You may find that there is conflicting information on the internet about the minimum requirements for filing for bankruptcy, but there really is no absolute minimum debt amount required to file.  Many times it is solely dependent on the individual circumstances, but some bankruptcy experts advise to only file if you have a minimum amount of $20,000 in debt.  Of course, the decision is up to you and, but the long term damage to your credit may or may not outweigh or benefit from unloading your debt.  On the other side of things, there may not be a minimum amount required for file, but there is a maximum in filing for Chapter 13 Bankruptcy.

The post How Much Debt Do I Have To Have Before Filing For Bankruptcy? appeared first on Bankruptcy Attorney | Brown Law Firm.

Good News!  You can keep your home and car in most cases when you file for Bankruptcy, but the equity for both have to be fully exempt.  If they are not fully exempt, you’re still in good shape as long as you can pay the nonexempt portion to your creditors.  On the other side, if you have put up a mortgage or other property as collateral, creditors can still take that collateral property to pay for those security interests during a Bankruptcy.

You have worked really hard for your possessions and property, so why lose all that?  Try setting up a payment plan with your creditors so that you can pay off the debt of your collateral or mortgaged properties.  You may also have options to pay off a loan by putting up household goods as collateral to cover the debts and relieve yourself of future payments.  So depending on the types of debts you may have and the Bankruptcy type you are looking to file, maintaining certain properties may vary.  The Brow Law Firm can help answer some of these questions during your free consultation.

The post What Will Happen To My Home And Car If I File Bankruptcy? appeared first on Bankruptcy Attorney | Brown Law Firm.