Legal Question in Bankruptcy in California
Bankruptcy
My husband and I are in a serious amount of debt. Aside from student loans, we have about $150,000 in unsecured debt. Together, we make about $190,000 a year before any bonus. We both have the maxiumum taxes withheld from our checks, but we still end up owing about $12,000 each year. We've gone more and more in debt each year ($25,000 in the last two years alone) to pay our tax burden and we cannot seem to get ahead. I'm afraid we will not qualify for Chapter 7 here in California due to our income level and I'm wondering if Chapter 13 would be helpful either. Advice?
1 Answer from Attorneys
Re: Bankruptcy
While a more on depth analysis is needed, a 13 may be your best option with all that income a debt. There are other factors and should definately have attorney do analysis. Good luck, you are welcome to contact me at my office.
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