Detroit Bankruptcy Lawyers: What Is The Minimum Amount Of Debt I Need To File Bankruptcy?
This is a common question asked of us all the time. The answer is simple: There is no minimum amount you need to file bankruptcy. Theoretically, if you have only $1.00 in debt, you can file. Of course, you would never do this on only $1.00 in debt.
However, there is a maximum amount you can have if you file a Chapter 13. If you have more than $360,475 in unsecured debt and more than $1,081,400 in secured debt, you cannot file a Chapter 13 and must file a chapter 11. There are absolutely no debt limits to file a Chapter 7!
So, you do not have to worry if you do not have "enough" debt to file bankruptcy. The more proper question to ask yourself is, "can I manage the debt I have?" or "how quickly can I be debt free by not filing bankruptcy?" You need to look at your debt load and what affect it is having on your finances. If you file a Chapter 7, you can only file it once every eight (8) years, so you need to decide if this time in your life is right to file. A person earning $30,000 a year, but has$10,000 in debt is in a worse financial position that someone earning $60,000 and having the same debt.
The better question to ask is if bankruptcy is right for you at this point in time. This is where your Detroit Bankruptcy Lawyers can help you in answering this question. Call us today at (586) 439-4297, Extension 0, and set up your free consultation. We will analyze you financial situation and give you our advice on your financial situation. If bankruptcy is not an option for you, or bankruptcy is not right for you, we will tell you. It is a firm belief to never put anyone in bankruptcy unless it is absolutely necessary for them to be there.
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Students from both private and public universities all over the country may also provide low cost or free advice. The sessions will only achieve directing clients to the right legal path in filing the right papers. Note that with the new bankruptcy laws taking into effect making the bankruptcy filing process more difficult than usual, an experienced bankruptcy attorney will be worth your money.
Many people who enter the bankruptcy process worry about the fate of their credit. This is actually unnecessary as the bulk of credit damage happens before the bankruptcy process is even initiated. While no one wants the added hassle of rebuilding their credit after resolving debt troubles, doing so can put you leaps ahead of others in the credit game.
Americans are now filing Chapter 7 or 13 Bankruptcy to get their debts under control. Bankruptcy in itself is designed for debt elimination. Chapter 7 bankruptcy functions to cancel out unsecured debt such as utility or medical bills, credit card, etc. Chapter 13 Bankruptcy on the other hand is designed to give individuals more time in repaying all their debts.
Filing for bankruptcy is good news whenever you are struggling with your credit card debt, mortgage or medical bills. Bankruptcy laws help families and individuals in their debt struggles. You have two options on how to deal with your debt problems, Chapter 7 (debt elimination) and Chapter 13 (reorganization). Always remember that you can regain credit again after successfully filing your bankruptcy.
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Your Detroit Bankruptcy Lawyer always gets asked if a whole life insurance policy can be protected in bankruptcy. A whole life insurance policy is a life insurance policy that has a cash value to it. It is usually more expensive than a normal term life insurance policy, but many people use a whole life insurance policy as a retirement tool.
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Ever since Congress pass the mis-named Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005, every consumer filer for bankruptcy has to take a Credit Counseling course within 180 days before filing their case and every filer desiring a discharge of their debts must take a debtor education course after their case is filed and before they receive their discharge.
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