A middle to upper class family hired me for bankruptcy almost a year ago. At the time they were close to $75,000 in credit card debt and had a promissory note of $60,000 that they signed pursuant to a short sale that occurred on their previous residence. Moreover, the husband and wife just had a baby. The family though lived in a relatively nice community and they desired to keep their new home. The family made close to $75,000 a year but was able to still qualify for a Chapter 7 bankruptcy through the new Means Test. The family was discharged from Bankruptcy and the Trustee determined that they had no assets to liquidate to creditors. Therefore, the family was able to extinguish well over $100,000 in debt, keep their home and go forward with a clean slate.
Several months later, the husband was able to start a new business without the hindrance of a sever unsecured debt. I also just learned that the family has another child on the way.
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