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You have huge debt medium income do not want chapter 13 will divorce let us file chapter 7?
Wiki User
∙ 15y ago
Divorce will not affect filing chapter 7. If the divorce is final, you will have to file separate chapter 7s. If the divorce is not final, or has not happened, you can file a joint chapter 7.
Wiki User
∙ 15y ago
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Can you file bankruptcy against a divorce order in North Carolina?
Whether you can eliminate a debt that resulted from a divorce decree will depend on the type of debt. If you owe child support or alimony from a divorce then you will not be able to eliminate the debt in bankruptcy. If the divorce assigned some debt to you as part of the divorce and it was not assigned as child support or alimony then you may be able to eliminate the debt in a Chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to eliminate debt assigned to you that is in the nature of a property settlement and not child support or alimony.
Who gets the debt in divorce when discrepancies in income between husband and wife?
Property and items would be sold off to pay for the debt almost all the time. Variation in income rarely has anything to do with it.
What are tax implications of debt discharged in a chapter THIRTEEN bankruptcy?
Unless it is a tax debt, none. Discharged debts are not income to the debtor.
When filing chapter 7 does the IRS tax your forgiven debt as income?
There are separate calculations, but normally, the otherwise taxable cancellation of debt income (COI) doesn't happen if it was created as part of the BK process.
Can you file bankruptcy if you are current on your bills?
Yes, you can. If you are current, but struggling with credit card debt, medical debt, or other unsecured debt. If your income is less than the median family income for your state, you can probably file chapter 7. If over that amount, you may have to file a chapter 13. Consult an experienced bankruptcy lawyer in your area.
Will you get a 1099 for debt discharged in Chap 7 bankruptcy?
No. Unlike some non-bankruptcy situations, debt wiped out in bankruptcy (any chapter) is NOT income to the debtor.
What were the chapter 7 bankruptcy laws in 2001?
Bankruptcy laws changed dramatically in 2005 and make it considerably harder for people to file chapter 7 bankruptcy, those people who do not qualify for chapter 7 are left with the option of chapter 7. Some of the major changes with chapter 7 are:In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is.
Can you change your debt to income ratio?
Your debt-to-income ratio is your total monthly debt obligations divided by your total monthly income. Increase your income or lower your debt payments to have a more favorable debt-to-income ratio. How do the credit companies know your income?
Can you divorce so that you can file for Chapter 7 Banruptcy get rid of the debt and then get married again?
It's not necessary to do that. (It's also fraudulent and expensive.) One spouse can file bankruptcy without the other spouse joining in, even if they live in the same house. If the debt is joint, however, the other spouse will wind up being responsible for the debt anyway. This would be true even if the parties divorced and the other person was a cosigner on loans or credit card debts, so the divorce would not change anything. Also, the bankruptcy court is going to look back at least a year to see if there were transfers of assets including real estate between spouses, so you can't hide your assets by transferring them to your spouse in a bogus divorce. If the combined incomes of both spouses exceed the mean income for your state, that would make it necessary for you to make at least a minimum payment toward unsecured debt (though not necessarily all of the debt, depending on the amount of joint income) (Chapter 13). But the additional cost of a Chapter 13 would probably be less than the cost of a divorce and would take less time, too.
Do you need a minimum income to qualify for a chapter 13 bankruptcy?
No minimum income amount is required but the debtor must have a regular source of income and qualify under the maximum amount of secured and unsecured debt guidelines.
Is student loan a spousal debt after divorce?
If the debt was acquired during the divorce is could be taking into consideration.
You are getting married to a man who is filing chapter 13 - how will your wages be affected?
Once you are married, your income will be combined with his as well as your debt. This becomes a joint effort and your income will be subjected to the bankruptcy as well.
