i am currently umemployed, been like this for almost a year; do i need to get a job in order to file bankruptcy? thanks again
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100k+ in debt -
You do not need a job in order to file Chapter 7. To file chapter 13 you would need enough income to fund a plan. -
Yep!Originally posted by BK&Filer View Post
Ch 7 is liquidation BK. You have to earn less than the Median for your State, OR your expenses have to leave you with less than $100/mo in disposable income. You get to keep whatever assets you can cover with State or Federal Exemptions.
Ch 13 is kind of a repayment form of BK. Secureds are repayed at 100%. Unsecureds are payed at whatever % your plan payments will allow for. You have to have a steady source of income for Ch 13. The Trustee has to reasonably believe you can make the payments for the duration. Otherwise, a Ch 13 Plan cannot be confirmed.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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thanks for your help!100k+ in debtComment
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