2006-07-29 12:16:48 · 9 answers · asked by nanette p 1 in Business & Finance ➔ Credit
You don't have to have any debt to be bankrupt. Just no money or assets.
2006-07-29 12:19:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It's not a question of how much debt you have but whether your income and assets are enough to pay the debts back.
If you have so much debt that you have no hope of paying it back then you could be facing bankruptcy. It's a complex issue and the law changed last year to make bankruptcy more difficult. Have a look at this website which has got a lot of useful information.
Good luck.
2006-07-30 05:41:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your debts have to be more than your assets.
If your income is , say $500 a month and your bill are say $800 and you have no other assets, you could claim bankruptcy.
You should see a lawyer or an accountant.
2006-07-29 12:22:12 · answer #3 · answered by thecat 2 · 0⤊ 0⤋
If you have no savings and assets then you can declare yourself bankrupt
2006-07-30 00:22:06 · answer #4 · answered by Wussupp!!! 2 · 0⤊ 0⤋
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-07-30 22:22:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You have to owe more debt than you would make in 1 year.
2006-07-29 12:21:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No amount. Just has to be more than you can possibly pay with all your assets.
2006-07-29 12:20:32 · answer #7 · answered by mikeae 6 · 0⤊ 0⤋
the more the merrier
2006-07-29 12:19:29 · answer #8 · answered by jyd9999 6 · 0⤊ 0⤋
you should consult your accountant
2006-07-29 12:34:51 · answer #9 · answered by overstockto 2 · 0⤊ 0⤋