Can i file under chapter 7

[Singlefile43]

Alright heres the situation.. I make around $30,000 a year, and this is what im paying for a month on all of it.
Truck-400
Motorcycle-200
Rent-550
Electricity-120
Phone-80
Food-varies on how broke i am
Insurance-250
Internet-40

Total amount owed on truck is 18,000 and bike is 8,000
Total credit card debt is near 6,000

May not be as bad as some cases but after paying all of these minimum it seems to me i have no money for gas/food for the week and i end up getting another credit card for that.

And if i did file i would, want to keep the truck and phone, and electricity, off of the claim, but let them take the bike.

[berrymom31]

It depends...are you single? Have any kids? What state are you in. Find out the median income for your situation and your state. If you are at or below the median...you can file 7. If you are above the median, you have to take the means test and if you have sufficient disposable income you would have to file chapter 13. If the means test proves you do not have any disposable income and you are over the median you can file chapter 7.

[Singlefile43]

Illinois single with no kids how do i find out the median and also where would i take the means test if so

[berrymom31]

The median income for a single person in Illinois is 44,673...you should be able to file fine. You can find a means test if your interested at legalconsumer.com, but you should not have to take it.

[Singlefile43]

Okay so i would have enough debt to file though? even if i kept my truck and phone+ electricity out of it?

[PoorGrammyinBK7]

Why ruin your credit for this amount? Can you get a 2nd job for a while or sell the truck or something else ? It sounds tight, but possibly manageable. I would hate to see you BK for this amount. Maybe I am missing something here.

[AngelinaCatHub]

Why ruin your credit for this amount? Can you get a 2nd job for a while or sell the truck or something else ? It sounds tight, but possibly manageable. I would hate to see you BK for this amount. Maybe I am missing something here.

I have to agree. The "bike" sounds like a real 'Hog' [Harley]. If you sold only that, applied the $200 towards the card and pay it to ZERO!!! you would be way better off. You should be able to sell the 'bike' for under it's value. For what you owe it must be a nice 'bike'. 'Hub

[hnhlvr]

For $6000 debt, it doesn't make sense to file, especially since you do NOT need two vehicles and can sell one to help reduce living expenses.

Can you get by with just the bike? Seems like it'd make more sense to sell your truck because the payment is higher and it uses up more gas than the bike.

[ThreadsSnapping]

If he's in Illinois, I don't think he could really sell the truck and keep the bike with winter coming. Don't think a bike is a good idea in the snow and ice. Might be better to sell them both and get a good used car for $5K.

TS

[hnhlvr]

I forgot about IL weather! Winter driving wouldn't be too much fun, would it?

Honestly, I do not understand having two such high loans when in financial distress. Nobody needs more than one vehicle and when times are tight a $5K car (as TS stated) is ideal. Keeping a $18K truck is a bit perplexing.

Singlefile - do you have a job that requires you to use a truck? Do you NEED a truck? That would be the only reason to keep one.

[Singlefile43]

Well the thing is i owe like 8000 on a bike thats worth 5k so i couldnt sell it and the truck i owe 18k on and they said it only values at 11k and i cant get another job because im attending college which my job pays for so thats free thank god but, Yeah thats why the whole second job thingy dosent work. Im in a bit over my head for being 19. I was also thinking about filing the truck as well because my gf bought a new car and said i can drive her old payed off one until i have enough cash to buy like a 2-4 thousand dollar car in cash

[AngelinaCatHub]

Well the thing is i owe like 8000 on a bike thats worth 5k so i couldnt sell it and the truck i owe 18k on and they said it only values at 11k and i cant get another job because im attending college which my job pays for so thats free thank god but, Yeah thats why the whole second job thingy dosent work. Im in a bit over my head for being 19. I was also thinking about filing the truck as well because my gf bought a new car and said i can drive her old payed off one until i have enough cash to buy like a 2-4 thousand dollar car in cash

[Singlefile43]

The type of bike i bought suzuki katana depreciate alot faster than most, I never knew that until about a year after i bought it and looked at resale prices. another dumb move on my behalf. I tried getting a loan to pay the difference and no body would approve me now because all my credit cards are behind and they said i have to much out at the moment : /