is it possible to go bankrupt if you owe small amount
Question Details: owe $20,000 on truck and $2,000 credit cards. out of work and unable to make payments. in construction and would need vehicle for work, if i can get it. called bank to see if payments could be lower and they said there is nothing they can do. so what are my options
Are you an attorney? Sign up to answer this question.
Legal Answers Categories
Bankruptcy Law Answers
Yes it is possible to file on this amount. If you cannot arrange a reasonable settlement with your creditors then you can file for bankruptcy protection. I've provided a link to a site that explains further; read up on both Chapter 7 and Chapter 13:
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics.htmln
You may, however, want to try one more time to reason with your creditor.
Related Bankruptcy Questions
- If a company goes into Chapter 7 bankruptcy, does my stock or bond have any value?
- Will I have to pay a debt that I owe to a company that has filed for bankruptcy?
- If I'm a stockholder, do I stand to gain anything during a business bankruptcy?
- My spouse is declaring bankruptcy. Should he file alone or should we file together?
- Patenting Your Invention: What Are The Benefits?
Didn't find your answer? Ask.
Top Ranking Attorneys
- Hong Shen207 Answers|Points 10350Gold Contributor
- Joseph Gasparrini46 Answers|Points 2200Bronze Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Shawn Jackson17 Answers|Points 850Bronze Contributor
- Glenn M. Lyon, Esq.27 Answers|Points 1330Bronze Contributor
- Hong Shen207 Answers|Points 10350Gold Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Sharon Siegel62 Answers|Points 3090Bronze Contributor
- Michael D. Siegel56 Answers|Points 2750Bronze Contributor
- Paula McGill50 Answers|Points 2500Bronze Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here
More Questions Like This...
 |