There's no minimum. If you can't pay your bills you file bankruptcy.
There's no maximum amount. If you can't make your payments you file 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.
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.
There is no minimum debt required, but it usually has to be substantial, especially since having a BK lawyer file the BK would cost around $1,000-$2,500.
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.
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.
It costs money to file for bankruptcy. Usually the cost is added on as a credit towards your debt when you file. this site here will give you more information on bankruptcy http://www.boston-bankruptcylawyer.com/article-how-do-bankruptcy-lawyers-make-money.aspx.
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.
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.
It is more complicated than just having bad credit. When applying to file for bankruptcy, the court using a calculation that compares the amount of debt owed with your current (or foreseeable future) income. So it is the debt rather than the bad credit that allows you to file for bankruptcy. More specifically, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.
When you file for bankruptcy, you generally have less equity than you owe. You can have a million dollars and file because you owe two million.
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.
You can file bankruptcy on a home and all unsecured debt. You can include your home if you wish or re-affirm your home and your vehicles. Be sure to go to a Bankruptcy Lawyer and find out first hand. Many offer free consults and will give you a much more reliable answer than myself or any other idiot on here.
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about 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.
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.
If you don't have much equity in assets, then it would be helpful to file either chapter 7 or 13 bankruptcy -- depending on your usual income. An excellent primer about either chapter 7 or 13 bankruptcy is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal. Also you might contact a paralegal or lawyer specializing in filing bankruptcy in the state of jurisdiction.
You need to contact a bankruptcy lawyer since you need to have one to file. Which chapter depends on how much money you have, you may not qualify for chapter 7 if you have too much money.
id say 20,000 or higher.
You can file under those circumstances. The problem is that the creditor can bring a motion objecting to the discharge of this particular debt based on fraud. Basically the motion would say that you didn't intend to make the payment and that the debt should not be discharged. Whether such a motion is brought probably depends on how much the debt in question is. Once a motion is brought, it is up to the judge to decide whether he thinks you committed fraud. If he agrees with the creditor, then he will grant the motion and the debt in question survives any subsequent discharge you may receive. The creditor has a deadline of when they can file such a motion (this date is listed on your bankruptcy notice). If a motion, is filed after this date (typically about three months after your filing) it is no good and the debt would be discharged. It is possible to negotiate with a creditor who brings such a motion to basically pay back the a percentage of the debt over some period of time. If the bankruptcy trustee thinks you committed bankruptcy fraud then he will bring a motion to dismiss your whole case for bankruptcy fraud.
The whole country has been operating in a state of bankruptcy since 1931. In fact this is the 4th Bankruptcy our union has faced.
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.
ask a layer or banker
Did you go to court and file bankruptcy? Cause usually when you file for bankruptcy after you have filled out all the paperwork and paid the court fees to file for the Bankruptcy and it is now your court date. The judge will say your name, list all the creditiors youowed and how much. then he grants the bankruptcy- ** therefore they would not be able to garnish your wages. UNLESS IT IS FOR IS A GOVERMENT BILL- LIKE DEPARTMENT OF MOTOR VECHILCES, PARKING TICKETS, IRS, COURT - ie: LAWSUIT, DIVORCE, CHILD SUPPORT etc. HOPE THAT HELPS.