Legal Question in Bankruptcy in Michigan

Bankruptcy 7 or 13??

My husband has 30k of credit card debt accumulated in his name. We have other debt also. Our home is refinanced to its max amount, and we own a home up north (60k) that is also refinanced to the max .

He makes approx 50k a year, i amd in sales and my salary varies, but last year it was only 20k.

Can we file Chp 7 and not lose home?

Thanks


Asked on 9/23/07, 6:10 am

1 Answer from Attorneys
Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: Bankruptcy 7 or 13??

More information is required in order to determine whether or not you can file under Chap. 7. Based on your income alone, if you are a family of two (no dependents), you are probably not eligible for a 7 because based on the information you provided, your income would likely be above the median income. You would most likely qualify for a 13 which is not necessarily a bad thing. There are many good reasons for filing under Chap. 13.

Rochelle Guznack

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Answered on 9/23/07, 11:11 am


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