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Chapter 7 Bankruptcy

LegacyFL
Member

Chapter 7 Bankruptcy

Good Morning,

I currently have $3,000 in CC debt and just had a repo on a car that I owe $25,000 on. 

Car was a 2012 Lincoln MKS.

My income is currently $35,000/yr. How do I know if Chapter 7 Bankruptcy is right for me?

Thanks everyone!

P.S. I live in Orlando, FL.

Message 1 of 4
3 REPLIES 3
redneck18
Contributor

Re: Chapter 7 Bankruptcy

What is the current status of your cc debt? Only each individual can decide if BK is right for them, preferably with the counsel of an attorney. Would you like your car back? How much would it take to get it back if that is even a possibility? Any other debt? Charge offs, medical, etc.
Message 2 of 4
Scupra
Super Contributor

Re: Chapter 7 Bankruptcy


@LegacyFL wrote:

Good Morning,

I currently have $3,000 in CC debt and just had a repo on a car that I owe $25,000 on. 

Car was a 2012 Lincoln MKS.

My income is currently $35,000/yr. How do I know if Chapter 7 Bankruptcy is right for me?

Thanks everyone!

P.S. I live in Orlando, FL.


First I would wait to see what the car is sold for and how much you will end up owing. Are these the only debts you have?

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
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Message 3 of 4
StartingOver10
Moderator Emerita

Re: Chapter 7 Bankruptcy

You are in the middle district of Florida and that particular district has some of the toughest trustees in the entire US.  

 

So make sure you have a complete list of all of your assets and all of your debt so you can have a detailed, informed discussion with (several) bk attorneys. Do some research on the Middle District of Florida Bankruptcy Trustees ....you may be surprised at the lengths to which they go to get funds from you for the creditors. It is just one of the aspects when you are considering filing bankruptcy or not. If you don't have any assets, it's much easier. 

Message 4 of 4
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