how much debt to you have to owe in order to file? i owe aprox $20,000
2006-08-11 07:55:37 · 10 answers · asked by mschaka77 2 in Business & Finance ➔ Personal Finance
Go ahead and file on any amount but you only get one a lifetime because of all the jerks out there felt it was their obligation to go babnkrupt every 7 years . I would try though and pay it off cause you have no idea how much banks, credit card companies, insurance companies , and mortgages are gonna go up cause you went bankrupt and had lousy credit . QWhen are the bozos ever going to learn your credit rating is only next to God and family ? Probably never cause they have a new disease called terminal stupidity .
2006-08-11 10:36:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can owe any amount, but you have to make sure that the courts don't feel you make enough to pay your creditors back. A law was passed last year that if you, at one point, made a certain amount they will look at that wage when you file. (Or something to that effect.) I almost filed last year and didn't, went to a credit advisor, BIG MISTAKE, I'm paying out more now than I was before and can't file because of my wages. Your best bet, speak with an attorney that deals with bankruptcy, most of them will give you a free consultation.
2006-08-11 15:05:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is no real minimum. I've had clients file for less that $20,000 and for a whole lot more too. You need to see an attorney who can evaluate your situation and determine if you are eligible under the new laws.
2006-08-13 10:08:46 · answer #3 · answered by Carl 7 · 0⤊ 0⤋
There is no set amount. You will definitely want to talk to an attorney about your options. Do that now. If you have a decent amount of income you could file for Chapter 13, if you do not, you might be allowed to file for Chapter 7.
2006-08-11 15:41:11 · answer #4 · answered by Ron Jr. 2 · 0⤊ 0⤋
There is no real minimum, i filed and owed $13000, at the time i thought it was my only way out. Try debt consolidation, much easier.
2006-08-11 15:01:34 · answer #5 · answered by a_woman_with_a_brain 3 · 0⤊ 0⤋
I dont recommend for filing bankruptcy for a credit of 20K$.......
CONSOLIDATE YOUR DEBT:
Strategies to Reduce Debt Quickly
http://www.complete-debt-info.com/category/Strategies-to-Reduce-Debt-Quickly.html
Online Debt Consolidation
http://www.complete-debt-info.com/category/Online-Debt-Consolidation.html
2006-08-12 06:52:58 · answer #6 · answered by hen d 2 · 0⤊ 0⤋
I think mulderlx is right and you have to read also other recommandation don't just go on to see if you can afford to buy some monthly payment. And try to make a budget forget Casino lottery, drug and others unnecerry expensive.
goog lucky.
jp
2006-08-11 15:14:52 · answer #7 · answered by JP 3 · 0⤊ 0⤋
are you having trouble paying your bills? If not then I definately wouldn't reccomend bankruptcy. Why people are so irresponsible with credit in the first place baffles me.
2006-08-11 15:01:35 · answer #8 · answered by justme 4 · 0⤊ 1⤋
you have to owe more than what you can pay off. Talk to a CPA.
2006-08-11 15:01:23 · answer #9 · answered by mulderlx 2 · 0⤊ 0⤋
Have a look here first
2006-08-12 02:07:21 · answer #10 · answered by Anonymous · 0⤊ 0⤋