Does My Income Qualify for Chapter 7?

 

 

“Is My Income Low Enough to Qualify for Chapter 7?”

The majority of us have income low enough to qualify for Chapter 7 bankruptcy.  If your income is below the median income of the average monthly gross income for the six months prior to case filing, then you would probably have income low enough to qualify for Chapter 7 bankruptcy.  If your income is above the median, means test calculations can be performed to decide if you qualify for Chapter 7 bankruptcy. As of September 2011 the household mean incomes for Missouri range is $3,278 per month gross income for a household of one, $4,260 for a household of two, $4,884 for a household of three, $5,819 for a household of four,  and $6,444 per month gross income for a household of five.  

 

Eliminate Second Mortgage in Chapter 13?

“Can I Eliminate My Second Mortgage in a Chapter 13?”

If you owe more on your first mortgage than the property is valued at when you file, a proceeding might be filed in a Chapter 13 bankruptcy case to remove the lien of the second mortgage holder.  When the you finish the Chapter 13 bankruptcy, the second mortgage debt would be removed, meaning discharged permanently.

Frank Ledbetter and is a bankruptcy attorney or, if you prefer, a bankruptcy lawyer specializing in Chapter 7, Chapter 13, and debt relief primarily in the St. Louis, MO and surrounding areas. 

He has identified 13 questions all my clients should ask when considering filing for Chapter 7 or Chapter 13 bankruptcy and is sharing his responses in this blog.