How much debt do you have to have to qualify to duke bankruptcy? 16 Answers as of July 30, 2014

My car is about to be repossessed. How soon can I file before they come after me?

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A Fresh Start
A Fresh Start | Dorothy G Bunce
I wouldn't recommend filing bankruptcy just to prevent a car from being repoed. After all, a Chapter 7 bankruptcy only stops a repo for a short time and there are lots of other cars in the world. An experienced bankruptcy attorney can prepare and file a case in less than a day, but you have a lot to do before the attorney can get started. A better question to have asked is whether you qualify to file bankruptcy and whether it is the right thing to do under the financial circumstances you face. You have not provided the information needed to let me properly advise you in this respect.
Answer Applies to: Nevada
Replied: 7/30/2014
Rhymer Law Firm
Rhymer Law Firm | William Rhymer
As long as you are eligible, you can file as soon as possible. I would suggest you speak with an experienced bankruptcy now.
Answer Applies to: Georgia
Replied: 7/28/2014
John Ceci PLLC
John Ceci PLLC | John Ceci
There is no set dollar amount in terms of debt. You can prevent repossession of a vehicle by filing bankruptcy. You should consult with a local bankruptcy attorney about your options.
Answer Applies to: Michigan
Replied: 7/25/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
There is no minimum debt amount to qualify for bankruptcy. Once you file the bankruptcy, the automatic stay stops the bank from repossessing the car during the bankruptcy period which should be about 90 days. However, the bank can file a motion for relief from stay in order to be released from the bankruptcy and repo the vehicle sooner than the 90 days.
Answer Applies to: New York
Replied: 7/25/2014
EDWARD P RUSSELL | EDWARD P RUSSELL
There is no amount of debt that you need to file for Ch 7 or Ch 13 bankruptcy.? If your car is in danger of being repossessed you should file as soon as possible.? You can pay for the vehicle through a Ch 13 plan.
Answer Applies to: Minnesota
Replied: 7/24/2014
    Law Office of Peter M. Lively
    Law Office of Peter M. Lively | Peter M. Lively
    You may benefit from a Chapter 13 consultation to address the vehicle issue. An emergency petition can be filed on the same day, but you also need a credit counseling certificate to be eligible to file bankruptcy. Best to consult with a bankruptcy lawyer regarding your facts and options.
    Answer Applies to: California
    Replied: 7/24/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You should file right away to keep vehicle from being picked up. If you want to keep it you need a chapter 13, which will allow you to catch up on the past due payments. There is no debt minimum.
    Answer Applies to: California
    Replied: 7/24/2014
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    At least 5k.
    Answer Applies to: New York
    Replied: 7/24/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    There is no debt limit. The car company will send you a deficiency letter and then if you don't pay it will file suit. Probably 6 months.
    Answer Applies to: Nevada
    Replied: 7/24/2014
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    There is no minimum debt load for you to have to file. If you want to keep your car, you might look at filing 13.
    Answer Applies to: South Carolina
    Replied: 7/24/2014
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    There is not a certain amount of debt required.
    Answer Applies to: Alabama
    Replied: 7/24/2014
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