QUESTION
Can I file a chapter 7 on a debt that I can't afford to pay?
Asked on May 10th, 2017 on Bankruptcy - Kentucky
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, that's pretty much what Chapter 7 is designed for.
Answered on Aug 09th, 2017 at 9:46 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Of course. The usual reason for filing a bankruptcy under any chapter is to be relieved of debts you cannot afford to pay. You may be thinking of Chapter 13 rather than Chapter 7. While you do make payments in a Chapter 13, they need not be 100% of the creditors' claims; in fact they are typically only a small percentage of the total claim.
Answered on Aug 03rd, 2017 at 4:22 AM
If you are eligible to file Chapter 7, every debt must be included. I cannot understand why you might want to omit a debt you cannot afford to pay from bankruptcy.
Answered on Aug 03rd, 2017 at 4:21 AM
Real Estate Attorney serving Florence, KY
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Linda S. Novakov & Associates, PLLC
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You can file Chapter 7 - however you must list all your debts, and all sources of income. If you meet the means test for income levels in your area, then you can file.
Answered on Aug 02nd, 2017 at 3:02 PM