My husband and I are planning on filing chpt 7 very soon... we are going to have a consultation with a lawyer soon too, but I'd like to be as informed and prepared as possible prior to that... which leads me to a few questions.
1. In AZ you're required to use the AZ exemptions instead of federal, right?
2. We are currently paying for a car we had to buy in October (other one cost more in repairs every month than a car payment would)... we still owe about $8500, and I figure (without checking Blue Book value) that it's only worth about $9000 (yeah, I got screwed at the dealership, but what can ya do when you're desperate and have BAD credit!). So does that mean since it wouldn't be able to be sold for enough to pay back the dealership and give us the $5000 AZ exempts, that we'd be able to keep it?
3. What does this mean? I read it in the AZ exemptions in a bankruptcy book.
"75% of earned but unpaid weekly net earnings or 30 times the federal minimum hourly wage; 50% of wages for support orders; bankruptcy judge may authorize more for low-income debtors."
Does that mean that my husband has to give up 25% of his income??? We're barely surviving month-month as it is.
Thanks for having patience with me!
1. In AZ you're required to use the AZ exemptions instead of federal, right?
2. We are currently paying for a car we had to buy in October (other one cost more in repairs every month than a car payment would)... we still owe about $8500, and I figure (without checking Blue Book value) that it's only worth about $9000 (yeah, I got screwed at the dealership, but what can ya do when you're desperate and have BAD credit!). So does that mean since it wouldn't be able to be sold for enough to pay back the dealership and give us the $5000 AZ exempts, that we'd be able to keep it?
3. What does this mean? I read it in the AZ exemptions in a bankruptcy book.
"75% of earned but unpaid weekly net earnings or 30 times the federal minimum hourly wage; 50% of wages for support orders; bankruptcy judge may authorize more for low-income debtors."
Does that mean that my husband has to give up 25% of his income??? We're barely surviving month-month as it is.
Thanks for having patience with me!