2006-07-30 15:59:30 · 5 answers · asked by aeron2324 2 in Business & Finance ➔ Personal Finance
It doesn't just depend on how much debt you have, but how much income you have also. Since the bankruptcy laws changed last year, it is much harder to file a basic Chapter 7 (basically a fresh start). Chapter 13's are becoming much more common (a payment plan). Definitely go and talk to an attorney. It is much more difficult to understand the laws and to be able to file yourself. Ask around, chances are, someone you know has filed bankruptcy and they may be able to refer to you an attorney. Good luck.
2006-07-30 16:40:52 · answer #1 · answered by dani_anne 2 · 0⤊ 0⤋
Go and talk to a financial counselor. Be sure that you go to one that is free, because you obviously don't have the money to pay for one. Right now my hubby and I are going through catholic charities, and they are helping us out free of charge until we learn how to budget our money properly. Now, when we went there we had to fill out a monthly budget page, and we had to fill in the blanks on how much money we spent on things a month (they have all the categories there, you fill in the blanks). Then you take it back to them, and they do their calculations, and tell you what you best option would be. They will tell you if bankruptcy is the best option for you. I don't think that there is a magic number for the amount that you have to be in debt, it varies from person to person because everyone has a different amount of income, and variations between families. If they tell tell you that bankruptcy is the best answer, then you will have to go and see an attorney and he will get the ball rolling for you. It does cost money to file bankruptcy (my hubby filed about 2 years ago and it cost him/us $1200, My husband filed, I didn't, even though we were married, I was the non-filing spouse). So keep the cost in mind too, call around to different attorneys and try to find the cheapest but reputable attorney that you can. Good luck and keep your chin up, brighter days are ahead.
2006-07-30 23:12:02 · answer #2 · answered by rabika97 3 · 0⤊ 0⤋
Well I don't think it matters how much debt you have to file for bankruptcy. It's just that you ruin your credit for 7 years and it costs money to declare bankruptcy that you want to have some balances to do it.
Plus you should pay off your debt anyways. Bankruptcy is stealing!!!
2006-07-30 23:20:56 · answer #3 · answered by NOVA50 3 · 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
2006-07-31 05:22:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Talk to an attorney. Any advice you get here will be worth what you pay for it.
2006-07-30 23:03:08 · answer #5 · answered by quietwalker 5 · 0⤊ 0⤋