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Posted in Bankruptcy
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Question By
JBERK

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How do you file for bankruptcy?

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First you think hard and realize that bankruptcy will really hurt your credit for ten years where most unpaid debts will only hurt your credit score for 7 years.  Then, if you are still considering it, consult with a bankruptcy attorney.  You will find them listed in the Yellow Pages and you want one that gives a free initial consultation.  Listen and follow instructions because that attorney may have non-bankruptcy solutions for you to follow.  Why? Because they know that bankruptcy hurts your credit score and the majority of those seeking it would be far better off learning how to manage their credit better.

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Unpaid debt

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You state unpaid debt stays on report for 7 years.  I notice my unbaid debt's date keeps cahnging as if I just opened it.  Why is that and is that where the 7 years start from?  I have unpaid debt from 2005 and now it shows as if it started in 2010?

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Minimum Amount for Bankruptcy

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I Just want to know whats the minimum debt amount for getting bankruptcy, anyone know?

Reply by
JcMagic55

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Helpful to 2 out of 2 people

It is not just about the amount of debt, but also takes into consideration your ability or lack of ability to repay those debts.    i.e.  If you owe $30,000 and only have $500/month coming in to live on' and your ability to increase your income is limited;  THEN, you certainly would be hard pressed to repay any indebtedness.  That being said, you are a good candidate for bankruptcy.   Get some professional advice.  Visit or call a bankruptcy attorney for a FREE Consultation, and you will get specific advise pertaining to your situation.  First consultation is usually FREE.  Call Them. 

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Reply by
Olfar

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Helpful to 2 out of 3 people

There is no real minimum by law.  However, it doesn't make sense to file if you have the ability to get out of debt in a reasonable amount of time.  Most creditors will work with you on payments as long as you don't add more to the debt.  However, if they are suing you, garnishing your wages or trying to forclose on property, then it may be your only out.

Good luck!

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BANKRUPTCY

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Not sure if i file bankruptcy, I saw it on my credit report. I think they put it on my report. How can I find out?

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Reply by
Olfar

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Helpful to 2 out of 2 people

dscreenname123 ... Bankruptcy is not something you accidentaly do.  It takes time and money to file and either you or your attorney has to go to court.  If you filed, you would know it.  If it shows up on your credit report and and you DIDN'T file, you need to get in contact with the reporting agency and get it off.

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