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Why declare bankruptcy if you do not have any assets?

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If you have no assets, then it's a great way to get rid of debt. Chapter 7 bankruptcy is FAST, and normally pretty cheap compared to what you get (all your debt gone). If you have assets, you may be forced into a Chapter 13 and have to pay back some debt. Answer I like Nate's answer. But, if by your question you mean "I don't have any assets for creditors to come after, so why bother filing bankruptcy?" then I would say that there still might be reasons one would want to file. For example, even if you don't have a home or car that is subject to a judgment lien, creditors can still garnish wages (but not Social Security). Or, creditors can simply hassle you constantly on the phone. Another thing creditors can do, in Indiana at least, is sue you and keep dragging you back to court every month or so to explain why the judgment isn't paid. Then, the first time you miss a hearing, the creditor asks the Court to put a Writ of Attachment on you, which is basically a warrant for your arrest for contempt of court since you missed a hearing at which your presence was ordered by the Court. So, just because you don't have any property the creditors can take away doesn't mean that you don't need to file bankruptcy. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. ANSWER You should consider petitioning for your own bankruptcy if you have debts that you cannot afford to repay. A large percentage of individuals who petition for their own bankruptcy have no assets and use bankruptcy as a solution to their debt problems. However, bankruptcy is widely regarded as a last resort and should be considered only after receiving expert advice.
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Do you have to declare bankruptcy if you have a foreclosure?

No. But, it may be in your favor to do both. Check with a lawyer.

What is no asset bankruptcy?

No asset bankruptcy is a term used to refer to Chapter 7 bankruptcy. Usually in Chapter 7 cases, a person's entire debt is wiped clean. In many cases, the bankruptcy court wil
Can you declare bankruptcy after inheriting money?

Can you declare bankruptcy after inheriting money?

Yes, but that money would become part of the bk estate- which would be used to pay off your creditors.

What are the consequences of declaring bankruptcy?

A discharge in bankruptcy means all your unsecured debts are discharged and your secured debts have either been reaffirmed or the collateral has been surrendered and the remai

What assets can they take in bankruptcy?

Its easier to consider what they can't/don't:   401K or IRA account. Household Goods. Work Tools. Reasonable (read cheap) Car., Medical type devices, a few other things.

Can you declare bankruptcy for overpayment for unemployment?

No. You can file for bankruptcy for debts to be discharged. If you are being asked to repay the overpayment, that is a debt.Whether it can be discharged or not depends on whet

When is it necessary to declare bankruptcy?

It is necessary to declare bankruptcy when a person cannot afford to continue paying for bills and other things they need. A person may declare bankruptcy if their business is

Why did Lehman Brothers declare bankruptcy?

I really don't think that it was necessary for lehman's to declare bankruptcy but feel that after the US government bailing out others they should have also considered helping
What is a no asset chapter 13 bankruptcy?

What is a no asset chapter 13 bankruptcy?

That is not how a Chapter 13 is usually described, since assets are irrelevant except to compare what a Chapter 7 would provide to unsecured creditors. But it is possible that

When can you declare bankruptcy?

It depends on the specific type you are filing for. But whether you are an individual or a corporation, the monetary amount of debt, and how much you make annually can all fac

In the event of bankruptcy who has the claims on the assets?

  It depends on what assets you are talking about. Should you declare things like your house and car in your bankruptcy the bank or financier would have a claim to them fi

How can one get a loan if they have declared bankruptcy?

Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length o