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Do you have to have a certain amount of debt to file for bankruptcy?
Wiki User
∙ 13y ago
Yes, if you deliberately fail to enter a debt on the bankruptcy schedule the BK can be dismissed with prejudice. When petitioning for your own bankruptcy you should disclose all of your debts. However, certain debts such as fines and Student Loans cannot be included in the bankruptcy.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoAbsolutely. And all assets. You cannot pick and chose what is included or not. The priority of each will be decided by the court...and some of each will be classed as exempt. You swear to the court that you are providing all the information, and things like omitting assets or debts show up fairly easily. To say Judges and Courts frown upon being lied to is an understatement...and it quickly does you case serious harm and may be followed by criminal charges of fraud or contempt of court.
Wiki User
∙ 14y agoAbsolutely. This does not mean that all your debts will necessarily be discharged in a bankruptcy proceeding (such as student loans, judgments, etc) but you need to list all types of incomes, debts and any other relevant financial information.
Wiki User
∙ 13y agoAll assets and all debts must be included in the bankruptcy petition. A petitioner in bankruptcy may not hide assets from the creditors as this would be unfair to the creditors as a whole when the assets are liquidated. A petitioner is entitled to retain certain assets, however they still have to be disclosed.
All debts must be disclosed in the petition as well, since keeping some out would give those creditors preferential treatment over other creditors. Creditors left out of the petition would presumably receive the full amount of their debt, which is also unfair to the remaining creditors.
In the event you wish to pay some particular debt in full rather than having it wiped out in bankruptcy, you are free to do so after the discharge by reaffirming the debt. Nothing in a bankruptcy order prohibits you from voluntarily paying a creditor the full amount owed after it has been discharged.
Wiki User
∙ 16y agoAbsolutely YES.
It is not pick and chose what you have or who you owe that you want to disclose...everything is included.
They are then given different status.
Wiki User
∙ 13y agoYes. Though the amount has to be quite large. For example:
A $10,000 debt would not be a proper amount of money to be considered filed for bankruptcy.
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What is the average amount of debt do people have when they file bankruptcy?
More than they can pay
How much debt can you have before filing for bankruptcy?
There's no maximum amount. If you can't make your payments you file bankruptcy.
When can bankruptcy be filed?
If you or your business has incurred a substantial amount of financial debt due to circumstances that were out of your control you may be eligible to file bankruptcy.
Can you file bankruptcy on a truck repo past due loan?
No, if you mean, can you single out this debt to "file bankruptcy on." You file bankruptcy on ALL your creditors. You don't get to pick and choose. But you can certainly include such a debt in bankruptcy.
Can you file bankruptcy for lawyer fees?
You cannot file a bankruptcy directed at one single debt.
Can you file bankruptcy if you are current on your bills?
Yes, you can. If you are current, but struggling with credit card debt, medical debt, or other unsecured debt. If your income is less than the median family income for your state, you can probably file chapter 7. If over that amount, you may have to file a chapter 13. Consult an experienced bankruptcy lawyer in your area.
If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?
You have to, it is a debt...it is just a secured debt...by the lien on the property.
Can you file bankruptcy on a loan for a vehicle?
Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.
Is the debt from a personal lawsuit removed when you file for bankruptcy?
no
Can you file for bankruptcy on a three thousand dollar debt?
no
Can married couples file bankruptcy separately in Illinois?
A married couple can file for bankruptcy separately in Illinois, as it is not uncommon for one spouse to have a significant amount of debt in their name only. However, if spouses have debt they want to discharge that they're both liable for, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file. When a married couple face bankruptcy, they can file jointly, one can file while the other doesn't or they can file separately at the same time.
Will you get rid of credit card debt with bankruptcy?
No. If you file bankruptcy, you are basically telling the creditors that you don't have any funds to pay them. Your finances are being held by the court and the lawyers will tell the creditors that you filed bankruptcy. You are still responsible for the debt. WRONG! If you file bankruptcy and file a chapter 7, if the judge approves your appeal all your credit card debts are erased, and creditors have to stop calling and harassing you. If you file a chapter 13, you are still responsible for a certain portion of your debt, to be paid over a 5 year period, and creditors have to stop calling and harassing you.
