Montezuma, CO Bankruptcy Law Firms & Lawyers

Yes, I is approximately $60,000 per year for a single person and ad $5,000 more if it is a joint petition and $5,000 for each child that lives with you. There are also ways to get your income reduced for the purposes of the means test. If you are these amounts, you will be required to file a Chapter 13, make monthly plan payments for five years.

The short answer is no. This is a required loan to pay. You are essentially paying your retirement plan back. If you stop paying on the 401k loan, you will be in default, and your 401k would probably have to be cashed, with penalties, to take care of it. Then, you'll be taxed on whatever isn't paid back. Before stopping your payments or cashing your 401k, you should talk to an accountant. And, if you have other debts as well, you should call a bankruptcy lawyer asap.

You cannot include someone elses debts in your bankruptcy. Even if you are a co-signer on the account, your bankruptcy will only discharge the debt as to you, and will not eliminate the debt as to your mother. Depending on the circumstances, your mother may not need to file bankruptcy in order to avoid paying the credit card debts. More information would be useful.