The answer to your question is yes, you can file for bankruptcy when you owe $50,000 in credit card debt, even if your income is $42,000 a year. Although people who are reading this answer should determine their median family income per state they live and, as Connecticut is higher than other states, Connecticut allows a single person with an income of over $57,000 to file Chapter 7 bankruptcy. The fact that you owe child support and alimony, only increases your chances to file Chapter 7 bankruptcy, as those are legitimate expenses listed on the bankruptcy petition documentation. Now you do not mention if you want to file Chapter 7 or Chapter 13 bankruptcy. Chapter 13 bankruptcy you must also be able to make monthly payments toward your bills and whatever's remaining will go to repay your debts. In chapter 13 bankruptcy toll from porn to know you must completely pay off all secured debts such as mortgages and car loans, and Chapter 7 bankruptcy these types of debts may be discharged if you do not wish to keep the property.
I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
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Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law www.botelholawgroup.com 901 Eastern Ave. Unit 2 Fall River, MA 02723 Office: 888-269-0688 FAX: 877-475-8147
Answered on Feb 03rd, 2014 at 4:14 PM