Re: Bankruptcy...really need help

Posted by LadynRed (199.91.33.254) on May 07, 2003 at 09:49:11:

In Reply to: Bankruptcy...really need help posted by Andrea on May 07, 2003 at 09:00:19:

There is no specific amount of debt needed to file for bankruptcy. If you have more liabilities than you have assets then you ARE bankrupt, you just haven't made it official thru the courts.

The key to bankruptcy, CH 7 probably in your case, is DISPOSABLE income. If you have $100 or more left over every month after you pay all your NORMAL living expenses (and there's a whole lot more than rent, food, and utilities), then you could be pushed into a CH 13 or have your case dismissed. If you have next to ZERO left over, then you're a good candidate for CH 7 bankruptcy.

No way to tell what a BK will cost in your area. Filing fees are set at $200, the rest is for a lawyer, which we highly recommend. Most give free initial consultations, so you need to call around and get 2 or 3 to find out what your chances are and what it will cost.

Keep in mind, for your fiance's case, that the accident lawsuit may NOT be dischargeable, so he needs to consult with a BK atty ASAP.

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