Posted by: admin in chapter 13 bankruptcy laws on
Vorticity32 asked:
I have about 110000 dollars spread out over 4 unsecured personal loans and 1 car loan. I recently quit my job and was making about 49000/year. This is only about half enough to make it. All of my bills including living expenses total up to 5000/month.
I would need to make 100000/year to do it, and I am lucky to have made 49000/year. I only left the company because their are alot of shady things going on and I have been in this situation before and I did not want to be in it again, so I left the company. I am trying to search for another job, but I am out of money.
I have 13000 in my bank account, I need this money to make my rent and stuff.
Now I know they changed the bankruptcy laws in 2005 thats makes it harder to file chapter 7, and I made 49000 a year which is over the median for 1 person. But since I do not have a job now, what do I do? I do not have any income coming in, do you think that without a month of income coming in, I would be under the 49000? If I do Chapter 13, would I still have to pay the 110000 over a period of time? Any suggestions… should I stop making my payments?
I have about 110000 dollars spread out over 4 unsecured personal loans and 1 car loan. I recently quit my job and was making about 49000/year. This is only about half enough to make it. All of my bills including living expenses total up to 5000/month.
I would need to make 100000/year to do it, and I am lucky to have made 49000/year. I only left the company because their are alot of shady things going on and I have been in this situation before and I did not want to be in it again, so I left the company. I am trying to search for another job, but I am out of money.
I have 13000 in my bank account, I need this money to make my rent and stuff.
Now I know they changed the bankruptcy laws in 2005 thats makes it harder to file chapter 7, and I made 49000 a year which is over the median for 1 person. But since I do not have a job now, what do I do? I do not have any income coming in, do you think that without a month of income coming in, I would be under the 49000? If I do Chapter 13, would I still have to pay the 110000 over a period of time? Any suggestions… should I stop making my payments?