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Debt is only a small part of the equation. You could have 1,000,000 of debt, but if you have a lot of assets too (maybe 100sK less than the debt)...BK may be unreasonable or imprudent. Some types of BK have income or asset restrictions for use too. Get personalized financial and legal counsel.
Wiki User
∙ 14y ago
Wiki User
∙ 12y agoYes, there are various minimum debts that differ according to what chapter of bankruptcy you are attempting to apply for. For instance, for chapter 13 for unsecured debt, or debt that has no collateral, such as credit card debt, the amount must be under $250,000. But with Chapter 7, there is no limit on dept. The article below discusses the various monetary qualifications for bankruptcy in the different chapters.
Wiki User
∙ 19y agoNo. The amount of debt versus the ability to pay may factor in what type of bankruptcy will be accepted by the court.
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Do you need a minimum income to qualify for a chapter 7 bankruptcy?
No.
when will a person be egible for a fha loan after having been in bankruptcy?
To receive a FHA loan after one has declared bankruptcy one has to meet the following minimum requirements: payment on the bankruptcy for at least one year, court approval to enter into the mortgage transaction, and a minimum of two years waiting period from the date of discharge before he or she can apply for the loan.
How many years is bankruptcy?
In the US, a bankruptcy will remain on your credit history for seven years, minimum. Creditors may seek to re-add the BK information on your credit report, even after the seven years.
Do you need a minimum income to qualify for a chapter 13 bankruptcy?
No minimum income amount is required but the debtor must have a regular source of income and qualify under the maximum amount of secured and unsecured debt guidelines.
Can you declare bankruptcy you get 579 a month disability plus 62 food stamps you have 4000 credit card debt Cant pay the billss?
You could file bankruptcy, but do you have any assets that a creditor could come after? Your disability payments are exempt from garnishment. The filing fee for a chapter 7 bankruptcy is $209 and the attorney's fees will be $500 at a bare minimum. Bankruptcy is very difficult to do all by yourself.
You owe your sister money can you file bankruptcy on that loan?
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
How long bankruptcy after discharged records stays?
1st bankruptcy = 7 years 2nd bankruptcy = 20 years 3rd bankruptcy = life
Which companies offer information on bankruptcy?
Some companies that offer information on bankruptcy include Dow Jones and Jacob Meyers Bankruptcy. You can also find information on bankruptcy on the bankruptcy Wikipedia page.
Is 7-eleven in bankruptcy?
no , ther not in bankruptcy
What is the plural of bankruptcy?
The plural of bankruptcy is bankruptcies.
What happens if you cannot pay on your credit cards anymore?
File Bankruptcy or take a lien out on your house. You might even be able to call them before you do those things and see if they will work with you on a minimum payment.
Is there a minimum for garnished funds to be returned when a bankruptcy is filed?
Garnished funds will NOT be returned to you. If it was a significant amount, the bk Trustee can claw back that money and use it to pay your creditors. Otherwise, that money is gone.
