Can you file Chap. 7 if your credit scores are good?

[jzak423]

My average credit score is at 705 and all of my bills are on time, but with a recent raise in a few of my CC interest rates and the new min. monthly payments, I can't afford to pay most of them on time. Can I file Chapter 7 still with being on time and having a decent credit score?

[SinkingFast]

BK isn't about Credit Scores. It's about ability to pay your debts. If you're already falling behind, the longer you go trying to work things out, most likely the deeper in debt you'll be.

Also, the higher your Credit Scores going into BK, the higher your Credit Scores will likely be coming out of BK. Making it possibly easier to reestablish yourself on the other side.

[jzak423]

I just hope I'll qualify for a chapter 7, my wages vary from month to month since most of my pay is commision based.

[no_it_all]

I just hope I'll qualify for a chapter 7, my wages vary from month to month since most of my pay is commision based.

How would a variable, commissioned income impact qualification for Chapter 7 ??? Don't you know what your average monthly income was the last six months ??

[Minnymouth]

no it all,

You might know the answers to those questions, but evidently a lot of members MAY NOT!!!! That's why they ask!

Please do not ANSWER A QUESTION WITH A QUESTION!
It only confuses what the original question is......

Minny

[no_it_all]

no it all,

You might know the answers to those questions, but evidently a lot of members MAY NOT!!!! That's why they ask!

Minny

My bad...

Since form B22A asks for a calculation of your previous six months average monthly income, a commission based salary should not be a problem. Take what you made in the last six months and divide it by six! Stick that number on liine 2 and you are done. Don't freak out if it is higher than your states median, that is why the form is called the Means Test Calculation...fill out the form and see where it leaves ya........

[jzak423]

Where can I find a copy of my states (wisconsin) means test? Also is there a website that lists median incomes for each state?

[SinkingFast]

Here's a link for you:

http://www.usdoj.gov/ust/

The Means Test is there with links to the Median Income and IRS and Census Bureau Allowables Schedules.

If you have any questions, just give out a shout. We'll be more than glad to help.

[jzak423]

Thanks!!

This site is great, everyone is very helpful. I just wish I'd taken everyones advice last august and filed then. Stupid new law

[Michelob]

Credit scores, schmedit scores. I had great credit, then two problems: credit cards and med probs. But my wife and I are still happy and things are going good. We've been putting off the debtor test/course thingy, but I've done tons of research.. The prices vary like the weather in California. THanks to everyone. Much love.