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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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how to declare bankruptcy on my own

Resolved Question:

how to declare bankruptcy on my own ?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.


Thank you for your question. I am happy to assist you.

It is possible to file your own bankruptcy. You will need to purchase the forms on line or copy them at the law library.

The assets that you may retain in a bankruptcy depend upon the Chapter bankruptcy you file and the state exemptions.

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets that exceed your exemption.

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for New York:
Customer: replied 8 years ago.

its actually for my mom she is 68 years old and lives of ssi she can not afford to pay her credit card debt and does not have any assets does she fall under chapter 7 ?

Expert:  Ellen replied 8 years ago.

She would be a Chapter 7. However, you may want to consider that if your mother has no assets, there is nothing that a creditor can attach. SSI cannot be garnished for credit card debt. Therefore, it may not be necessary for her to file bankruptcy.
Customer: replied 8 years ago.
so can she just stop paying her cards? because she can not even afford to pay the minimum payments
Expert:  Ellen replied 8 years ago.

Yes. If all she has is SSI, they may file suit but will not be able to collect the debt. Good luck to you both.
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