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As a general rule, you file Chapter 7 bankruptcy in a dire financial emergency, where the level of debt is overwhelming and beyond your ability to reasonably pay it off.
Most Bankruptcy attorneys advise that $10,000 is the min. amount of debt that anyone should have before consider filing Chapter 7. Anything less, they say, is probably manageable
There are a lot of myths and misunderstandings about filing for Chapter 7. One of them is that filing will clear your credit report and give you good credit again....it does not. You get a "fresh start" in that private debts will get discharged, so you do not have to pay them. But your credit score and rating will go down the tubes, and will take a while to recover. This means that you will have a very difficult time when applying for any loans in the future.
So you should think long and hard before filing bankruptcy and only do it in cases of financial calamity or emergency. For more on the specific filing procedures and bankruptcy laws of your state, you may want to visit 4BankruptcyLaws.com
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Did ballenger construction harlingen Texas file for bankruptcy?
No, they did not file for bankruptcy.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
How does one file for chapter 7 bankruptcy?
The first step is to talk with a bankruptcy attorney, then fill out the appropriate paperwork and file it with a bankruptcy court.
Did GMAC file bankruptcy?
No
If a credit card company sues you can you file bankruptcy?
Thier actions, or lack, do not effect your ability to file for bankruptcy.
You owe your sister money can you file bankruptcy on that loan?
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
Did Deltona Corporation file bankruptcy?
No they never did file for bankruptcy
How many year after you file bankruptcy can you file bankruptcy aging?
If you are talking about a Chapter 7 bankruptcy, It takes 7 to 9 years after you can file bankruptcy again.
Why did General Motors ford and Chrysler file for bankruptcy?
They did not file for bankruptcy.
Did ballenger construction harlingen Texas file for bankruptcy?
No, they did not file for bankruptcy.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
What companies have file bankruptcy in 2008?
what companies did file a bankruptcy in 2005,2006 and 2007.
Can I file your cell phone bill on bankruptcy?
No, you cannot file my cell phone bill in a bankruptcy. However, you can file YOUR cell phone bill in a bankruptcy.
Who can file for bankruptcy in Wisconsin?
Anyone who is a resident of the state can file for bankruptcy in Wisconsin. There is no restriction on who can file, only for which chapter they can file in.
Can you file bankruptcy if you caused a car accident?
Can you file bankruptcy if you caused a car accident?
Can you file bankruptcy with income coming in?
Yes, you can file with an income coming in, which chapter of bankruptcy you file depends on your income
Can you file bankruptcy on a truck repo past due loan?
No, if you mean, can you single out this debt to "file bankruptcy on." You file bankruptcy on ALL your creditors. You don't get to pick and choose. But you can certainly include such a debt in bankruptcy.
