Legal Question in Bankruptcy in Nevada
what is needed to file
Can you please tell me what the general guidelines is for filing? The main question is like what is the debt ratio? How much of your monthly salary needs to be put out on bills.
Thank you for your time!
Asked on 8/26/99, 10:03 pm
1 Answer from Attorneys
Re: what is needed to file
The present law doesn't specify a debt to income ratio or a debt to asset requirement. Congress passed legislation to require a review by an outside agency to look at these issues, but Clinton vetoed this legislation.
As an attorney, I like to make my own independent judgment on whether there is an alternative to bankruptcy after reviewing my client's financial records and exploring whether it would be possible to reduce the debt by negotiations with the creditors.
Answered on 8/27/99, 7:53 pm
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