QUESTION
How much debt do you have to have to qualify to duke bankruptcy?
Asked on Jul 23rd, 2014 on Bankruptcy - Michigan
More details to this question:
My car is about to be repossessed. How soon can I file before they come after me?
10 ANSWERS
I wouldn't recommend filing bankruptcy just to prevent a car from being repoed. After all, a Chapter 7 bankruptcy only stops a repo for a short time and there are lots of other cars in the world. An experienced bankruptcy attorney can prepare and file a case in less than a day, but you have a lot to do before the attorney can get started. A better question to have asked is whether you qualify to file bankruptcy and whether it is the right thing to do under the financial circumstances you face. You have not provided the information needed to let me properly advise you in this respect.
Answered on Jul 30th, 2014 at 6:42 PM
William Rhymer
As long as you are eligible, you can file as soon as possible. I would suggest you speak with an experienced bankruptcy now.
Answered on Jul 28th, 2014 at 3:24 AM
There is no set dollar amount in terms of debt. You can prevent repossession of a vehicle by filing bankruptcy. You should consult with a local bankruptcy attorney about your options.
Answered on Jul 25th, 2014 at 5:01 PM
At least 5k.
Answered on Jul 24th, 2014 at 4:36 PM
Bankruptcy Chapter 7 Attorney serving Los Angeles, CA
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The Law Offices of Peter M. Lively
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You may benefit from a Chapter 13 consultation to address the vehicle issue. An emergency petition can be filed on the same day, but you also need a credit counseling certificate to be eligible to file bankruptcy. Best to consult with a bankruptcy lawyer regarding your facts and options.
Answered on Jul 24th, 2014 at 4:35 PM
2 Awards
There is no debt limit. The car company will send you a deficiency letter and then if you don't pay it will file suit. Probably 6 months.
Answered on Jul 24th, 2014 at 10:11 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Bankruptcy will most probably NOT save your car.
Answered on Jul 24th, 2014 at 9:56 AM
The bankruptcy code does not place a minimum requirement of debt. A bankruptcy can be prepared fairly quickly, usually a day or two. You can use a Chapter 13 bankruptcy to restructure your car loan and keep your car.
Answered on Jul 24th, 2014 at 9:55 AM
If you have debt you can file Bankruptcy.
Answered on Jul 24th, 2014 at 9:55 AM
Bankruptcy Attorney serving Huntington Woods, MI
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Detroit Lawyers, PLLC
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You don't have to have enough debt to file bankruptcy. It's the type of debt that matters.
Answered on Jul 24th, 2014 at 9:55 AM