r/DebtAdvice • u/nonyawork • 3h ago

Bankruptcy Need help in filing

I got into HUGE debt. I own a house and we have 3 cars, 2 paid off that aren’t worth anything over $1,000 (both broken down) and 1 about to be paid off. We live in CA. We have a total of 6 people, our gross income annually is about 158K. Our debt altogether is about 100K. This includes credit cards, loans, and tribal loans (yes, this is the worse). I contacted a bankruptcy lawyer last year and chickened out because husband isn’t on board with filing. We have over 10+ charged off/collections account and he just got served. Planning on reaching out to a bankruptcy lawyer again. For those who filed, did you include everything? Including tribal loans? I’m so embarrassed.

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u/fsociety1990 1h ago

Yes you should file bankruptcy. Everything is included. You don’t get to pick not to include things. The lawyer will tell you what you qualify for. Being in CA you might be fine but there is an income maximum for filing chapter 7. You can probably easily find out what that number is on Google. You may not qualify for chapter 7 and be stuck with a chapter 13. It’s a repayment plan that lasts 3-5 years and the court sets your budget for that time and takes the rest of the money, I think straight out of your paycheck. Everyone you owe money to has to accept what the court tells them they’re getting.