I am married and living with two kids in NJ .Single income and my salary is118K.Me and my wife both own the house and doesn't have much equity in it .I would say 15K equity .I financed the car .My car pay off is still 7800$ , my car KBB value is around 8000$.So Planning to keep my house and car.
I was involved in accident at fault and other party is suing me for more than 300K.I have only 15K in my Auto insurance.I also bought crypto currency from my credit cards for about 30000$ .The current value of those are about 4000$-5000$.
I am current on mortgages,car and credit card payments.
I don't have enough savings in my bank account.Please let me know If I can file chapter 7 and include the civil case and credit card debt in the chapter 7 Bankruptcy.Going through a lot .Please suggest me if Chapter 7 will wipe out my debt.
Sounds like you’re going through a lot, sorry to hear. Truthfully, I would contact a Bk attorney regarding all of this. Most shouldn’t charge you to tell you your options. At least mine didn’t which help me file due to the no pressure approach.
I do know however that the type of Bk that you can file depends on your income, 0 up to a certain number can file a chapter 7. Anything above “this number” would require you to file for a chapter 13. The “number” is different in every state so as for you in NJ I wouldn’t know because I am in Texas. Hope this helps, good luck!
So you don’t meet the salary for a Chapter 7 in NJ, the maximum for a family of four is $103,946.
OP - You are below median income. The correct amount for a family of 4 in NJ is $122,474.00. See:
The claim for the collision may be dischargeable. See 11 USC 523(a)(9)
Discuss your options with an attny. Consultations are usually free or very low cost.