Legal Question in Bankruptcy in Texas

Late payments

Do you have to be behind in payments to creditors before you file or can you be current but still need to file?

Thank you,

Laurie


Asked on 7/15/02, 7:53 pm

2 Answers from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: Late payments

You do not have to be late on your payments in order to "qualify" for bankruptcy relief. You are essentially asking if you have enough debt to necessitate or qualify for a bankruptcy filing. The Bankruptcy Code does not require a minimum amount of debt and currently there are no limitations to the amount of monthly income you can receive. Many people have the impression that they must be destitute in order to "qualify" for bankruptcy. This is not the case. You would most likely file for a complete "discharge" (a bankruptcy term which means wipeout or erase) under Chapter 7. READ MY FIRM PHILOSOPHY! Everyone is entitled to a new beginning! Please feel free to call me to discuss your situation in more detail (214) 979-7330 or (800) 303-0720

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Answered on 7/16/02, 10:49 am
Michael Dover Michael A. Dover, PC

Re: Late payments

No, you do not have to behind on payments to file.

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Answered on 7/15/02, 11:30 pm


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