Can I file for bankruptcy if my disposable income is less than what would be needed to pay off all debts over 5 years?

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Can I file for bankruptcy if my disposable income is less than what would be needed to pay off all debts over 5 years?

If I don’t qualify for Chapter 7 bankruptcy (have tax debt from last year unpaid) and in Chapter 13, I don’t make enough at my current job to pay for all of my non-dischargeable debt within 5 years time – does this prevent me from filing bankruptcy? Note: My total debt is less than the “max” unsecured debt allowed for bankruptcy.

Asked on February 8, 2012 under Bankruptcy Law, California

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

There's no simple yes or no answer to your question.  It is far more complicated than that and the only way to determine which chapters you are eligible for and which is your optimal path is to have a comprehensive consultation with a bankruptcy attorney in your State. 

I offer free initial consultations.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


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