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  1. #1
    Join Date
    Jan 2009
    Posts
    1

    Default Am I Eligible for Chapter 7

    My question involves bankruptcy in the state of: CA

    Hoping to get some advice...

    We bring home about $4,900 a month.
    We own a home. probably upsidedown in it but don't want to lose it. Close to two payments behind.
    We have about $50,000 in CC debt
    Owe $6,300 in a school loan.
    We each have a car and I have a motorcycle. ( All paid for)

    Am I eligible for chapter 7 while keeping my home, cars and motorcycle?

    Also, what is " Homestead" and is that something I need to look into?

    Thanks for the advice in advance

  2. #2
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Am I Eligible for Chapter 7

    $4,900 monthly income probably won't qualify you for Ch. 7. However, you should contact a qualified bankruptcy attorney to explore you options. Also, homestead provisions are complex and depends on many factors.

    Again, contact a bankruptcy attorney. Most initial consultations are free.

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