Need Opinion should I file bankruptcy

[mhenley]

New Jersey
I have about $30,000.00 worth of judgements (credit card) because of a 14 month layoff. I am now employed at a much lower salary and can meet my monthly bills but that is about it. I need to know if I should consider bankruptcy. Here are the specifics.
Weekly gross $1600.00
Weekly child support $336.00 (wage ganishment)
Court ordered medical insurance $125.00/ week
Court ordered life insurance about $25.00 per week
Take home about $700.00/week
Checking account (just to pay bills) ranges from $1000.00 to near zero
Car is a 1990 Toyota with over 325,000 miles on it
Mortgage is $475.00 every two weeks
equity in house (omitting liens) $100,000.00
Am 52 years old
kids are 14 and 10 so I will be paying child support for at least 8 and probably more years.

 

[rimi2001]

You definately would not be able to file a chapter 7 with that much equity in your home (I have been finding all of this out through this great forum this week). According to all of the info I have recieved, you would loose your home if you filed this way. The money from your equity would be paid to the creditors.

You need to find out how much disposable income you will have left over after ALL your monthly expenses. You may be able to file a chapter 13. Count for food, medical, utilities, non-food items, car note, car insurance, medical insurance, ect.


You need to also find out how much would be exempt in your state. Here in La. our exemptions for the home is 25K and we can keep the car.