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Can I file bankruptcy even though my income has dropped significantly?

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My income has decreased significantly. I lost job 3 months back. Can I file bankruptcy next month?

What s your plan- filing chapter 7 or 13?

Sub: #1 posted on Fri, 09/15/2017 - 14:51

sanderspatricia29 sanderspatricia29

(Posts: 683 | Credits: 71.47)

Do you have enough assets that you want to keep? As per your given information, I believe chapter 7 is good for you. But, it would be better if you can provide us a better picture of your finances...tell us more about your debts, expenses, income, investments, assets..etc.

Sub: #2 posted on Fri, 09/15/2017 - 18:59

Barbara Delinsky Barbara Delinsky

(Posts: 308 | Credits: 30.67)

You can but have to qualify the means test.

Sub: #3 posted on Tue, 09/19/2017 - 16:00

(Posts: 3937 | Credits: 398.71)

Chapter 7 is what you can qualify for. Check out other eligibility requirements.

Sub: #4 posted on Thu, 09/21/2017 - 17:39

Mabelle Page Mabelle Page

(Posts: 161 | Credits: 15.88)

It is better you contact a bankruptcy attorney and discuss with him.

Sub: #5 posted on Thu, 09/21/2017 - 18:09

Good Nelly Good Nelly
Industry Expert
(Posts: 2668 | Credits: 533.16)

You can file bankruptcy whenever you want. But count in some factors here:
If you want to take help of bankruptcy to clear your debts, then you can go for Chapter 13.
With a chapter 7 bankruptcy, you will be liquidating some valuable assets.
Bankruptcy is going to hurt your credit report a lot.
But first of all, try to find a job. Money is time mate!

Sub: #6 posted on Fri, 09/22/2017 - 19:36

Phil Bradford Phil Bradford

(Posts: 166 | Credits: 16.94)

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