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No, you don't need assets to file for bankruptcy, except for money for the attorney's fees. For a chapter 7 case, the average fee will be $1,500.00. For a chapter 13 case, the average fee is usually about $3,000.00, but it's paid out in monthly installments over a 3-5 year period.
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Are assets in a 401k protected if you file bankruptcy?
Yes.
If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
Wifes assets if you file bankruptcy?
if your legally married when you file bankruptcy, you must include every single asset including the spouses. depends on what type of bk you file. you may be able to keep your assets.
If your assets are over ten thousand dollars can you declare bankruptcy?
hide the assets then file.
Does an insolvent person always have to file bankruptcy?
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.
How soon after receiving a settlement from an accident can you file bankruptcy?
This will be considered an asset. You cannot file bankruptcy if you have a number of assets that can be used to pay your creditors. Depending on the amount of the settlement, you should wait years to file bankruptcy.
Can a small business owner file for bankruptcy and still protect their assets?
Probably not
If you have assets in your home can you be force to sell it if you file bankruptcy?
If the value of the assets greatly exceed the allowable exemptions, then yes they can be seized.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
In what year did WorldCom file for bankruptcy?
WorldCom filed for bankruptcy in 2002. At the time, it was the largest bankruptcy ever, with $107 billion in assets. This almost twice as much as that of Enron Corp.
If you have a loan with your thrift savings at work do you have to file on it if you file bankruptcy?
You need to include all of your debts in the bankruptcy.
If you file a bankruptcy will your holdings in another country be protected?
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
