My husband and I have been for the past couple of years have been on the fence to file for bankruptcy in Colorado. At the time we both had jobs and were able to keep up, but we're one emergency vet visit away from being derailed. When we looked at bankruptcy a year ago we qualified for Chapter 13 being that we made over the limit and were brining in around 145k a year. We decided against it and try to buckle down and pay things off from our 96k debt, while we made small progress, it was a never ending battle.
Unfortunately, my husband was laid off in February and we made the decision that this would be the best time to file for bankruptcy. My concern is that since he was paid a severance just under 10k it inflates a our income and not sure when to file. I also found out that this week I'll receive a bonus as well for a about 6k at the end of this month.
March was a clear reflection of what we should expect income wise ($7,200) going forward and seems to be under the limit for a household of 2 in Colorado. Would it be 6 consecutive months under the limit or an average?
Just want to be clear I am not seeking legal advice. Just wondering if any one has had a similar experience?