What do you think???

[ladyjenn]

We have a 76K mortgage/ house appraises at 76K...no equity
$41K in unsecured debt
make roughly $52K/year.

Making the credit card and unsecured loan payment leaves us upside down
$1100/month. If we didn't pay the cc and the unsecured loan we would still be negative but almost even.

Do you think we would qualify for Ch7?

[NewPage]

Whether or not you qualify for a Chapter 7 I believe depends on the median income for your state and where you fall there.

Go to this site and enter your zip code. For my state and my household size at this time, I/we qualify for a Chapter 7 b/c our income is below these figures.

6 person
household

Avg. Monthly Income
(past 6 months)
$7,184
per month

6-Month Total:
$43,104

12 month annualized
$86,208

[ladyjenn]

We are $25K below median....

[NewPage]

Then I would think you are okay for a Ch. 7.

[BobMango]

Looks like a pretty easy Chapter 7 to me. A free consult with an attorney or two will provide a better opinion. Good luck.

[ladyjenn]

Tomorrow we go for a consult...I am a nervous girl!

[BobMango]

Don't be nervous, you should feel better after your consult. I know we did. There will still be lots of questions and uncertainty but this forum is your friend.