QUESTION
Should I file for bankruptcy if I make $26,000 a year and have a little more than $20,000 in credit card debt?
Asked on May 22nd, 2015 on Bankruptcy - Illinois
More details to this question:
$6,000 out for an auto loan. I'm debating filing for bankruptcy. Will I qualify?
7 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, you qualify for bankruptcy?
Answered on May 27th, 2015 at 2:48 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Engage an attorney with the details.
Answered on May 27th, 2015 at 12:09 AM
Yes, you qualify with that income and that $20,000 will take forever to pay off otherwise.
Answered on May 26th, 2015 at 7:35 PM
The devil is always in the details, but you owe more than half of your annual salary, so I would at least consider you as a candidate for bankruptcy. There is no easy one size fits all rule for who is eligible for bankruptcy and when it becomes a good decision.
Answered on May 26th, 2015 at 7:32 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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There is no qualification for bankruptcy except that you believe you need relief from your debts. Your situation might suggest bankruptcy is a good idea, but a real exploration of many facts is required, which this site is not suited for. Consult an experienced bankruptcy lawyer. It's almost always a good idea.
Answered on May 26th, 2015 at 7:29 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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Sounds like you qualify, but you have to consult a lawyer to review all of your details. It's too difficult to do yourself without causing more problems.
Answered on May 26th, 2015 at 7:26 PM