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Answered 2008-08-14 21:49:42

There's no maximum amount. If you can't make your payments you file bankruptcy.

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How much debt should one have before filing for 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.



Can you file for divorce after filing bankruptcy?

of course you can. One does not inhibit the other. If you filed for bankruptcy as a couple, then the bankruptcy will proceed during the divorce, it just may complicate things. If you filed for bankruptcy as an individual then there should not be too much of an issue because you were only filing for bankruptcy as to your individual debt.


Can a chapter 7 bankruptcy discharge a civil judgment on utilities debt?

No type of bankruptcy, whether chapter 7, 11, or 13 discharges a civil or criminal judgment against you. Those are considered non-dischargeable debts and will remain with you until you pay them. Be sure to familiarize yourself with what will and will not be discharged before filing for bankruptcy as you may find that much of your debt is nondischargeable in which case bankruptcy may not be the option for you.


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 factor into the equation of qualification.


Is Debt Settlement easier than bankruptcy?

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.


How much debt do you have to have to file bankruptcy in Washington?

There's no minimum. If you can't pay your bills you file bankruptcy.


How much does it cost to file for consumer bankruptcy?

Filing for Chapter 7 Consumer Bankruptcy, the most common type of Consumer Bankruptcy, costs an average of around $1500. Filing for Chapter 7 Consumer Bankruptcy is so expensive that many people can't even afford it.


Where can you get free chapter 7 bankruptcy information in the state of Minnesota?

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.


Bankruptcy who can file?

There are different qualifications for bankruptcy that differ according to which type of bankruptcy you are filing under. The first qualification is if you have amassed enough debt according to what is needed for the chapter you are applying for. Other issues are if you are business owner and how much income you receive each year. The article below lists every type of bankruptcy and the individual qualifications that must be met.


What is Bank of America's bankruptcy department mailing address?

If you have got into too much debt and cannot pay the money you still owe you may consider filing for bankruptcy. The Bank for America address for bankruptcy is, Bank of America, Attn: Bankruptcy Department, 475 Crossy Point Pkwy, PO Box 9000, Getzville, NY 14068-9000.


How much does bankrupcy cost?

The main cost with filing for bankruptcy is hiring an attorney. There are additional fees for filing, but an attorney is the big one.


How much debt do you need to declare for bankruptcy?

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.


Which bankruptcy is right for you?

It depends on how much debt you need to get rid of as well as what chapter of bankruptcy you would qualify. The first difference is whether you are filing as an individual or as a company or corporation. Beyond this, factors would include the monetary amount of debt, yearly income, property, among other things. The article below includes a breakdown of the different chapters and qualifications for each.


Where can you get free Bankruptcy Advice?

If you are considering bankruptcy then it makes sense that you would seek out as much free bankruptcy advice as possible before you take the plunge.There are a number of longterm bankruptcy effects which cannot be avoided, so it is important that you are fully informed about the process of bankruptcy and what it means to your personal, professional and financial standing.The Internet is a great place to start when looking for free bankruptcy advice. There are a number of websites out there which offer an in-depth bankruptcy research. You should always seek expert advice about bankruptcy as there could be other debt solutions which are more suitable for your situationINFO:Before filing for bankruptcy, remember that it remains in record for 10 long years. Meet good financial lawyers to be able to handle this issue properly. Better consult them for advice so you will be guided. Filing for bankruptcy is not an easy thing to handle so better seek for legal advisers who will help you all throughout.


What is the difference in consumer credit counseling and debt settlement?

Answer:If you're struggling to manage your debts, then credit counseling can help you find a way out. Federal law now mandates that all bankruptcy candidates receive credit counseling before filing. However, credit counseling services can also help you long before bankruptcy becomes a possibility. credit counseling offer a wide range of solutions based on your specific situation. They'll review your finances, advise you about budgeting, and devise a program to help you get out of debt. Where as in debt settlement your debt amount gets reduced. When a debt is settled for less than its full value, the creditor will note that on your credit report. The damage is much less than you'd experience with bankruptcy or default, and in most cases your credit will improve within a couple of years.


