Posted on: 27th Sep, 2011 01:09 am
I make around $32k a year. I have approx $42k in student loans and $9,000 in other debts. Would I qualify for bankruptcy? While I will be in bankruptcy, will be liable for paying to pay any fees to anyone?
Hi Sofia,
You may qualify for bankruptcy but it will be a better option for you if you could contact a bankruptcy attorney and take his opinion in this matter. He will not only help you know whether or not you'll be able to file bankruptcy but will also help you decide which chapter of bankruptcy filing will be best suited for you. If you go for Chapter 13, then you will get a payment plan which will help you in paying off your creditors and reorganizing your debts. Apart from that, you may not have to pay any other fees. In case of Chapter 7, you will get a discharge from all your debts and will be able to start your life afresh.
Take care.
You may qualify for bankruptcy but it will be a better option for you if you could contact a bankruptcy attorney and take his opinion in this matter. He will not only help you know whether or not you'll be able to file bankruptcy but will also help you decide which chapter of bankruptcy filing will be best suited for you. If you go for Chapter 13, then you will get a payment plan which will help you in paying off your creditors and reorganizing your debts. Apart from that, you may not have to pay any other fees. In case of Chapter 7, you will get a discharge from all your debts and will be able to start your life afresh.
Take care.
Hello Sofia!
Yes. But the qualifications vary greatly according to which type of bankruptcy you wish to file for. Some of the bigger factors in qualification include monetary amount of debt, current employment status, and property ownership. You have to apply for bankruptcy through a long process. Once the application is done, qualification will be determined. The article below has a breakdown of qualifications for different chapters of bankruptcy.
:idea:
Yes. But the qualifications vary greatly according to which type of bankruptcy you wish to file for. Some of the bigger factors in qualification include monetary amount of debt, current employment status, and property ownership. You have to apply for bankruptcy through a long process. Once the application is done, qualification will be determined. The article below has a breakdown of qualifications for different chapters of bankruptcy.
:idea:
