Chapter 7 Income Requirements?

[Gomer_P]

What is the name of your state? New Mexico

I was reading this web page, which is for Arizona I believe:
http://www.vreh.com/bankruptcy/7.htm

This part REALLY caught my attention:
"If you do not have any income at all, not even gifts from friends or relatives then you are not eligible to take bankruptcy. The purpose of bankruptcy is to help you get a new start. If you don't have enough income to take care of yourself then bankruptcy will do you no good and you will not be able to qualify for debt relief no matter how many creditors are after you."

If this is the case for New Mexico also, how much disposable income do I have to have to reap the benefits of chapter 7? This is confusing to me because you can only have like $100 before you may have to file chapter 13. Please clear this up for me. Thanks,
T.J.

 

[bigun]

Whoever posted that is a total and complete dumbass.
There are no income rquirements in the bk code.

Not sure I understand your other question. What is your income and expense and the amount of the debt you wish to discharge. Try this expense calculator to get an idea of expenses.

http://www.ca-bankruptcy-attorneys.com/calculators/expense_calculator.html

 

[Gomer_P]

I owe about $17,000 in credit card debt and medical expenses. I realized this today after getting my credit report. I have no income from employment because I am not employed. I work 30 hours a week to pay back a very large debt that I owe to a family friend. Labor=money in this case. I get around $100 a month from my parents for gas, food, entertainment, etc. but just one of my monthly credit card payments is $184, if I could pay it. I take care of my grandmother, I'm taking 19 hours in college each semester, I have to maintain at least a 3.75 GPA or my father will not pay for my schooling, I'll be re-paying the debt to the family friend for at least a year, and my parents will no longer help me with my credit card debt because they are in almost the same situation. Only they owe about $700,000 to CC companies. IOW, my creditors will be receiving no money at all for at least a year. So, I see my options as either bankruptcy or judgements because I seriously doubt that the credit card companies would put everything on hold for me for a year or more. About my chapter 13 question: Technically I'll have about$100 in disposable income every month. I will be using it for necessary things but it is still $100. Will the trustee see this and drop my request for chapter 7 filing in favor of chapter 13? Sorry for the length but thats my situation in a nutshell.

 

[bigun]

You get a $100 but, you turn around and spend it on necessary living expenses.
You'd have no trouble getting a chapter 7 bk discharged.
Most bk lawyers give initial consultations. Talk with a couple and get all of your options explained.

 

[Gomer_P]

Thanks. I've got an appointment with a bankruptcy attorney in Albuquerque on February 4th so I hope all goes well.