should wife and I file for bankruptcy, she lost her job and i work full time?
we have 14,000 cc debt, our checking acct. is frozen, wife gets unemployment(280 a week) due to plant closure, she is going to start school in a week.we have a 2nd mortgage and the equity right now is about 00,car loan for 16,000 my truck is paid for. do we qualify for either ch.7 or 13 bankruptcy?
Posted February 1st, 2010 in Bankruptcy Q And A. Tagged: bankruptcy, car loan, ch 7, checking acct, mortgage, plant closure, unemployment.
You can file for bankruptcy, but it may not be granted. In the big scheme of things, $14,000 is not a whole lot of money.
February 1st, 2010 at 2:13 pmTalk with a banker. Bankruptcy is the easy way out and the rules are getting tougher (about time!) for people to file. Just call a local bank-preferably a large one-and tell them you need some financial advise.
February 1st, 2010 at 2:13 pmGood luck and I’m sorry the economy is treating you so poorly.
This won’t last forever.
are you able to keep up with your bills? that’s the big question but you didn’t say. (annalyze, why should he talk to a bank???)
February 1st, 2010 at 2:13 pmYou should contact a bankruptcy attorney in your area. There are exemptions in bankruptcy that allow you to have so much personal property (and real property.) Each state has different exemptions, but I would guess that you shouldn’t have a problem filing a Chapter 7, unless you make a lot of money. Many attorneys offer free consultations, just call around, it won’t hurt to get your questions answered.
February 1st, 2010 at 2:13 pm