High Income and Expensive Real Estate Still Okay for Chapter 7
We often hear the phrases “I make too much money to file bankruptcy,” or “I have too much property to file for bankrutpcy.” These myths are often untrue. Recently, the San Diego Bankruptcy Court allowed debtors with income of $14,500 per month and over $8000.00 in housing expenses related to their “McMansion” to receive a chapter 7 discharge. Generally speaking, if you make too much money, you still may be able to qualify for Chapter 7 relief, and almost always can qualify for Chapter 13 relief. Likewise, if you have a house with $200k in equity, it is still possible