Consumer Bankruptcy / Chapter 7
Personal Bankruptcy
Prequalification Questionnaire
Presented by debtworkout.com
Award winning site for debtors by Attorney Mory Brenner
See if your situation might require a bankruptcy, specifically a chapter 7 personal bankruptcy, by clicking on your
answers to the questions below. Use this page only as introduction to certain aspects of Chapter 7 bankruptcy and bankruptcy alternatives for those attempting to learn more about the subject as a supplement to the information provided by their own bankruptcy or bankruptcy alternatives attorney to make them a more informed client. This information should not be construed as legal advice as to whether you should file a bankruptcy or use a bankruptcy avoidance technique. A "NO" answer to a question does not mean you should eliminate a Chapter 7 bankruptcy as a debt solution, it means you should read the explanation that goes along with the "NO" answer.
Prequalification Questionnaire
Do you owe $50,000 or more of unsecured debt
not counting student loans or taxes due?
YES - Proceed NO - Click Here
Are you current on your mortgage or do you rent
where you live? Are you current on your car loan/lease payments or do you
not have a motor vehicle?
YES to both - Proceed NO
to either - Click Here
Are you 180 days or more late on unsecured debt
payments?
YES - Proceed NO - Click Here
Do you understand that filing a Chapter 7 personal bankruptcy will be viewed by bankers or credit card issuers as a major negative event when reviewing your credit and that a Chapter 7 personal bankruptcy stays on your credit report for ten years? Do you understand this could mean you may have great difficulty in obtaining a mortgage or credit card for years until you rehabilitate you credit?
YES - Proceed NO - Click Here
Would you find it hard to afford even $100 per month for a debt consolidation
payment each and every month?
YES - Proceed NO - Click Here
Would you find it almost impossible to come up
with a lump sum payment for debt settlement even if you had a year to come
up with the money? Even if the debts were reduced to 30 cents on the dollar?
YES to Both - Proceed No
to Either - Click Here
Would you be able to exempt all of your assets with the result that you could file a Chapter 7 personal bankruptcy and still be able to keep all of your possesions?
YES - Proceed NO
or not sure - Click Here
Was your debt accrued over 30 days ago and all in a legitimate way?
YES - Proceed NO - Click Here
Have you been living in your state six months or more?
YES - Proceed NO - Click Here
Have you thought about how a bankruptcy could affect your future employment?
YES - Proceed NO - Click Here
Are your debts all valid? Does the creditor have the right to sue you for the money?
YES to Both - Proceed No
to Either - Click Here
It looks like you could be a good candidate for a Chapter 7 personal bankruptcy filing to discharge your debt.
Click
Here to find a Chapter 7 bankruptcy lawyer that represents debtors near you.
If you owe less than $50,000 you should give some serious thought to avoiding bankruptcy through a debt settlement plan or non-profit credit counseling. In many cases debts can be settled at very large discounts with settlement plans which can stretch over years. Sometimes debtors only need interest reduced or eliminated for a while to get back on their feet. It may turn out that these plans will not fit your personal situation but they should be explored as options before deciding to file a chapter 7 bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. You may wish to have a full personal debt evaluation performed. To learn more about debt and bankruptcy read the links at the Debtor Links site or Bankruptcy Alternatives. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
If you are at risk of losing your home or car you should be very careful about where you spend your money. Read the article on Who to pay when you can't pay everyone. A Chapter 7 bankruptcy cannot stop a foreclosure or repossesion except for a short time. A Chapter 13 bankruptcy may be an option to explore. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. You may wish to have a full personal debt evaluation performed. To learn more about debt and bankruptcy read the links at the Debtor Links site or Bankruptcy Alternatives. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
If your credit has not yet been ruined other plans may cause less damage to your credit report. Chapter 7 personal bankruptcy stays on your credit report for 10 years and ranks as one of the worst items to have on a credit report. It may turn out that these bankruptcy alternatives will not fit your personal situation but they should be explored as options before deciding to file a chapter 7 bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all options. Read more at the Credit FAQ. You may wish to have a full personal debt evaluation performed. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
Alternatives to Chapter 7 personal bankruptcy may have a less devastating effect on your credit. These other options still have negative effects on your credit, they may, however, come off of the credit report sooner and be viewed a bit more favorably than a Chapter 7 personal bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. Read more at the Credit FAQ. You may wish to have a full personal debt evaluation performed. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
If you can afford some money for debt payments each month you should explore the various bankruptcy alternatives options before you decide to file a Chapter 7 personal bankruptcy. It may turn out that these plans will not fit your personal situation but they should be explored as options before deciding to file a chapter 7 bankruptcy. Remember that besides what you think might be the best option for you, the bankruptcy trustee may find that if you can afford enough toward a payment to your creditors each month that your case should be converted from a Chapter 7 to a Chapter 13 where you will be forced to make payments to your creditors each month. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. You may wish to have a full personal debt evaluation performed. To learn more about debt and bankruptcy read the links at the Debtor Links site or Bankruptcy Alternatives. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
