Bankruptcy / Forclosure?
Question by TimeWastersInc: bankruptcy / forclosure?
This is just killing me funny, but a few years back a vindicive ex drove me into forclosure and bankruptcy, we divorced because she chose drug abuse over family.. anyway.. NOW the mortgage company is going after her for all of it..(insert muffled giggle) Get this she wants me to “research” ways she can get out of it..lol… I told her bankruptcy is the ONLY way out and she makes bookoo bucks now..65K a year..I think She’ll have to pay it all back…. does any one actually know. I am soooo blonde when it comes to these things. Why I haired a leech… I mean lawyer to handle it.. Every hatefull thing she did is now coming back to bite her on the ***..lol I am loving this like you can’t imagine!
Best answer:
Answer by roxy
From what I have heard from a friend who was considering bankruptcy, the laws make it a lot more difficult to claim bankruptcy now. You have to be more than $ 100,000 in debt and unlike in the old days when your debt was wipped away, you now still have to pay back at least $ 100,000. Karma is a wonderful thing isn’t it?
Answer by Keith Perry
Since the new law has passed it is harder to file chapter 7. Depending on the “means” test (which is your income vs. your bills, etc.)
Filing Chapter 13 would also be hard for her because of her annual income.
It really depends on all the bills she has to pay now. Would this be the only one that she is putting on bankruptcy? She would have to go through a lot of different calculations to see if she would be able to file for bankruptcy. Otherwise she will be entitled to pay it all back through a payment plan if possible.
You don’t have to be 100,000 or more in debt. (I am in process of filing bankruptcy now) but you do have to show you are unable to pay those bills. If she hasn’t had a status change in jobs, unemployment, blah blah… then they may foreclose on her if she is unable to file bankruptcy.
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