How much do I have to owe to go bankrupt?
norsgl81 asked:
I make around $33,000 a year. I owe around $60,000, is this enough debt to go bankrupt?
Is Credit Solutions a non-profit organization?
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I make around $33,000 a year. I owe around $60,000, is this enough debt to go bankrupt?
Is Credit Solutions a non-profit organization?
Content supplied by Yahoo Answers
Category: Personal Finance | Tags: credit solutions, Debt Solutions 8 comments »
February 4th, 2010 at 5:39 am
Oh Yeah! That is enough. Talk to a bankruptsy lawyer.
February 4th, 2010 at 7:34 am
How did you do this?? I have no sympathy for those who live beyond their means… It actually upsets me.
If this is due to natural causes like medical expenses, a natural disaster, then I’m REALLY sorry for you and hope you can be relieved from your debts.
If the first applies to you, talk to your debtors and I’m sure that payments can be figured out….Don’t cop out!
**STUDLY- the the money owed has to be accounted for one way or another right?? One way or another, others pay for his/her frivolity.
February 6th, 2010 at 7:31 am
why do you want go belly up and fill bankrupt. is these debts yours or did you ghost of an early life run the up, i say sat down with the folks you owe money to and work out a schedule and pay off your honest debts.
February 8th, 2010 at 4:28 pm
The amount you owe has nothing to do with filing bankruptcy. The ability to repay is.
This is what bankruptcy is for. Char and Ed will pick up the loss with their higher interest payments and fees, which they obviously like to pay. I don’t see them complaining about it! They certainly are not blaming the credit companies, who are making billions in record profits at the moment.
Discuss your situation with a bankruptcy attorney. Good luck.
February 9th, 2010 at 7:16 pm
The below websites may give you some valuable information on both chapter 7 and chapter 13. I do not think is an minimum amount of debt. Hope it helps
February 9th, 2010 at 10:41 pm
Most likely you qualify…there is a specific formula the lawyer uses to calculate if you qualify, you have to disclose all sorts of things to the trustee about what your assets are. That will determine what chapter you qualify to file and whether you will be required to sell any of your assets before you file.
Good Luck!
February 13th, 2010 at 12:02 am
To: Etta P
Would you please give those websites again?
February 16th, 2010 at 6:44 am
studly gave a terrible answer…blame the credit card companys?? its your own personal responsibility. he knew how much money he had comming in and he knew it wasnt anywhere near enough to cover his expenses yet he spent and spent more. lets put the blame where it really belongs.