If you can afford a lump sum for debt settlement you should explore the various bankruptcy alternatives options before you decide to file a Chapter 7 personal bankruptcy. It may turn out that these plans will not fit your personal situation but they should be explored as options before deciding to file a chapter 7 bankruptcy. Remember that besides what you think might be the best option for you, the bankruptcy trustee may find that if you have enough of your own money your case should be converted from a Chapter 7 to a Chapter 13 where you will be forced to make payments to your creditors each month or pay the creditors in a lump sum. The trustee may find that you have non-exempt assets which can be siezed and sold to pay your debts. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. You may wish to have a full personal debt evaluation performed. To learn more about debt and bankruptcy read the links at the Debtor Links site or Bankruptcy Alternatives. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
Most student loans, particularly federal student loans, can not be discharged in bankruptcy. Most taxes including most income taxes can not be discharged in bankruptcy either. You may wish to have a full personal debt evaluation performed. To learn more about debt and bankruptcy read the links at the Debtor Links site or Bankruptcy Alternatives. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
A Chapter 7 personal bankruptcy is sometimes reffered to as a liquidation bankruptcy because the debtor, in theory, turns all assets over to the bankruptcy trustee as a condition of being granted a discharge of the debts. Their assets can then be liquidated and the proceeds used to pay some money to the creditors. In each state debtors may keep some property and personal items which are "exempt" from being taken by the bankruptcy trustee. The perfect Chapter 7 personal bankruptcy candidate, and in fact most people who file for Chapter 7 personal bankruptcy, qualify to have ALL of their assets exempted resulting in their having all of their debt discharged while keeping all of their personal property and real estate. If you can not keep all of your assets you should be exploring other options to deal with your debt in addition to Chapter 7 liquidation. A credit card debt settlement, secured asset debt workout, non-profit credit counseling service or Chapter 13 bankruptcy may be options to explore. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. You may wish to have a full personal debt evaluation performed. To learn more about debt and bankruptcy read the links at the Debtor Links site or Bankruptcy Alternatives including links to a table indicating which states allow the option to use the Federal bankruptcy exemptions, a site listing the specific U.S. Federal exemptions or links to each states exemptions. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
Debt run up through fraud can not be discharged in bankruptcy. This can include things from fraudulently filling out an application to obtain credit in the first place to using a card you know was invalid. Debt incurred in contemplation of bankruptcy can not be exempted either. For example if you decided you were going to have to decare bankruptcy soon but took a trip to Europe just before filing and paid for it on your credit cards because you thought the debt would be discharged in bankruptcy anyway. Some states, such as California, have been known to look at these events more carefully than others. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all options including a debt consolidation through debt settlement program. You may wish to have a full personal debt evaluation performed. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
If you have just moved you may have to wait a while or file in your old state. If you decide to wait make sure not to incur additional debt in the anticipation of bankruptcy either. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. Read more at the Credit FAQ. You may wish to have a full personal debt evaluation performed. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
For most people a bankruptcy will not affect their future employment, but for some industries, such as banking, a bankruptcy can mean no more work. If you are not sure about the answer to this one see if there is a way to annonomously find out. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. You may wish to have a full personal debt evaluation performed. To learn more about debt and bankruptcy read the links at the Debtor Links site or Bankruptcy Alternatives. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
If the alleged debt is not legaly yours, perhaps your evil uncle ran up the debt by fraudulently using your name, or if the statute of limitations can prevent the creditor from suing you you may want to deal with the debt without filing bankruptcy. It may turn out that these plans will not fit your personal situation but they should be explored as options before deciding to file a chapter 7 bankruptcy. You may wish to fight things out in court or even do nothing. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. Even if bankruptcy turns out to be your best bet, bankruptcy filing can sometimes be a difficult step to take. Knowing every other option had been explored first can make the decision to file easier psychologically. Pre-qualification pages for credit card debt settlement or for non-profit credit counseling services may help give you more information on these alternatives to bankruptcy. The choice as to which solution fits your own personal situation will be best decided after you have examined all bankruptcy and non-bankruptcy options. You may wish to have a full personal debt evaluation performed. To learn more about debt and bankruptcy read the links at the Debtor Links site or Bankruptcy Alternatives. Click here to continue the prequalification form for Chapter 7 personal bankruptcy.
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The most recent update of this page occurred on 02/13/07.