Newbie in NJ

[NJ0169]

[BigJohn]

You say your house is worth 300K-315K, have you had it appraised?

What is the selling/buying prices of houses in your area now?

[NJ0169]

No i have not have an appraisel, Similar homes are selling any where from 295 to 320K

You say your house is worth 300K-315K, have you had it appraised?

What is the selling/buying prices of houses in your area now?

[HHM]

1. What are you still using your credit cards on?

There is simply not enough information, but you probably need a chapter 13 BK (no way you will qualify for a 7 unless you are a household of 8). Realistically, you are not in a position to pay back that unsecured debt in any reasonable amount of time and achieve other financial goals. And frankly, you need to get in control of your spending.

Go see some bankruptcy attorneys that handle chapter 13's. Chapter 13's are about getting in "control" of your financial life which sounds like you need.

As for your questions, no, the judge won't make you sell your home and rent for less.

[NJ0169]

Thank you for your response.

I do need to learn to control my spending!! as far using the CC is because I'm still making payment on my debt. I'm current on all of it. To be able to make payment I have to use them to survive

1. What are you still using your credit cards on?

There is simply not enough information, but you probably need a chapter 13 BK (no way you will qualify for a 7 unless you are a household of 8). Realistically, you are not in a position to pay back that unsecured debt in any reasonable amount of time and achieve other financial goals. And frankly, you need to get in control of your spending.

Go see some bankruptcy attorneys that handle chapter 13's. Chapter 13's are about getting in "control" of your financial life which sounds like you need.

As for your questions, no, the judge won't make you sell your home and rent for less.

[HHM]

Thank you for your response.

I do need to learn to control my spending!! as far using the CC is because I'm still making payment on my debt. I'm current on all of it. To be able to make payment I have to use them to survive

If that is what is going on, go see some BK attorneys. Your expenses exceed your income and your debt is killing you, you really have no other option.

In a chapter 13, your payment is based on income minus expenses, the amount of debt you have is irrelevant to the determining the monthly payment. But, at 12K a month, your payment will likely be more than 300-400 per month.

[NJ0169]

belive me, based on irs standards. Other than actual income, tax witholdings and mortgage & car payments, daycare, 401K loan repayments, term life insurance etc, i only have less than 200 of DMI.

If that is what is going on, go see some BK attorneys. Your expenses exceed your income and your debt is killing you, you really have no other option.

In a chapter 13, your payment is based on income minus expenses, the amount of debt you have is irrelevant to the determining the monthly payment. But, at 12K a month, your payment will likely be more than 300-400 per month.