Can I file bankruptcy chapter 7 or 13, while my only source of Income is Veterans disability at 100% and SSDI? 14 Answers as of October 07, 2014

I have a minor child and trying to keep my home.

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Freeman Law Group, LLC
Freeman Law Group, LLC | Derek Freeman
For a chapter 7 bankruptcy, the income requirement is that you either make under the median household income for your state, or that you meet the means test. It does not matter what the source of income is. For a chapter 13 bankruptcy, you must establish that you have steady source of income that can fund the payment plan. Again, as long as you have a steady income, the source of income does not really matter.
Answer Applies to: Colorado
Replied: 10/7/2014
Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
Yes, you can file. You really should hire an experienced lawyer to guide you through the process. Bankruptcy is quite complex, and when one's home is at risk any legal fees paid become well worth the cost when considering what is at stake.
Answer Applies to: Colorado
Replied: 10/1/2014
Ronald K. Nims LLC | Ronald K. Nims
Neither SSDI nor disabled veterans benefits are added in to determine if your income is too high or Chapter 7. If you are current on your mortgage and want to shed other debts, then Chapter 7 sounds like it would work best for you. If you are behind on your mortgage or in foreclosure then Chapter 13 would allow you to make the mortgage current and keep the house.
Answer Applies to: Ohio
Replied: 9/30/2014
Stephens Gourley & Bywater | David A. Stephens
Yes you can.
Answer Applies to: Nevada
Replied: 9/30/2014
Yes. If you are behind on your mortgage payments, you will probably want to file a Chapter 13. It will allow you more time to make up the payments, at no interest, which a Chapter 7 will not do.
Answer Applies to: Washington
Replied: 9/29/2014
    Garner Law Office
    Garner Law Office | Daniel Garner
    While a bankruptcy filing will postpone a foreclosure, you still have to prove you have the means to pay the mortgage and get caught up on any arrearages. In the context of a chapter 7, if there are arrearages you would have to apply for a mortgage modification. In a chapter 13, you could either propose a payment plan to cure the arrearages or state your intent to apply for a loan modification. VA Disability and SSDI are perfectly acceptable sources of income for proving your ability to pay the mortgage.
    Answer Applies to: Oregon
    Replied: 9/29/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You can file either one, but see a lawyer to make sure you file the right kind for you.
    Answer Applies to: California
    Replied: 9/29/2014
    Novakov & Associates, PLLC
    Novakov & Associates, PLLC | LINDA S. NOVAKOV
    Yes, you are eligible to file.
    Answer Applies to: Kentucky
    Replied: 9/29/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    You can file bankruptcy under either Chapter provided you qualify to do so. The sources of your income do not determine whether or not you qualify. A far better question is whether you NEED to file bankruptcy and to answer that question would require an explanation of WHY you are considering bankruptcy and what amount you have available after paying just living expenses.
    Answer Applies to: Nevada
    Replied: 9/29/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Filing BK is not likely to do more than delay a foreclosure. Secured debts are not discharged in BK; you must continue to pay them.
    Answer Applies to: California
    Replied: 9/29/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Sure as long as you qualify.
    Answer Applies to: New York
    Replied: 9/29/2014
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