Filing within the next month

[nicole38]

I made the decision months ago to file Chapter 7.I finally found a lawyer after months of looking.I'm 22 years old.I have 2 repossessions one of which I owe no balance on The other I owe 7000.I have 20k in debt from cc,cell phone bills,medical and other miscellaneous debt.I also owe irs 6k which I have a payment arrangement with them.I bring in 2400 a month I live at home.I haven't been making any payments on my debt for the last year.I pay my parents 400 a month for rent.I also pay cable which is 200.My parents brought a car for me since I need it to travel to work.I pay 575 for the car payment and 500 for the car insurance.Would there be any red flags as far as my income.Is there a possibility for me to get pushed into a ch 13?

[desperation]

It depends on the state you are in and, the median income is what I've been told on filing Ch 7.

What state are you in?

[nicole38]

I live in maryland

[lrprn]

The median income in Maryland for a single person is $50,509/year gross. If your income is below this, then it's 99.9% likely you will be able to file Ch 7.

Have you scheduled 3-4 free consultations with bankruptcy lawyers in your area yet? That's the very best way to know if you will be able to file Ch 7. You'll learn a great deal about whether bankruptcy is your best option along the way too.

[twuoo]

To me, your debt does not seem insurmountable, given your pay and that you still live at home. You probably don't have alot of additional expenses that some of us would.

Also, you are still relatively young. Maybe you'd like to move out sometime or buy your own place to live. If you file bk now, you'll put yourself behind the 8 ball for a long time.

How do you manage a $200/month cable bill!? That is really extravagent.

You have a $575 car payment. What is that, about a $33,000+ car? Is this your lifestyle? If you look at your life style and pare back on it, you would probably be able to pay down your debt.

Ask your parents for advice/help. You really need a reality check. If this is your life style, then bk is just a bandaid for you. It will not fix your spending habits.

This was not meant to be hurtful or mean. So please don't take offense.

But I think you could do yourself a favor by not filing bk if you could pay your debt. You have a long life ahead of you. Think about every application you'll ever fill out, you'll be checking the box for "filed for bankruptcy". You might fix today, but today might haunt you for alot more tomorrows unless you get your reality check.

[nicole38]

the car is in my parents name we went to 6 dealers and that was the cheapest we could get.Our credit union wouldnt even finance them.the cable also includes the internet.I have already met with different lawyers.My parents need me to move out within the next year because they are retiring and getting a smaller place.

[ProSefromCA]

Hi nicole38,

I'm new but have been really getting into learning about Chapter 7 lately. From everything I read you are just fine. The new laws are not meant to disqualify people who really need it. Also, nobody is going to judge your spending habits, just your ability to repay as determined by median state income. If you are under your median state income, which you are, you are automatically supposed to qualify. It's that simple.

I understand your car situation. My sister also needed a car in a hurry with bad credit, and will end up paying $27K after interest for a Toyota Corolla. It looks like you will need to have good financial responsibility soon though. Bankruptcy is not the end of the world. My older brother filed years ago, the time has passed quickly. My advice for you if you DO go through with it is to take advantage of the relief and living at home while you can and SAVE some money for a rainy day. This ALWAYS helps! A $200 cable bill is a lot - even with internet. My DSL internet is less than $20/month.

[NYCountry]

I made the decision months ago to file Chapter 7.I finally found a lawyer after months of looking.I'm 22 years old.I have 2 repossessions one of which I owe no balance on The other I owe 7000.I have 20k in debt from cc,cell phone bills,medical and other miscellaneous debt.I also owe irs 6k which I have a payment arrangement with them.I bring in 2400 a month I live at home.I haven't been making any payments on my debt for the last year.I pay my parents 400 a month for rent.I also pay cable which is 200.My parents brought a car for me since I need it to travel to work.I pay 575 for the car payment and 500 for the car insurance.Would there be any red flags as far as my income.Is there a possibility for me to get pushed into a ch 13?

Are you really paying $500 a month for car insurance?

[nicole38]

I'm really nervous about filing.It took me a while to come to this decision.I live in baltimore city which is a higher rating for insurance we have state farm which is the cheapest I could find.Im still under 25 and I have only had my license for 2 and a half years, and I have one moving violation which has all increased my premium.I try and save what I can