Debt and Bankruptcy
Bankruptcy Law

Can you file bankruptcy with income coming in?


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2010-05-19 04:49:38
2010-05-19 04:49:38

Yes, you can file with an income coming in, which chapter of bankruptcy you file depends on your income

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Yes you can. You just need to report the unemployment income when you file your bankruptcy.

Yes, bankruptcy does not change the legal requirement of the BK filer to file an income tax return.

A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.

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.

When you file a mutual bankruptcy, you and your partner file a single set of bankruptcy papers with the court. In your bankruptcy appeal, you release all property, debt, income, and expenses you have between both you and your partner.

If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.

One of the first steps you must take when filing for bankruptcy is to complete a "means" test. You must submit the results of this means test to the Bankruptcy Court. The means test checks your income in order to determine your eligibility to file for bankruptcy. If your income is below the average for your state, then you can file for Chapter 7 bankruptcy without any problems. However, if your income is above the state average, the calculations for the means test become more complex. The means test looks at your disposable income (the amount left over after paying your expenses). If your disposable income is too high, the Bankruptcy court may decide that you can pay off at least some of your debts, and prevent you from filing for Chapter 7 bankruptcy. You are still able to file Chapter 13 bankruptcy, however.

If its for income taxes that were due within the last 3 years- NO.

No you can not file bankruptcy on anything that is court ordered.CAN YOU FILE BANKRUPTCY ON RESTITUTION?

It depends, usually after you file bankruptcy they take all your vehicles but one of them so that way you have one vehicle to get back and forth for emergencies. When you file bankruptcy and have a job, they usually limit the amount of money coming into your household too.

Yes- a chapter 7, but not chapter 13, as that requires a regular income.

You have to file your income taxes yearly regardless of whether you have filed for bankruptcy or not. Yes, IRS may garnish your refunds to pay toward your debts. If your bankruptcy is over however, you don't have to worry about that.

No they never did file for bankruptcy

can you file bankruptcy utah unenploment

If you are talking about a Chapter 7 bankruptcy, It takes 7 to 9 years after you can file bankruptcy again.

AFAIK, Social Security has no impact on your ability to file bankruptcy. In fact, Social Security is excluded from the "means test", so unless you have substantial other income you should be able to file Chapter 7.

You don't file bankruptcy "on" any loan. You file bankruptcy , listing all of your debts. Debts that are not dischargeable include child support arrears, student loans, federal income taxes filed or changed by the IRS within the three years prior to filing and certain judgments for damages due to fraud. State income taxes also cannot be discharged.If you obtain credit knowing you are bankrupt or intending to file bankruptcy, the creditor can object to the discharge of that loan.

No, if the debtor is judgment proof (i.e. there are no assets/income for the creditor to take) then there would be no need to file a BK.

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.

You do not have to be unemployed to file bankruptcy.

No, there's no law that states you have to file bankruptcy.

Yes you can file for bankruptcy if you are unemployed.

You must be generating a steady income to file chapter 13 bankruptcy, regardless of whether it is earned income. If you don't currently have income, chapter 7 most likely is the better way to file bankruptcy. There is an excellent book that gives you a substantial perspective on filing chapter 7 or chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?", 3rd edition, by Stephen Elias (published in 2009 by Nolo) -- I found it in the Colorado Springs public library at 346.078 E42N (Dewey decimal system).

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