How much does a business make?

The amount of capital that a business can make ranges from filing bankruptcy to buying a presidency.


How much debt must you have to file for bankruptcy?

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.


What happens to your credit rating when you file bankruptcy?

Credit rating plummets when filing for bankruptcy. Bankruptcy should be the last resort and one should try everything to not go bankrupt - keep saving as much as possible.


How much time between filing chapter 7?

It depends on why you were not able to complete your initial chapter 7 bankruptcy petition. Generally, you cannot be discharged of debt under Chapter 7 if you received a Chapter 7 discharge within the six years before the filing of this petition. You are however allowed to file for chapter 13 if you only filed for chapter 7 once already. For many that is the best and easiest option.


How much income is too much for chapter 7?

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.


Does it matter how much the debt is in the state of Texas?

The whole country has been operating in a state of bankruptcy since 1931. In fact this is the 4th Bankruptcy our union has faced.


How do you disclose if you are currently filing for bankruptcy or do you need to do so?

As a debtor gets closer to filing bankruptcy, any creditors have already noticed disturbing patterns in payment frequency and have already began collection efforts (and have likely written off the debt as unrecoverable). As part of the bankruptcy process (soon after filing initial paperwork), the court will review the debtor's finances in great detail in order to understand how much money IS there to pay creditors. During this discovery process, creditors must be notified. In addition, the filing is public notice and will be "found" by credit bureaus rapidly. If bankruptcy is truly one's only option, that individual should work get legal representation to walk them through what happens and to position them for the best judgment possible once the process completes.


What type of bankruptcy can you file to not have to pay off your debt?

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.


How bad does bankruptcy hurt you?

In some ways filing bankruptcy helps you immediately (ie. when very troublesome debts are discharged by the bankruptcy court). It helps you in the long term if filing bankruptcy enables you to avoid any delinquent debts being "charged-off as bad debt" (which can be disastrous for your credit rating for many years). Some lenders may be more willing to offer more debt to you after a successful bankruptcy claim, because they know you cannot make another claim for several years. Note that the bankruptcy court will liquidate your assets that have a net positive value (equity) over some threshold value (which varies from state to state -- eg. in Colorado a vehicle you own having more than $5,000 of equity probably will be liquidated). But it can be more important to use bankruptcy to protect your credit rating. Some potential employers might be biased against you as a potential employee if you have successfully completed a bankruptcy claim withing the last several years, although I have noticed that fewer applications are asking if you have filed bankruptcy within the last 10 years. However, POTENTIAL EMPLOYERS DRASTICALLY WEIGH ANY "CHARGED-OFF AS BAD" DEBT AGAINST YOU in consideration for employment. Indeed, I am convinced that most corporations taking applications via computers will automatically mark applicants having such charge-offs (on their credit records) as not to be considered (ie. automatically filtered-out), before their employment applications are seen by any person involved in the hiring process.If you genuinely cannot re-negotiate troublesome debt in order to arrive at a personal budget that is NOT sinking further into debt and payoff the debt you are carrying within 5 years, then bankruptcy should be filed before any of your accounts are "charged-off as bad debt", and perhaps before you get 3 months behind scheduled payments for debt. Remember, you don't have to include all debt in a bankruptcy claim, and YOUR CREDIT RATING is scrutinized much more now than just 15 years ago (thanks to the internet).An excellent primer FOR ANSWERING QUESTIONS ABOUT FILING either chapter 7 (usually those people have no income) or chapter 13 bankruptcy is:"The New Bankruptcy, will it work for You?" 3rd edition, by Stephen Elias, published by Nolo in 2009 (I found it in the Colorado Springs public library at 346.078 E42N, Dewey decimal).


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