Does my husbands age accont for anything?

[Kkole425]

Married I am 36 and my husband is 67 we have 3 adult children (his) and 3 little ones 14, 9, and 5 together. He sold his dental practice and we moved across the country for him to work for a company as a dentist. Made no money off the sale of his business. Our house in Indiana never sold. So not only did his job in the other state not work out because there was no money coming in we were paying almost $6000.00 in rent and mortage alone. I have moved back to Indiana and he will follow when he gets a job up here. He gets social security of about $2400.00 a month and our kids get $600.00 each a month. Will they take that money from him and our kids? Is he to old to file Chapter 13 or 7. I know we do not meet the test for 7 so I think 13 is our only way..

Income without S.S.- $9500 gross
House 1st and 2nd- $2000.
Cars- (2) - 1700.
Credit Cards $190,000.00
other loans $10,000.
Living expenses about $4000.00
Current on Mortage and Cars behind on all credit cards..
Thanks I enjoy everyone here so much and you all are so helpful.:cry

[BigJohn]

Are your children receiving Social Security?

[Kkole425]

Yes they do. I guess it is because my husband is in Retirement age. He still works full time and started collecting his Social Security about 1year ago. The kids get a check monthly thru their 18th birthday or their last day of highschool. My 19 year old also recieved a check and when he got out of highschool they took the money he was getting and split it between the other 3 children.

[lrprn]

He gets social security of about $2400.00 a month and our kids get $600.00 each a month. Will they take that money from him and our kids?

If "they" means your bankruptcy trustee taking your husband's SS income if you file bankruptcy, then no - Social Security benefits are exempt. His SS earnings and the kids SSDI payments are not included in your family income calculations on the required Means Test and Schedules either. However, depending on the state you file in and the local court's customs and practices, the SS disbursements may count when calculating your budget to see how much disposable income you have.

Is he to old to file Chapter 13 or 7. I know we do not meet the test for 7 so I think 13 is our only way..

No one is too old to file bankruptcy.

Given that your family's annual gross income without SS benefits is $114,000, it is very likely that you will have to file Ch 13. However, an experienced Ch 13 attorney will have to complete the Means Test and Schedules using your unique financial figures to know for sure.

A couple of questions - which state did you move to, and how long did you live there? I'm asking because the bankruptcy law sets requirements about the length of residency in a state before you can file there (usually 60-90 days to establish residency) and also requires that you live in a state for two consecutive years before you can use that state's bankruptcy exemptions.

If you establish residency in Indiana, you can file there, but depending on how long you lived in the other state, you may have to use that state's bk exemptions.

Hang in there. You are just starting this journey, and remember we're here to help whenever we can.

[Kkole425]

Thank you for you help and kind words. We moved to FL for 8 months (me) and 15 months so far for my husband. Our home is in Indiana and that is really where we live. Because we never sold our home up here we never changed much. Kinda like living in a vacation spot for 8 months of hell! We are just starting this process and getting ready for the ride. It is not somewhere we ever thought we would be. My heart goes out to everyone who is on here no matter what the reason is. Bad businness, no jobs, or even the ones who just used the cards and can't pay back. Nobody would ever think this was the easy way out after you have to avoid phone calls and try to figure out what to do next. If you made a million or $20,000. it still sucks!!!

[floridian]

a neighbor just filed and she is 85 years old..

[lrprn]

We moved to FL for 8 months (me) and 15 months so far for my husband. Our home is in Indiana and that is really where we live. Because we never sold our home up here we never changed much.

An experienced Indiana bk lawyer would have to make a determination about this to confirm it....but since you never gave up your IN home and your husband lived in FL less that two years, Indiana could still be considered your residence state and that legally you never left it despite the time in FL. That would mean you could file in IN using IN bk exemptions.

If you've already retained a bk lawyer, ask about this. If you haven't, then it's time to set up 3-4 free initial consultations with Indiana bk lawyers in the area you live there. Even if you aren't physically in IN yet, the consultations can be done over the phone. They are well worth your time because you'll find out where you stand on your residency and also get a lot of other questions answered at the same time.

[zpbk13]

To the OP, just wanted to say that I feel so much for you and your family. You are so right. Whoever said that bk is the "easy" way out has obviously never been through this process. My husband and I are on our way to meet with our attorney to see how much our chap 13 payment will be as she was doing the paperwork yesterday. I am a bit nervous but just want to move on with life. I wish you and your family the best!!!