Bankrutpcy payment exceeds your income
If you owe large amounts of debt, based on claims filed in your case, then your monthly bankiruptcy payment to the trustee will be increased to provide for these priority and secured claims filed. In some case, the monthly payment will exceed your monthly disposable income.
This situation usually occurs when a client has business property that has several years of unpaid property and business taxes owed to the state, county and city. If these properties are not being used to generate income then it may be best to sell or surrender the property(s) to enable the bankruptcy plan payment to decrease to reasonable amount.
First, consult with your attorney so you can be better informed about the potential outcome if you decide to sell or surrender your business property(s).
Please fill out our free evaluation form to determine if bankruptcy is right for you.
