Little Scared about Ch 7

[Crazymel21]

I met with a lawyer on Thursday thinking I would want to file a Chapter 13. After discussing my situation with him - filing separately from my husband and both vehicles and the home are in his name only - he thinks I am a good candidate for a Chapter 7. 7 sounds fine, I'm just scared that they would possibly try to come after his cars and the house. If we file 13, he estimates my payment would be around $750 and I think he's full of it, cause I can guarantee I don't have that left over every month.

Curious as to what your thoughts are. Do I sound like I'm a good candidate for a no-asset chapter 7? Just a tad bit scared and wanting to file this week...

[nc73]

Not enough info...You can't just file the day after you see a lawyer. You need paperwork and take the bankruptcy course. You might have to wait depending on circumstances. Although if all that is taken care of you can do what you like..

[Crazymel21]

I know I can't file the day after...I was meaning letting him know that I'm ready to move onto the next steps etc...

[justbroke]

If we file 13, he estimates my payment would be around $750 and I think he's full of it, cause I can guarantee I don't have that left over every month.

This is where people don't understand a Chapter 13. What you think you have left over each month... has absolutely nothing to do with what a Chapter 13 Plan of Reorganization is about, and what the Means Test determines in a Chapter 13. It's a mathematical formula taking into account various things -- some of which are irrelevant -- to come up with a number called teh disposable monthly income (DMI). These are based on something called IRS standards. Not all the expenses that you think you should be able to claim, are "allowable" under the calculation of the DMI.

If you are a Chapter 7 and you have no joint debt with your husband, only your debt would be discharged. However please know that your husbands income will count towards yours. You will be allowed to "offset" portions of your husbands income to the extent that it doesn't contribute to your support (housing, cars, etc).

I can't tell if you're a "candidate" for a Chapter 7 because I have no clue as to your financial condition. Things like how much you make, family size, family income, how much your husband contributes to your bills/housing, etc. If a lawyer already told you that you are a candidate, I'm not going to argue.