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  1. #1

    Default Chapter 7 for Mom

    My question involves bankruptcy in the state of: CA

    My mother has gotten herself into a complete mess. My dad died 3 yrs ago and she gets about $2,400 from ssi and military widows pay. She has taken out so many credit cards and co-signed for so many family members that she is completely broke. I have suggested she file a chapter 7 since she is 67 and in pour health. The only thing I am concerned with is the boat that was my dads. He past away and I had taken over payments since then. there is 5 yrs left. I can not refinance in my name due to the current economics I can not get a loan with a 679 credit score. So if she files a 7 does she have to return the boat since its in both her & my dads name? Part of me really does not care but part of me does. Can someone please let me know. By the way my mother lives with me too and pays NOTHING cause she has so many bills. I really need her to be able to move out.

    Thank you

  2. #2
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    Default Re: Chapter 7 for Mom

    In Chapter 7, she can opt to keep the boat (and the payments). Note though that if she owes more on the boat than it's worth, despite your attachment to it, it may still make sense for her to give it back.

  3. #3

    Default Re: Chapter 7 for Mom

    if there's anything that she would like to keep, she can re affirm it and the lender will giver a certain interest. the interest may go down or stay and the payment will stay with whatever shes paying now.
    In order to know if shes qualified for the chapter 7 , she should take a median income test that is how they determine her income if she can file for the chapter 7. by the way
    any co-signer on the loan will have to file,
    any joint taxes will file as well ofcourse ur dad is in heaven now so im sure shes not filing married jointly something like that.
    But with the debtor point of views.
    if her credit car has a co signer, that person will have to file, and her income and your mom income wil be combined. if its bigger than the median income on the means test then she cant qualify for the 7.
    why the co- debtor with the debts will file. for a very simple reason
    the creditor can come after the co debtor so its better both of the debtors file together.

  4. #4

    Default Re: Chapter 7 for Mom

    Thank you for all your help. You guys are great.

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