Berwyn Bankruptcy Lawyer Case Study For Miss Wang

This is the case study of Miss Wang.  Miss Wang lives in Berwyn, Illinois.  She has not filed for bankruptcy before.  She has a single-family home worth $120,000.00 and a mortgage with an outstanding balance of $75,000.00, and she wants to keep the home.  She has 2005 Ford truck financed through Ford Motor Credit.  It’s worth $10,000.00.  She owes $7,500.00, and she wants to keep it.  She’s up to date.  That monthly payment is $460.00 per month.  She has a checking account with National City.  She has a firearm.  She has normal household goods, and she has a pension, which is protected.  She also has an animal, a cat.  She’s divorced with no dependent children.  She’s working as a cashier, and she is paid approximately $2,400.00 per month.  She’s paid weekly. 

Looking at her monthly expenses, $1,228.00 for the mortgage, she’s got the car payment of $460.00 and then assorted other miscellaneous expenses, $350.00 for food, $100.00 for gas and clothing and things like that.  She’s at approximately $2,700.00 per month in expenses, so there’s not enough money to do a Chapter 13 repayment plan, but it looks like she will qualify for a Chapter 7 fresh start.  Over the past few years, she’s made anywhere between $35,000.00 and $40,000.00 per year.  She has not been on unemployment or Social Security in the last year.  No lawsuits pending.  No garnishments pending.  Nothing repossessed or returned in the last year.  She has not closed a bank account in the last four years.  She has not lived anywhere other than her current address for the past three years. 

She does not have a safety deposit box.  She has not sold or transferred any real estate in the last four years, and she has not owned a business.  There are no co-debtors.  There are no student loans.  There is no income tax debt.  This is a case where she has $101,000.00 worth of credit card debt, so a great Chapter 7 fresh start candidate.  Get out of that debt.  Keep the property that you have, get a fresh start that the government allows under the United States Bankruptcy Code.  That is my recommendation for Miss Wang. 

For additional reading, visit Berwyn Bankruptcy Lawyer or call (847) 520-8100 for an evaluation.