You guys are great- One final question regarding Chap 7 and my income

[upontheventura]

What is the name of your state? NH
My friends who did Chap 7 said there is no way i will qualify- like they know all the bills i pay
My net income is 2600 per month-
I make a good living but my rent alone for a 1bedroom is 1100.(Good old New England rent)
Anyway, I did one of those Expense things that the lawyer will make me do and i was at -400.00 per month And i didnt stretch any of those estimates.
Thats not even counting the 2 credit card companies that will everntually be suing (The two Providian accounts that have gone to different attorneys, one is sending me letters- the account is at 8000. I just wanted to check with you guys before i make my appt. Should i consider Chapter 13? Pros/Cons? How much of a deficit do you need to qualify. I have NO assets, other than 2500 in two bank accounts atany given time.
Even though my former girlfriend ran up those two cards when she left, i should have paid but i was going through a jobl loss/ ect. Want to do the honorable thing but i think its too late. Oh well.

 

[Ladynred]

Your 'friends' are full of chowda !!!

There is no 'qualifying' for CH 7 based on your income, that is not the 'test' at all. What matters is disposable income - what you have LEFT OVER after all your normal living expenses are paid. If you're under $100 of disposable income, and you're number is -$40, then there's no reason you shouldn't be able to go thru with a CH 7.

People who file for Ch 13 either have too much disposable income, are in arrears on secured debts, have too much in non-exempt assets, or they simply want that warm-fuzzy of paying everyone. As long as they're willing to live on a strangulation budget for 3-5 years, then they survive a Ch 13. The fact is, 70% of all CH 13 plans FAIL - not good odds at all.