2006-07-14 10:16:13 · 5 answers · asked by simonsays 1 in Business & Finance ➔ Personal Finance
As long as you can pay your lawyer. Why file bankrupcy if you have a job?
2006-07-14 10:22:45 · answer #1 · answered by benninb 5 · 0⤊ 0⤋
You probably want to get yourself to a situation where you're making more money than you're spending; bankruptcy isn't going to fix an ongoing problem. If you have a lot of debt, and would be able to get by if the debt were gone, you can file chapter 7 and get rid of your debt and non-exempt assets and start over, but you can only do this once every seven years. If you're hoping to keep borrowing and declaring bankruptcy, you should also know that if the judge thinks your declaration is fraudulent -- that you're not looking to start over with honest intentions of paying back any new debts -- the discharge of your debts can be rescinded.
Good luck.
2006-07-15 02:21:56 · answer #2 · answered by dWj 1 · 0⤊ 0⤋
There are filing fees with the court though. You can get a do it yourself kit for about $10. But the court fees are around $250 and must be paid before they will take your petition.
2006-07-14 17:25:14 · answer #3 · answered by alfredenuemann98195 5 · 0⤊ 0⤋
You wouldn't qualify for a chapter 13 wage earner plan since you aren't a wage earner. Basically, you total all your bills, devise a payment plan then the bankruptcy trustee approves or disapproves. You are discharged from the bankruptcy after you are finished payments, you dismiss it yourself or you piss off the trustee and he dismisses it.
2006-07-14 17:26:12 · answer #4 · answered by Sam B 4 · 0⤊ 0⤋
yes, this is usually part of how you become bankrupt. I would suggest this as an ABSOLUTE LAST RESORT! try to work with creditors to help get you out of debt first.
2006-07-14 17:19:35 · answer #5 · answered by KB 6 · 0⤊ 0⤋