East Saint Louis, IL asked in Bankruptcy and Consumer Law for Illinois

Q: I have credit card debt under $15,000, disposable monthly income of $200, and a home. What bankruptcy should I file?

I have credit card debt under $15,000, disposable monthly income of $200, and a house that was given to me that appraises at $48,000 that I wish to keep. And I have no other assets of value over $1,000. What bankruptcy chapter should my attorney file? A chapter 7 or chapter 13?

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2 Lawyer Answers
Stuart Nachbar
Stuart Nachbar
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Livingston, NJ

A: You should file a chapter 13, but I do not think that your disposable monthly income is enough to payoff enough of the debt to keep the house

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: You will probably have to file a 13 but your attorney will say for sure after he reviews your complete financial situation.

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