Results 1 to 4 of 4
  1. #1
    Join Date
    Aug 2018
    Posts
    1

    Default When Does it Make Sense to File for Bankruptcy

    My question involves bankruptcy in the state of: New York. My wife and I own a home in Nassau county. We currently have a mortgage of 475 and the house is worth about 525. Additionally, I have consumer debt of 170k and my wife about 35k. Two car payments are under my wifeís name. I canít service the mortgage the debt and car payments any longer. What is the best strategy here? I am trying not to torpedo my wifeís credit. I have two young children, earn over six figures in a commissioned job (down this year). I can maybe get help for my wifeís debt. Do I Start missing payments on my debts in the hopes of paying .20 cents on the dollar or so i just file bankruptcy. Thank you

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,663

    Default Re: When Does it Make Sense to File for Bankruptcy

    Given your income and assets, you would be looking at a Chapter 13 repayment plan. It makes sense to discuss your situation with a bankruptcy lawyer to evaluate your options, and what a repayment plan is likely to entail. It's possible to file a Chapter 13 case without a lawyer, but most people struggle to when attempting to do so.

  3. #3
    Join Date
    Oct 2006
    Posts
    14,679

    Default Re: When Does it Make Sense to File for Bankruptcy

    Quote Quoting Mr. Knowitall
    View Post
    Given your income and assets, you would be looking at a Chapter 13 repayment plan. It makes sense to discuss your situation with a bankruptcy lawyer to evaluate your options, and what a repayment plan is likely to entail. It's possible to file a Chapter 13 case without a lawyer, but most people struggle to when attempting to do so.
    Where does he say what his income is?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,663

    Default Re: When Does it Make Sense to File for Bankruptcy

    Right here:
    Quote Quoting Guest1983
    View Post
    I have two young children, earn over six figures in a commissioned job (down this year).

    1. Sponsored Links
       

Similar Threads

  1. Post-Conviction Relief: When Does it Make Sense to Appeal a Criminal Conviction
    By pina colada in forum Criminal Procedure
    Replies: 1
    Last Post: 03-22-2014, 09:57 AM
  2. Chapter 7: Does it Make Sense to File for Bankruptcy Over Student Loans
    By fueloficarus in forum Bankruptcy Law
    Replies: 3
    Last Post: 08-14-2012, 10:14 PM
  3. Chapter 7: Does Bankruptcy Make Sense for Me
    By usone123 in forum Bankruptcy Law
    Replies: 3
    Last Post: 08-25-2010, 12:03 PM
  4. Termination of Guardianship: Does Terminating This Guardianship Make Sense To Anyone Else?
    By dsuess in forum Disability and Elder Law
    Replies: 1
    Last Post: 05-24-2008, 10:07 AM
  5. Sentencing: Can Someone Make Sense Into This Sentence?
    By mcallenite in forum Criminal Procedure
    Replies: 1
    Last Post: 04-03-2008, 07:59 AM
 
 
Sponsored Links

Legal Help, Information and Resources