Q: Would my situation justify filing chapter 7 bankruptcy?
I am 31years old, $29k+/- in debt, yearly salary $29k, currently on misdemeanor probation for DUI. My debt consists of unsecured credit cards and personal loans. All of my debts are current and have been paid on time, living with my parents because of my poor financial decisions (among others). My minimum payments for these debts are half of my monthly take home. I usually take home $2,100/month and pay $1,050+ to cover the minimum payments. The only asset I have is a motorcycle with a value of $1,000.00 I purchased a vehicle for $200 four months ago, got it running, and could not afford the insurance premiums with my DUI so I sold that to my father for the same price I paid for it. I am interested in owning my own home as soon as possible. Is my debt to income/financial situation plausible to file a chapter 7 bankruptcy?
A:
Yes, you would benefit from a bankruptcy filing and would have no issues with filing under chapter 7, based on the information you provided.
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