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andypinky99 · Sep 5, 2007, 11:07 AM

I am considering filing Chapter 7 and hope to get a few questions answered. I will not file if it would impact my home and cars. Basically, I have a significant amount of credit card debt and that, along with mortgage, car payments, student loan payments, and medical bills have put my wife and I in the red.

1. I own a home but I do not have any equity in it yet. If I file chapter 7 will this impact my home?

2. I am paying on two car loans (both relatively new loans - Chevy Cavalier and Chevy Aveo) because my Hyundai Santa Fe (with 80,000 miles) died. Would filing chapter 7 impact these loans?

3. I have just started my first year of law school. Would any bankruptcy have an impact on my ability to find a job?

If you have any additional information that would be beneficial, please let me know.
Thanks for your time!
Andy

slowandeasy · Sep 5, 2007, 11:13 AM

Hello andypinky99

Bankruptcy laws were changed You have to take a means test to see if you qualify for chapter 7 or chapter 13 Talk to an attorney and go from there

andypinky99 · Sep 5, 2007, 01:00 PM

Originally Posted by slowandeasy

hello andypinky99

Bankruptcy laws were changed You have to take a means test to see if you qualify for chapter 7 or chapter 13 Talk to an attorney and go from there

I apologize I should have been more specific. I understand that the laws have changed and we do, in fact, qualify regarding the means test.

Any additional help you could provide would be greatly appreciated.

Thanks!

slowandeasy · Sep 5, 2007, 03:21 PM

Did you qualify for chapter 7 or 13? Who did your means test?

andypinky99 · Sep 6, 2007, 04:48 AM

Originally Posted by slowandeasy

did you qualify for chapter 7 or 13? who did your means test?

We qualify for chapter 7 and we do not have any valuable nonexempt property that we would lose by filing chapter 7 (such as property). I know the homestead exemption for Indiana is $125,000 - since we have no equity in our home what does this mean to us?

I truly doubt we have personal property that cumulatively exceeds $8000 in value and we have no stocks, bonds, etc.

Also, what impact would chapter 7 have on our car loans (since we want to keep our cars and they are not luxury by any means)?

Finally, would bankruptcy affect my ability to find employment in the future or my wife's ability to keep her position as an elementary teacher?

Thanks!

ScottGem · Sep 6, 2007, 06:07 AM

Bankruptcy MIGHT affect future employers opinions about your abilities to manage your work since you failed at managing your finances. It should have no affect on your wife's keeping her job.