I am new at this so I apologize if my questions are out of the ordinary; however, my husband and I recently retained an attorney to file for Bankruptcy. After calculating our income, she informed us we should file Chapter 13 (Although we are only over by a few thousand dollars) Anyway, here are some of my questions/concerns
1. Although we make slightly over the median income for a family of five, when we do the calculations, we show a negative monthyl disposable income. Will we still qualify for a Chapter 13 or will we have other options.
2. We are current on our mortgage and car payments. We were told we will roll the payments into the plan. Is that correct?
3. My husband has a rental property which he co-owns with a friend. The property has no mortgage. We live in Delaware. We were told that we are able to exempt up to $50,000. We were told whatever it comes back appraised, we would divide that in half (since he owns it with a friend) and if it's less than $50,000 we can exempt it. Am I understanding that correctly.
4. Will we be able to keep our tax refund? We use that to pay our children's yearly day care expenses. If we are able to exempt up to $50,000, can we exempt it under that?
Any information that can be provided would be very helpful in helping me uderstand this stressful process. Many thanks in advance!!!
1. Although we make slightly over the median income for a family of five, when we do the calculations, we show a negative monthyl disposable income. Will we still qualify for a Chapter 13 or will we have other options.
2. We are current on our mortgage and car payments. We were told we will roll the payments into the plan. Is that correct?
3. My husband has a rental property which he co-owns with a friend. The property has no mortgage. We live in Delaware. We were told that we are able to exempt up to $50,000. We were told whatever it comes back appraised, we would divide that in half (since he owns it with a friend) and if it's less than $50,000 we can exempt it. Am I understanding that correctly.
4. Will we be able to keep our tax refund? We use that to pay our children's yearly day care expenses. If we are able to exempt up to $50,000, can we exempt it under that?
Any information that can be provided would be very helpful in helping me uderstand this stressful process. Many thanks in advance!!!
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