Here’s the case of Mr. Wade.  Mr. Wade lives in Northbrook, Illinois.  He has not filed a bankruptcy before.  He is a homeowner, a single-family home worth $1.2 million, and he has a loan against it of $1 million.  So technically, he’s got $200,000.00 worth of equity in the property if he were able to sell it.  It’s very difficult to sell a $1.2 million home in this current market.  He does have a 2007 Lexus which is paid in full, a 2008 Honda Pilot which is paid in full, and another 2008 Honda Pilot which is paid in full.  He has grown children, so no issue there with minors.  He’s self-employed.  He owns a construction company, and basically, he has too much in the way of assets to do a Chapter 7.  There’s also a second property located out of state, an investment property.

So Chapter 7 is not going to work for this gentleman, and Chapter 13 is not going to work, either, because there’s not available income.  So Mr. Wade is kind of one of those in between.  Not enough income for a Chapter 13 to repay it and too much income for a Chapter 7 to eliminate it.  So he’s has to make some non-bankruptcy alternatives work for him, whether liquidating some property, working some payment plans with some creditors, or something along those lines.