Who can file bankruptcy?
Any person who resides in, does business in, or has property in this country can file straight bankruptcy. It is not legally necessary that your debts be greater than your assets in order to file bankruptcy, although as a practical matter it is seldom wise to do so unless your debts are greater than your assets. Some experts say that your dischargeable debts should exceed you non-exempt assets by at least one thousand ($1000) dollars before it is wise to file straight bankruptcy.
Any person 18 years or older may file bankruptcy. Married couples may file a joint bankruptcy, or if only one spouse wants to file, he or she can file individually. One does not have to be a citizen of the United States to be eligible for bankruptcy. Partnerships, corporations, business trusts, charitable organizations, and social organizations may also file bankruptcy. Debtors who filed a prior Chapter 7 bankruptcy and received a discharge may not file Chapter 7 until 8 years after they filed their first petition.
• Is it true that I can wipe out all of my bills? • Is it true that I have to go through credit counseling in order to file a bankruptcy? • What are the most common reasons for Chapter 7 bankruptcy? • Can I stop the bill collectors from calling? • How long after I file will the creditors stop calling? • I am married. Does my spouse also have to file? • Will I lose my job? • Can I go to jail if I file bankruptcy? • Will my employer find out about my bankruptcy? • What happens to my personal property, real property and other assets? • Can I keep my home and personal property? • Can I keep my car after bankruptcy? • Can I keep my house after bankruptcy? • Can I keep my credit cards after bankruptcy? • Will bankruptcy stop a wage attachment? • Will bankruptcy stop a foreclosure? • Will bankruptcy stop an eviction, “unlawful detainer,” action? • Will bankruptcy stop a judgment? • Will bankruptcy remove a lien? • I am divorced. Will bankruptcy wipe-out my obligation to pay community debts? •
