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 Posted: Wed Jan 02, 2008 8:24 pm Subject: How can I help my daughter? |
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my daughter has an enormous amount of debt and is looking for my help but I am in no position to help her. Her and her husband earn together about 80,000 a yr and have about 70,000 in debt does she qualify for bankruptcy.
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yabba59
Joined: 02 Jan 2008
Posts: 1
Debtcc Points: 36
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| Posted: Wed Jan 02, 2008 10:18 pm Subject: |
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Someone with more experience than I will be along shortly to advise you. Bankruptcy is a drastic measure and should only be used as a last resort.
In my personal opinion I think that she needs to talk to a debt counselor who can give them options on what the best strategy would be for them. Someone with more experience will be along shortly to assist you.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2640
Debtcc Points: 24342
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| Posted: Thu Jan 03, 2008 3:33 pm Subject: |
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Bankruptcy in my experience has been a temporary solution to a more complicated problem. It is important to know the why is she in debt? Gambling, over spending, poor money management.... If it's any of those reasons, looking at her spending habits and helping her find better ones by paying her debts and learning from her past mistakes has a much more positive and longer lasting outcome than bankruptcy. She has a higher rate of filing again due to a large debt in the future than if she pays it off.
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WILT
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Debtcc Points: 100
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| Posted: Thu Jan 03, 2008 7:05 pm Subject: Helping daughter |
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Since your daughter and her husband are "wage earners" they more than likely do not qualify for chapter 7 and will more than likely be forced into chapter 13 if they decide to file. They would still be repaying a set amount of debt back. It is up to the trustee. The trustee will take into account their income and expenses, etc. Do a search on bankruptcy here and see for yourself. There is a "means" test they would need to take to see what they qualify for. To me with cc debt alone-it is just not worth it.
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girlndebt
Joined: 15 Dec 2007
Posts: 103
Debtcc Points: 5189
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| Posted: Fri Jan 04, 2008 12:25 am Subject: |
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In order to qualify for Chapter 7 one has to go through a means test. There are two steps in the means test.
The first step in the Chapter 7 bankruptcy means test compares your income to the median income in your state for a family that is of the same size as yours. If the result of the test says that your income is higher than the median income, then it doesn't necessarily mean that you are not eligible to file for Chapter 7 bankruptcy, there is a second test too.
The second test finds your "disposable income". If the total of your projected disposable income over the next five years is less than $6,000 ($100/month), then you are qualified to file for Chapter 7.
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goodnelly
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Joined: 20 Jun 2007
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