What would you like to do?

If you have exempt income should you apply for bankruptcy?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

If you have exempt income should you apply for bankruptcy?
Exempt from what? From levy for debt? The creditors can still go after assets, like a house or car, and they can get a judgment good for 20 years or 10 years, renewable for 10, depending on your state law. And they can bring you into court periodically to verify that you're still judgment proof. If you are low income, you may qualify for a filing fee waiver and be able to get a lawyer to waive the legal fee.

At least you will not have to worry about a creditor taking advantage of a change in your circumstances.
Thanks for the feedback!
Follow

Do you think we'll find a solution to the ever-increasing Great Pacific Garbage Patch?

View Full Interview

Is holiday pay tax exempt income?

  No...any form of income, regardless of what you call it..is the same. Use of car, bonus, salary, overtime, etc.   Otherwise, please boss pay me $1 this year and a big

Is the child disability tax credit exempt from bankruptcy in Canada?

Kind of ..... The Law: No the Disability Tax Credit is not exempt. The Bankruptcy and Insolvency Act S67(1)(c) outlines certain property of the bankrupt to which the credi
Is inheritance exempt in Bankruptcy?

Is inheritance exempt in Bankruptcy?

No, the BK Trustee is to be notified of any inheritance received within 6 months of filing BK (even if you have already had your BK case discharged and closed). Short answer-

How long after bankruptcy should one wait to apply for a new credit card?

  Answer   It is best to first clean up your credit reports after the bankrutpcy before applying for new credit. Wait at least 3 months after discharge to start clea

What is exempt from bankruptcy?

As found on at least 100 other places here...and allowed certain modifications (albeit minor overall) in different states.   Exemptions under Federal law, which may chang

Homestead exemption for bankruptcy in Illinois?

Under Illinois Bankruptcy laws, the homestead exemption includes farm lot & buildings, condominiums, personal property or cooperative. These homes can be owned or leased. They
What age are you exempt from filing Income Tax?

What age are you exempt from filing Income Tax?

You are not exempt from filing for Income taxes based on age. You are exempt from filing taxes based on the income you receive. If your income is over a certain amount you mus

If the state bankruptcy law does not specify the exempt properties can you presume that it is limitless or should you go by the federal law?

There are no "limitless" exemptions.There are states that have unlimited Homestead exemptions, thereby giving total protection to a primary residence.When searching state BK

Is the child tax credit exempt from bankruptcy in Ohio?

yes they do take your child tax. i just payed mine and now they are wanting my car i payed off. I am trying to find out how to get it so they can not take my only car.They tol

Is the earned income credit exempt from bankruptcy in Indiana?

  There seems to be some discretion on this applied by the Trustee. along with when you filed being relevant (if you filed in January, virtually none of the EIC was yet ea

Who can apply for bankruptcy?

Qualifications for who can apply for bankruptcy differ greatly according to which type of bankruptcy the individual or business/corporation wishes to file under. There are a n

What is the Florida bankruptcy exemption for tools of trade?

  Exemptions under Federal law, which may change a little in State applications by the Federal BK Court you file in: Personal and Real Property:   (1) Household: Up to