Question
What type of bankruptcy would best suit us?
My wife and I are both laid off from work. I had worked at the same job for over 25 years but was laid of because of the economy. We have about $30,000 in credit card debt. We did not qualify for loan modification. We are current on our house payments but will probably fall behind soon. Would chapter 13 most likely be our best bet?LawQA.com Answer Library
Lorene Lynn Mies, APLC | TheBankruptcyMinute.com
38975 Sky Canyon Drive Ste# 204 - Murrieta, CA 92563 | 866-703-5874
38975 Sky Canyon Drive Ste# 204 - Murrieta, CA 92563 | 866-703-5874
Based on the few facts you have given me a Chapter 7 seems appropriate. If you have a second mortgage on your house that is not supported by any equity then you may consider a Chapter 13. But Chapter 13 is a reorganization of your debt and requires that you commit your disposable monthly income to the plan. If you have no earning you have nothing to support the plan. Contact me.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: The Doan Law Firm
Unless you have monthly income beyond your living expenses to pay into a chapter 13 payment plan, you would best be suited by filing chapter 7 bankruptcy and discharging all your credit card debt. Feel free to contact one of our San Marcos bankruptcy lawyers today to receive a free consultation.
Answer Applies to: California
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Ariano & Reppucci
Chapter 7 would most likely work best if you are current on your home. If you are behind on your mortgage, Chapter 13 is the only way to get caught up. However, you need to have a steady income to qualify for a Chapter 13. To discuss further, please contact us.
Answer Applies to: Arizona
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Arizona
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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