Nov
7
How do I file a chapter 7 bankruptcy for credit card debt in the amount of 10,000?
Filed Under Credit
Pinto B inquired:
My debt program what is the national organization is national organization is national foundation for credit counseling which is the best thing to do right now for me.
The national foundation for credit counseling which is this good idea to do or careone debt program what is national organization is this.
My debt program what is the national organization is national organization is national foundation for credit counseling which is the best thing to do right now for me.
The national foundation for credit counseling which is this good idea to do or careone debt program what is national organization is this.
Comments
5 Responses to “How do I file a chapter 7 bankruptcy for credit card debt in the amount of 10,000?”
Leave a Reply
CON-solidation isn’t going to do much.
Anything they can do, you can do better.
For major chapter for this but id advise against filing you can usually use this as means to the balance.
Your ability to file for a bankruptcy is NOT determined by your amount of debt, but your ability to repay the debt.
To even be able to file for a Chapter 7 you are going to have to pass two means tests. The first is if you earn more than the average for your state, the second is if you have at least $100 in disposable income each month to pay back a portion of your debts. If you fail on either of these you could be forced into a Chapter 13 bankruptcy.
Now, if you are even considering Debt Management, it sounds as if you would be determined to have the ability to repay at least a portion. So you probably would not even qualify for a Chapter 7. So I would go the DMP route at first. If after you talk to them you find you can’t afford to do that then talk to a bankrupcy attorney. Most will give you a free short consultation.
I personally don’t believe that $10,000 is enough to file bankruptcy for but chapter 7 is something that only a court can approve for. Why mess up the next 10 years of your life for $10,000 in debt? Now the exception to this is if you are disabled or no longer have income. That is why Chapter 7 was created. Otherwise the court is only going to refer you to a Chapter 13 (repayment) which you can do yourself with a good debt management plan. It’s time to consider ways to decrease your expenses or increase your income. Chip away at those debts and get them paid. Don’t worry about your credit score… it’s already messed up. But bankruptcy is a lifelong “ding” to your reputation. You can get a good free credit counseling agency to work with at NFCC.ORG. Watch who you associate with!!! Just get a workable plan and go on with life trying to get and stay debt free…
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned.