For Chapter 7 in Illinois, eligibility for filing bankruptcy requires that one must not be able to pay at least $6,000 over the next five years ($100 per month) to unsecured creditors after expenses. But if one can pay at least $10,000 over five years ($166.67 per month or more), Chapter 7 will likely be denied.
If one can pay $6,000 but less than $10,000 over five years, then a mathematical calculation determines whether Chapter 7 will likely be successful or not. If one can afford to pay 25% or more of the unsecured debt, then a Chapter 7 will likely be denied. If one can't afford to pay 25% of the unsecured debt, Chapter 7 filing will likely be successful.
For Chapter 13, individuals who are self employed or sole proprietorships must have unsecured debts that are less than $307,675 and secured debts less than $922,975.
There is no minimum debt you must have to file for bankruptcy. However, if your debt is too low in relation to your income or assets, you will either have to repay the debt in full (if you file a Chapter 13 bankruptcy) or the case trustee may ask the court to dismiss your case for bad faith (if you file a Chapter 7 bankruptcy). For more information on the bankruptcy process, please click the link below.
The above is provided for informational purposes only. It is not intended as legal advice, and does not create an attorney-client relationship.
There is not a minimal amount of debt needed to file BK. However, the new BK laws make it difficult for any debtor who has a source of income to file any type of BK other than a Chapter 13.
There's no minimum. If you can't pay your bills you file bankruptcy.
There is no minimum debt required, but it usually has to be substantial, especially since having a BK lawyer file the BK would cost around $1,000-$2,500.
There's no maximum amount. If you can't make your payments you file bankruptcy.
It would depend on the person as to how much debt one would have to have before filing for bankruptcy. Some people can have more debt than others and be ok with it, while others would feel the need to file.
In ANY bankruptcy, whether or how much of your debt gets paid is dependent on what type it is, and more importantly, what your assets are. Your assets are used to pay your debts...have enough and 100% gets paid.
Income has little to no determination on one's ability to file for bankruptcy. It's the debt to income ratio that most bankruptcy courts look for. Consult a bankruptcy attorney; there may be other options that will not impact your credit as harshly as bankruptcy.
It costs money to file for bankruptcy. Usually the cost is added on as a credit towards your debt when you file. this site here will give you more information on bankruptcy http://www.boston-bankruptcylawyer.com/article-how-do-bankruptcy-lawyers-make-money.aspx.
If the debt was incurred prior to the bankruptcy, then you cannot file a lien and your debt will be dealt with in the Chapter 11 plan of reorganization. If the debt was incurred after the bankruptcy, then any action you do take must be approved by filing the appropriate with the bankruptcy court first.
It depends on the amount you in your debt. If your debt is a large sum and figure, the best and most ideal thing would be to declare bankruptcy. If not debt settlement would be much easier.
Use this FREE ""Do it Yourself"" Bankruptcy Site to see filing bankruptcy is the right solution for solving your personal debt problems.Filing bankruptcy is perhaps the most difficult decision you'll ever make! I'm sure you have many questions about filing bankruptcy. Questions like, ""Am I qualified to file bankruptcy"" , ""How hard is it to file on my own bankruptcy"", ""How much does it cost"" and the most important question of all; ""Can I file my own bankruptcy without an attorney?"" Get answers to these questions and over 40 more with our in-depth FAQs. Select the bankruptcy chapters' links on the left.
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
You can file bankruptcy on a home and all unsecured debt. You can include your home if you wish or re-affirm your home and your vehicles. Be sure to go to a Bankruptcy Lawyer and find out first hand. Many offer free consults and will give you a much more reliable answer than myself or any other idiot on here.
Don't spend so much money? Also, try and create a monthly budget and stick to it. Remember to build in eliminating your debt. I suppose you could file for bankruptcy if that it an option for you. Get off the grid.
UK. Bankruptcy £15,000 or more. If you have less than £15,000 worth of debt, sustainable under 15k for the duration of one year and meet certain criteria, you may qualify for a debt relief order, which is, in effect, a mini bankruptcy.