When do you know it is time to file bankruptcy?
1 Answer from Attorneys
I generally consider the following factors, among others:
1) the amount of the debt you have
Its probably not worth filing if you dont have at least 15k in unsecured debt for a chapter 7, but to avoid a forclosure you may find it worthwhile to file a chapter 13 for less
2) the type of the debt
secured vs. unsecured (credit card, judgment, ordinary bills, mortgage, car loan, student loans etc)
3) whether you can realistically repay the debt without filing bankruptcy
4) Imminent legal action pending e.g. foreclosure, wage garnishments, repossessions, law suits, etc.
5) Amount of assets you have and whether they are exempt from creditors or not
Related Questions & Answers
Advice on when to file just a couple questions i have i will try and make this... Asked 7/12/07, 4:00 pm in United States Indiana Bankruptcy Law