply for a loan.
Chad’s answer: Time. 10 years to be exact. Unfortunately a Chapter 7 bankruptcy is going to be on your credit for 10 years but the effect of the bankruptcy should not be as bad 18-24 months after discharge. You should focus on getting good credit lines and putting a strong financial application together otherwise. I have had many clients apply for and get approved for mortgages well before the bankruptcy is off of their credit report.
For bankruptcy chapter 7 in florida. :
What is the maximum income limit for 1 person for Chapter 7 only a homestead property?
What is the maximum income limit for 2 person for Chapter 7 only a homestead property?
Chad’s answer: There is no maximum income limit for a chapter 7 filing. As some of the other attorneys have mentioned there is a "means test" that takes into consideration your income, deductions and certain expenses to see if you qualify for Chapter 7 or need to file a Chapter 13 repayment plan. To get the most recent date on the means test you can go to this website. https://www.justice.gov/ust/means-testing Remember, this is only the standard number and many more factors will be considered when qualifying you for Chapter 7. There are many good bankruptcy attorneys in your area and I recommend you contact one of them to discuss your filing.