Who candeclare bankruptcy?

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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

Answers:

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

Answered 9 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.


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