| |  |
| Home | Law Advice | Insurance Advice | Community |
|
| |
| ||||||||||||
| |||||||||||||
| |||||||||||||
| |||||||
| | |
 |
| | LinkBack | Thread Tools | Rate Thread | Display Modes |
|
#1
11-18-2002, 08:56 PM
| |||
| |||
Arizona BKWhat is the name of your state? Arizona We have about $75K of unsecured debt (CC and personal loans), $120K Mortgage on a $120K house, and $35K in secured loans (2 vehicles). We also have 2 under-5 kids in full-time daycare and 2 over-14 kids for whom we pay child support and have over every other week, and our monthly bills are in the range of $6,200/month. Nothing left over. Our only luxury is cable. Bad choices and bad attorneys left us with approx $13K of the $75K debt with a divorce and pending adoption of my oldest with my hubby. Our combined income is $8K/month, and $6K is from my hubby's business. We have no savings to reinvest in the business or to pay some of the debt off more quickly because he has to use it for our monthly bills. I am also about to be laid off from work in 5 weeks because my company is moving out of state. What's our best options? Thank you.
__________________ Kathy |
|
#2
11-19-2002, 08:41 AM
| |||
| |||
| Sounds like Ch 7 would be your best bet. Since you have no equity in your home, that is safe and you can reaffirm it as long as your payments are current. Same with the cars. If, after your normal expenses, you have nothing left to pay your debts, then you can use Ch 7. If you show any real amount of disposable income after expenses, you'll be forced into a 3-5 year Ch 13 plan.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
|
#3
11-19-2002, 06:12 PM
| |||
| |||
 Arizona question re. carsMy husband and I willl be filing Chapter 7 in the very near future. In Arizona there is an automobile exemption: Motor Vehicle: $5,000 or $10,000 if disabled. (got this from [url]http://www.bankruptcyaction.com/azemptions.htm[/url]) and it seems up to date. We have two cars. Both paid for. I am permanently disabled. One car is my husband's old stick shift worth about 1200 probably:-) and the other a 1998 Neon worth maybe 5000 tops. Does this exemption pertain to ONE car or will 2 crummy cars which total less than the disabled exemption count as one? SO confused. My name is jointly on the Neon. Thanks, LLP |
|
#4
11-19-2002, 07:04 PM
| |||
| |||
| Unknowncaller - you really need to start your own thread and not piggy-back if you want to get your questions answered 
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
|
Linear Mode
