12-18-2012 04:59 PM
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?
12-18-2012 06:19 PM
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.
12-18-2012 10:54 PM
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.
12-19-2012 03:59 AM
12-19-2012 07:31 AM
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.
12-20-2012 08:22 AM
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!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.