Hi Guys and Ladies, new to the forum, lots of good reading the past few days. I'm heading down the path of negotiating settlement on 2nd and 3rd mortgages, (i,m guessing slim and none on settling), my question is if this goes to foreclosure (i dont mind losing house approx. 100K underwater) and i need to file chapter 7 can i do so if my wife and myself make more than the average median income of our state. I believe median income here for a family of 3 is approx. 60K and between the 2 of us we make more than that. Thanks for all replies. Good luck to all.
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It all depends. If you have disposable monthly income then you would be headed in to a Chapter 13.
The answer to your question is complicated. The median income is just one part of the equation. Interview several attorneys to get specifics for your situation.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
ITA with Newbie.
Just b/c your over the median doesn't mean you can't do a Ch 7. It all depends on how much leftover monthly income you have.4/09 Converted to a Ch 7 due to loss in dh's income
5/09 UST now involved no idea what happens next
7/09 UST has decided to withdraw his motion to dismiss!
7/27/09 DISCHARGED!!!
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and, what kind of income it is..........(first 341 10/14/09, cont'd 341 10/23/09) (12/14/09 last day to object) (341 Shows HELD w/tt report of no distribution 1/9/2010)
:clapping Discharged 1/25/2010 Case Closed 3/11/2010
:DComment
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I live in Michigan and we were over the median by about $12,000 but passed the means test. We filed Chapter 7. Have our 341 next week so I can't tell you if it will hold up. Our attorney feels like we should be ok. What helped us is we are trying to keep our house and our mortgage payment is around $2400. If we gave that up, we would have had to go 13.10/14/2009 Retained Attorney
12/17/2009 filed chapter 7!!
1/20/2010 341 meeting
3/29/2010 changed to asset caseComment
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I was over the median by $21k and was discharged with a ch 7. It all depends on your expenses. Good Luck!May 2008 Hired 1st Attorney/Stopped paying CCs
May 21, 2009 Retained 2nd Attorney
May 28th - Filed for Ch 7 (FINALLY!)
9/11/09 - DISCHARGED!!!! Comment
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