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VAMD, Esq., Attorney
Category: Business Law
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What does qualify for filing bankruptcy mean? Can I file for

Resolved Question:

What does qualify for filing bankruptcy mean? Can I file for bankruptcy even though I have no bills and own no one and have no judgments against me?

Submitted: 12 months ago.
Category: Business Law
Expert:  VAMD, Esq. replied 12 months ago.


VAMD, Esq. :

Hello, and thank you for the opportunity to assist you.

VAMD, Esq. :

There are various requirements to qualify for the different chapters in bankruptcy.

VAMD, Esq. :

For example, to qualify for a Chapter 7, you must have income that is below your state's median income

VAMD, Esq. :

or, you must pass the means test, which basically means that after subtracting certain allowed expenses, you have no disposable income.

VAMD, Esq. :

In order to qualify for a Chapter 13, however, you cannot have debts greater than $1,010,650

VAMD, Esq. :

sorry, that's suppose to be "secured' debts (i.e., mortgages, car loans, etc.)

VAMD, Esq. :

Your unsecured debts for a Chapter 13 cannot be higher than $336,900

VAMD, Esq. :

If you don't qualify for either a Chapter 7 or a Chapter 13, then you can file a Chapter 11

VAMD, Esq. :

Does that answer your question?

Customer :

Well it looks like thats not an option then. Just don't know where to go from here. There seems to be no help for small businesses when a frivilious law suit is filed.

VAMD, Esq. :

If your small business doesn't qualify for a Chapter 7, then a Chapter 11 may be an option.

VAMD, Esq. :

However, you should note that when an individual files for bankruptcy, the point is to give him a fresh start. That is not necessarily true of a business.

VAMD, Esq. :

If the business has assets that can be sold to repay creditors, then the business could be liquidated.

VAMD, Esq. :

If you would like any additional information or need clarification, please do not hesitate to ask!

Also, I strive to be as helpful as possible so that you are satisfied and will give me positive feedback. Accordingly, please remember to only rate my answer when you are 100% satisfied. IF you feel the need to click either "I expected more" or "Helped a little" (which are considered negative ratings on this website), please stop and instead of rating me, reply via the REPLY or CONTINUE CONVERSATION button with the issue that you have. I will be happy to continue our discussion and do everything that I can to provide you with the service that you seek.

Thank you.

VAMD, Esq., Attorney
Category: Business Law
Positive Feedback: 98.7 %
Satisfied Customers: 8511
Experience: Licensed to Practice Law
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