Posted on
March 8, 2010
at
3:09 am
Let's discuss bankruptcy here!-What is bankruptcy?-When does one file bankruptcy?-Does it have qualifications?-Do you have to be a citizen to file?-Do you have to be in the country to file?-Does it have age limit?
Posted on
March 8, 2010
at
4:36 am
Bankruptcy is a form of debt relief sponsored by the government. In 2005its laws were revised and is called The Bankruptcy Abuse Prevention andConsumer Protection Act (BAPCPA). It's basically about consumersneeding to pass the Means Test (income test) for them to be able to fileChapter 7 (liquidation) bankruptcy. It used to be that anybody can file underthat chapter. Nowadays, people are forced to file under Chapter 13 (reorganization)bankruptcy.
Posted on
March 8, 2010
at
4:39 am
When does one file bankruptcy? - consumers can file bankruptcyto avail of its Automatic Stay provision. The stay can halt (temporarily)any lawsuit and collection actions such as foreclosure, repossession, eviction,collection calls, etc. Consumers should only file bankruptcy under suchdesperate situations as well as - if they understand its credit implications.
Posted on
March 8, 2010
at
5:16 am
Does it have qualifications?Do you have to be a citizen to file?- no you don't have to be.
Posted on
March 8, 2010
at
5:20 am
Does bankruptcy have an age requirement/limit?- no..but this needs to be verified ..and I think if a minor is filingit has to be with a guardian/adult...
Posted on
March 8, 2010
at
5:22 am
Some more related questions -Can convicts file bankruptcy?/ Can you file from abroad?
Posted on
March 8, 2010
at
5:29 am
Can convicts file bankruptcy?/ Can you file from abroad?==
Yes/yes
