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Can you be declined bankruptsy?

Asked Aug 16, 2008, 07:29 AM — 2 Answers
Hi, I was wondering if I could get a second opinion on going bankrupt. If there is no equity in your home can they make you sell or decline you from going bankrupt?

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progunr's Avatar
progunr Posts: 1,971, Reputation: 1543
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#2

Aug 16, 2008, 07:40 AM
Bankruptcy will be based upon your current financial situation.

How much you make, how much your expenses or bills are, how much you have in the bank, any chance of money being inherited, retirement funds you currently have and all of your other assets.

You are allowed to keep up to $100,000 equity in one home.

It is really nothing more than doing the math.

If you truly can't pay, because you owe more than you have or make each month, then you will qualify.
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Fr_Chuck's Avatar
Fr_Chuck Posts: 72,597, Reputation: 37026
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#3

Aug 16, 2008, 07:44 AM


You will have to meet debt to income ratios, and have certain exempt properties. Your bankruptcy attorney will guide you though it.
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