Who candeclare bankruptcy?

UPDATED: Feb 18, 2012

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Who candeclare bankruptcy?

I make less than $40,000 a year and have over $40,000 in unsecured credit card debt. I want to be debt free and start over. I hate living paycheck to paycheck. Is there help for me?

Asked on February 18, 2012 under Bankruptcy Law, Minnesota


S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Anyone can declare bankruptcy.  Bankruptcy is ordinarily declared when liabilities exceed assets.  You are eligible to file bankruptcy.  Your income and other factors will determine if you are eligible to file Chapter 7.  Chapter 7 bankruptcy is straight liquidation which eliminates your debts.  If you are not eligible to file Chapter 7, you can file Chapter 13.  Chapter 13 bankruptcy requires a plan (budget) for repayment of creditors.

It would be advisable to contact a bankruptcy attorney.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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