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  1. #1
    Join Date
    Aug 2018
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    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
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    Behind a Desk
    Posts
    98,368

    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.

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