I am planning on filing Chapter 7 bankruptcy due to a failed business and a foreclosure on investment property. Total debt is 190K and my total household income for a family of 3 is also 190K. I am wondering if I am have too much income per the new bankruptcy laws. I would like to avoid chap 7 but I can not afford this additional debt.
Please keep in mind the 190K is the debt for the failed business expenses. This does not include my actual debt which includes my current home, auto, living expenses, etc
You are making 190k and you have debts of 190k but can't pay them??? You need a lifestyle adjustment, get on a sensible budget and you can knock out the debt in 2-3 years max instead of running away from your obligations and ruining your credit down the line…
Edit
– Ok so 190k isn't your total debt as originally stated. With 190k income, you can still finance your obligations – it just may mean downsizing the house, selling the car and getting something more realistic. But if you are being honest with yourself, with 190k income the only thing stopping you from doing the right thing and paying your debts is pride – you don't want to pay because it'll mean losing the nice house/car. It's not that you can't pay – its that you choose not to pay.
