Bankruptcy question

[crynow]

Here's the situation

I have a home with a mortgage and money in the bank.. however a circumstance has cut my income significantly.. so my monthly income vs expense is negative.. soon will come a point where the money i have will become 0.. does bankruptcy allow me to file when monthly debts are greater than income or is it more when everything i have is gone

[FilingOnMyOwn]

does bankruptcy allow me to file when monthly debts are greater than income

Yes.

[CATCHMEIFYOUCAN]

That is mostly the reason why people file because their debt becomes to great to ever seeing them get paid off. See a lawyer, maybe even a couple, the first consultations are free. If they find you have any disposable income after factoring in your real life expenses, of $100 or more you will be put into a Ch13. But if they find you have $0 disposable income (negative) you can easily file for Ch7. You have an asset though, your house, I don't know how that works out, others will soon chime in!

Best of Luck, CMIYC