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If you have no assets, then it's a great way to get rid of debt. Chapter 7 bankruptcy is FAST, and normally pretty cheap compared to what you get (all your debt gone). If you have assets, you may be forced into a Chapter 13 and have to pay back some debt. I like Nate's answer. But, if by your question you mean "I don't have any assets for creditors to come after, so why bother filing bankruptcy?" then I would say that there still might be reasons one would want to file. For example, even if you don't have a home or car that is subject to a judgment lien, creditors can still garnish wages (but not Social Security). Or, creditors can simply hassle you constantly on the phone. Another thing creditors can do, in Indiana at least, is sue you and keep dragging you back to court every month or so to explain why the judgment isn't paid. Then, the first time you miss a hearing, the creditor asks the Court to put a Writ of Attachment on you, which is basically a warrant for your arrest for contempt of court since you missed a hearing at which your presence was ordered by the Court. So, just because you don't have any property the creditors can take away doesn't mean that you don't need to file bankruptcy. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. ANSWER You should consider petitioning for your own bankruptcy if you have debts that you cannot afford to repay. A large percentage of individuals who petition for their own bankruptcy have no assets and use bankruptcy as a solution to their debt problems. However, bankruptcy is widely regarded as a last resort and should be considered only after receiving expert advice.
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If your assets are over ten thousand dollars can you declare bankruptcy?
hide the assets then file.
Can you just declare bankruptcy on your home?
No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.
When is it necessary to declare bankruptcy?
It is necessary to declare bankruptcy when a person cannot afford to continue paying for bills and other things they need. A person may declare bankruptcy if their business is not making any money.
Can you work after you declare bankruptcy?
Yes, you are not required to be unemployed to declare bankruptcy.
Any assets remaining after bankruptcy is declared go to the?
creditors
What assets can i keep during bankruptcy in minnesota?
In a typical bankruptcy you are allowed to declare certain assets to be excempt from the bankruptcy. Typically you will be allowed to keep your house (though you may be forced to downsize), a car (again,you may be force you to downsize), and up to a certain limit of other assetts that can be declared except. The details for exemptions can be given to you by <a href="http://www.bolinskelaw.com/">Minneapolis bankruptcy attorneys</a>.
When did THQ declare bankruptcy?
On December 19 2012, THQ declared bankruptcy. THQ sold its assets to Sega, Ubisoft, Take2, Coach Media and Crytek. THQ continues publishing duties at PC Gamer
Why did Anchor Blue declare bankruptcy?
Anchor Blue declared bankruptcy because it had more debt than assets and did not believe it could pay its creditors. The company had been loosing sales to its competition, which included American Eagle.
Do you have to return your motorcycle if you declare bankruptcy?
It has to be listed along with any other possession you own
Did the US declare bankruptcy?
No
Is it possible to just declare bankruptcy on credit cards?
You can declare bankruptcy due to credit card debts, yes.
Can you declare bankruptcy you get 579 a month disability plus 62 food stamps you have 4000 credit card debt Cant pay the billss?
You could file bankruptcy, but do you have any assets that a creditor could come after? Your disability payments are exempt from garnishment. The filing fee for a chapter 7 bankruptcy is $209 and the attorney's fees will be $500 at a bare minimum. Bankruptcy is very difficult to do all by yourself.
