Possible Bankruptcy Questions
Are you considering bankruptcy? Are you having trouble finding out if it is the right step for you? Here are answers to some common questions that will, hopefully, help you out.
How much debt do you need to have to declare bankruptcy? There isn't a certain amount of debt you need in order to be able to file. There are maximum amounts for different chapters and you do need to file a petition that must be past, but it's nothing like, "you need at least $100,000 in debt to be able to file for chapter 7 bankruptcy".
Will all your stuff be taken away? If you file chapter 7 bankruptcy, your trustee will look at your assets and liquidate any non-exempt items. Those that are exempt will include personal items and such. Look for a list of exempt items. You won't be left homeless with nothing but the clothes on your back.
Will all your debts be erased? First of all, this depends on what chapter of bankruptcy you file for. If you file for chapter 13, you will have your debts reorganized and not discharged. If you file for chapter 7, most of your debts may be discharged after they liquidate your non-exempt assets.
Can you file for bankruptcy more than once? You can file more than once, but it will be harder after the first time. Also, you might not get automatic stay which means creditors might still be able to call you. Hopefully you will not be in the situation where you must declare bankruptcy more than once. If you have any more questions about bankruptcy, we can help.
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Amazing article! I definitely enjoyed reading it, and learned quite a bit...I will refer it to anybody that is curious about the subject matter.
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