Reply
New Member
thinker3932
Posts: 2
Registered: ‎12-18-2012

Just got a job, is BK out of the question now

I had about $100,000 in credit card debt.  Lost my job a few years ago.  Finally defaulted a few months ago.  Now I suddenly got a $200,000/year job.  Will they even let me file BK and discharge the debt given that I make $200k now?

New Member
rdsxfn
Posts: 3
Registered: ‎06-29-2012

Re: Just got a job, is BK out of the question now

a) you should have filed a long time ago with 100k in debt.  b) you're in a position that almost none of us are in in terms of salary and assets.

 

I'd suggest you consult an attorney.

Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011

Re: Just got a job, is BK out of the question now

Well yep you should have filed when you didn't have anything but that's water under the bridge now.

 

But yes you can still file bankruptcy but you will have to do a chapter 13 with payments for 5 years.  At that salary there is no way you can get away with 3 years.  

 

Most people who have steady employment are forced into a chapter 13 versus a 7.  The income qualifications for a chp 7 goes back for 6 months and that's why you should have filed when you had no source of income.  Nonetheless, at your salary you should be okay making those payments.  One hint of advice....list EVERY expense you can think of that you legitimately pay and let your attorney tell you what you can and cannot claim.  The more expenses you can substantiate, the lower the payment to the courts.

 

Good luck.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
New Member
thinker3932
Posts: 2
Registered: ‎12-18-2012

Re: Just got a job, is BK out of the question now

I couldn't file...was and am in the middle of divorce and bankruptcy attorney said the judge would just assign me all of her debts in the divorce because I was now debt free.
Regular Contributor
Comet21
Posts: 204
Registered: ‎08-29-2007

Re: Just got a job, is BK out of the question now

Unless you can prove that most of your debt is Business Debt. My wife and I have a combined salary over $200K and we were able to file CH7.


Starting Score: TU 477 EQ 533 BK 1/27/2012
Current Score: EX 702 TU 681 EQ 652 1/10/2014
Goal Score: 700


Take the FICO Fitness Challenge
Established Contributor
SoulMaster
Posts: 981
Registered: ‎11-08-2011

Re: Just got a job, is BK out of the question now

If you just got the job, you might be OK for a 7 if you act fast.  The means test looks at your last 6 months of income, not your present income.  So, if you were 0 for the last 5 months and $16K this month, you'll most likely still be under the means (depending on state).

 

Get to an attorney quick, and get yourself filed before those paychecks start rolling in!

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+