Do I have enough debt to file for bankruptcy?

Do I have enough debt to file for bankruptcy?

There is no minimum threshold amount of debt to be able to file for bankruptcy. My personal recommendation is that it’s probably not worth it for a debt amount under $5,000. If you have debt over $5,000, your minimum monthly payments are causing you a hardship, and...

What types of income are counted in the means test?

What types of income are counted in the means test?

There are certain income qualifications for a Chapter 7 bankruptcy. Social security income, including social security disability does not count as income on the means test (the test on the bankruptcy petition that determines which chapter of bankruptcy you qualify...

What is a Bankruptcy Conversion?

What is a Bankruptcy Conversion?

A “conversion” is when you change the bankruptcy chapter type after you file your original bankruptcy petition. For example, at the time you file your case, you are over the median threshold to file for a Chapter 7 bankruptcy, so you file a Chapter 13 case. Months or...

What happens at the meeting of creditors?

What happens at the meeting of creditors?

When you file a bankruptcy case, there is a hearing called a “341 meeting of creditors”. The meeting of creditors takes place whether you file a Chapter 7 or a Chapter 13. It occurs thirty days after your bankruptcy petition is filed. The meeting lasts about 10...

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