Here is his situation:
Credit Card debt: $50,000
Medical debt: $50,000+
Plans to get attorney: Lichtenegger Law Firm website: http://semolawfirm.com/
Owns Land: 75 foot by 100 foot
1994 Double Wide mobile home
Owns two Amish/Mennonites sheds
Married filing jointly
Cars financed
2009 Cadillac CTS 94,000 miles owes $13,000 at the bank; wants to reaffirm
Vehicle paid off
2005 Jeep Liberty Sport 150,000 miles
2012 Arctic Cat 425i 4x4
Countable Income for Means Test in Missouri: $1,000; $550 after health insurance is taking out
Other income not countable is SSDI of $1400
Missouri's home ownership equity is $15,000. He's hoping that he is either right there where his home is safe from the bankruptcy trustees.
Anyway, if anyone can shed some experience on what might happen following through with Chapter 7 in his case. I figure he is going to owe
$5800 to keep the Jeep Liberty and the ATV. Is it true that you can pay the equity by monthly payments because he don't have that much money.
The main reason for filing Chapter 7 is to finally get rid of the credit card debt that they have tried to get out of but dug themselves further into debt.
Also the medical debts too of course.
Credit Card debt: $50,000
Medical debt: $50,000+
Plans to get attorney: Lichtenegger Law Firm website: http://semolawfirm.com/
Owns Land: 75 foot by 100 foot
1994 Double Wide mobile home
Owns two Amish/Mennonites sheds
Married filing jointly
Cars financed
2009 Cadillac CTS 94,000 miles owes $13,000 at the bank; wants to reaffirm
Vehicle paid off
2005 Jeep Liberty Sport 150,000 miles
2012 Arctic Cat 425i 4x4
Countable Income for Means Test in Missouri: $1,000; $550 after health insurance is taking out
Other income not countable is SSDI of $1400
Missouri's home ownership equity is $15,000. He's hoping that he is either right there where his home is safe from the bankruptcy trustees.
Anyway, if anyone can shed some experience on what might happen following through with Chapter 7 in his case. I figure he is going to owe
$5800 to keep the Jeep Liberty and the ATV. Is it true that you can pay the equity by monthly payments because he don't have that much money.
The main reason for filing Chapter 7 is to finally get rid of the credit card debt that they have tried to get out of but dug themselves further into debt.
Also the medical debts too of course.