Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Chapter 7 non-consumer case due to losses in trading (financial market)

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  • Chapter 7 non-consumer case due to losses in trading (financial market)

    Hi Everyone, I filled my chapter 7 non-consumer case last week. I have about 200K in unsecured debt (credit cards and personal loans) with another 100K in student and car loans. Both me and my wife have good jobs with steady income. I have been trading options and futures since the last few years, and most of the unsecured debts were incurred for that purpose. Unfortunately, in the last several months, lost a lot of money and don't see myself being able to continue to make the monthly payments a few months from now.

    I consulted with a few attorneys, and some of them suggested bk chapter 13 since we wouldn't pass the chapter 7 mean test. But some others suggested chapter 7 con-consumer category. Finally we submitted the chapter 7 last week.

    Has anyone here filled chapter 7 non-consumer case due to losses in the financial market? My lawyer is expecting US Trustee to object and the case going to litigation. But he thinks we've got a good chance of winning the argument.

  • #2
    I have filed a non-consumer, but not due to losses in the financial-service market. My non-consumer part was based on substantial real-estate losses. The UST will likely object because... that's their job to question things. They will certainly look at a case where you claim non-consumer debt. It would be an interesting case to prove and since your attorney is confident, I will not say anything negative.

    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Thanks JB. Forgot to mention that it's an assets case. We are turning over about 20K to the trustee.


      • #4
        This IS an interesting question and I hope you will keep us updated on what happens. I haven't seen this question come up here.

        The issue will be the definition of consumer debt. It is defined in 11 U.S. Code § 101(8):

        "The term “consumer debt” means debt incurred by an individual primarily for a personal, family, or household purpose."

        That isn't very specific. I found some articles on the topic. Here is a link to my search results:

        It seems that it will depend on case law in your area and how successful your attorney is in applying relevant case law to your situation since there may not be any case law directly on point.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


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