Does not need a bankruptcy
I had someone come in yesterday that does not need a bankruptcy at this time but yes thing can and will change. He is going through a divorce so every thing is up in the air. He has about thirty thousand equity in his home, one airplane worth eighty-thousand one he has a balance of thirty one thousand but said he is up side down on. Two cars well one is his one his wife’s paid for. From retirement about six thousand a month income. But then he has about fifty thousand in credit cards and they are all at a low interest rate at this time. He could do a chapter 13 at this time but would need to pay a 100 percent of his credit cards back at zero percent but he could keep his planes and whatever else he might have that he forgot to tell me.
If after the divorce things have changed greatly we could look at maybe a different payment to creditors But with the assets he still has or doesn’t have we would need to look at the whole picture. So it is hard for me to say that the bankruptcy would not help him a lot because I just don’t see that very often. I usually joke about I need to know if you have any boats or airplanes because they could be an issue. Well I was right in his case yes it is an issue.
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