Re: BK ?s - need advice
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Posted by LadynRed
(199.91.33.254) on April 17, 2003 at 10:19:53:
In Reply to: BK ?s - need advice posted by RobinSC on April 17, 2003 at 10:03:42:
You decide which chapter you want to file before you see a lawyer. You're going to have to do some paperwork before you decide to know whether or not a CH 7 will be approved. The Court decides, ultimately, based on your paperwork. Ch 7 is all about disposable income. The closer you are to ZERO for disposable income, the better. If you go in showing $100 or more in disposable income, you'll likely be pushed into a Ch 13. So, you have to tally up everything you normally spend money on over the course of a year and calculate a monthly average. Subtract that from your monthly income. The lower the resulting number is the better and if its negative that's even better. If you file jointly and have more than 10K in equity in your home, you may end up in Ch 13 to keep your home. If you file separately, the exemption is $5,000. If your equity fits the exemption, then you're ok. Same for your vehicles. Read the exemptions at the link I sent you. If they're paid off, go to kelly blue book (www.kbb.org), get the lowest trade-in value, then SUBTRACT 30% to get the value you'd need. You can reaffirm loans on homes and vehicles if you're current, within the exemption limit and want to keep them. Household goods/personal property are valued with Garage Sale prices. Medical bills are definitely dischargable.
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