"How Much Do You Have To Be In Debt To File Chapter 7" Discussion

Upsolve Community Member
There's no minimum amount of debt required, but Chapter 7 bankruptcy might not be a good fit for everyone. There's certain costs to filing for bankruptcy (like the filing fee) and other options (like payment plans) might be a good option for some people. You can learn more here! https://upsolve.org/learn/how-much-debt-do-i-need-to-file/

Upsolve Community Member
Let us know if this was helpful, Janet! 

Upsolve Community Member
Hi Greg! First of all, congratulations on finding a job!!!! Next, I will offer my opinion because you asked. Everyone's situation is different so I can only speak for myself. When I filed bankruptcy using Upsolve, I had recently been successful in finding an apartment so I was no longer homeless, but I had no car. I took the bus....

Upsolve Community Member
....At the time, I was 65 years old and had lost almost everything in a family tragedy that could happen to anyone. It happened to me. Today, I contribute to Upsolve because I know it can help others. I don't ever want anyone to go through what I did and I know how stressful it is when contemplating filing bankruptcy. Greg, get familiarized with https://upsolve.org/how-we-work/ ...

Upsolve Community Member
...Starting a new job is a GOOD THING! :-)

Upsolve Community Member
Hi Greg,   I’m sorry to hear that you are feeling nervous. Upsolve has simplified the process should you move forward. First you will need to determine https://upsolve.org/learn/should-i-file-for-chapter-7-bankruptcy/ you. Here's a 10-Step Guide on how to prepare for bankruptcy and get a fresh start: https://upsolve.org/learn/how-to-file-bankruptcy/ Please continue to ask any questions. We are here to help.

Upsolve Community Member
You will have one meeting called a 341 Meeting, it is a short meeting. https://upsolve.org/learn/mock-341-meeting/

Upsolve Community Member
You will still need to pass the Means Test with your new job: To understand about this more, you can see this article: https://upsolve.org/learn/chapter-7-means-test-calculator/

Upsolve Community Member
This was so easy. Starting anew job will not effect you. You can also file papers to have the filing fee waived due to your income. Due to covid my court hearing was a 10 minute phone call. Don't be nervous Upsolve is an easy step by step process 

Upsolve Community Member
Hi David, thank you so much for your question! This article might be of some help: https://upsolve.org/learn/irs-debt-and-bankruptcy/

Upsolve Community Member
Thank you. Seems like inorder to discharge irs debt I would have to wait to file chapter 7 till the 3rd year from my irs notice?

Upsolve Community Member
David - answering that question involves a legal analysis that unfortunately only a lawyer can provide. If you think you're close to being able to discharge your IRS debt, it may be a good idea to talk to a BK attorney about it... filing even just a few days too early can make a difference on this...

Upsolve Community Member
Hi Gloria, Most people can keep their car and get debt relief by filing bankruptcy. Here is an Upsolve Article that covers this topic: https://upsolve.org/learn/can-keep-car-file-bankruptcy/

Upsolve Community Member
Gloria, you might also be interested in the Upsolve article https://upsolve.org/learn/reaffirmation-agreements/ that discusses the pros and cons of arranging an agreement to keep your car during bankruptcy. 

Upsolve Community Member
Sometimes, in this situation, redemption is a good option! Redemption is, generally speaking, where you pay for the car's current value in a single payment, no matter how much you owe. 

Upsolve Community Member
It's your choice and depends on your circumstances- let us know if you have more questions about keeping a vehicle! 

Upsolve Community Member
Thank you

Upsolve Community Member
If you're interested in learning more about the Redemption Claire discussed, the article https://upsolve.org/learn/how-redeem-car/ will give you an informative introduction to the topic. 

Upsolve Community Member
Hi Kimberly, I'm sorry to hear about your stress. Most people can keep their car and get debt relief by filing bankruptcy. Here is an Upsolve Article that covers this topic: https://upsolve.org/learn/can-keep-car-file-bankruptcy/

Upsolve Community Member
 Most debts incurred by a typical consumer are erased by Chapter 7 bankruptcy. Read this helpful Upsolve article to learn what type of debt is erased by a Chapter 7 bankruptcy discharge: https://upsolve.org/learn/type-debt-erase-chapter-7-bankruptcy/

Upsolve Community Member
Hi Kimberly! Here is an article from the Upsolve Learning Center: https://upsolve.org/learn/can-keep-car-file-bankruptcy/  I also have an article for you on  https://upsolve.org/learn/payday-loan-bankruptcy/  I hope this info helps you! :-)

Upsolve Community Member
Hi Kimberly! You asked some great questions! Dealing with debt and the bankruptcy process can be stressful, but ironically the stress will reduce stress in the future—for a much longer time than the bankruptcy process takes. Now let's look at your concerns. First, the car.  It will depend on your car, your payment history, your creditor's policies, and your debt. The article https://upsolve.org/learn/can-keep-car-file-bankruptcy/ explains more. Many people keep their car during bankruptcy.  There is also a helpful article https://upsolve.org/learn/what-happens-to-the-co-signer-of-a-car-in-bankruptcy/ that explains the consigning situation. The article https://upsolve.org/learn/can-bankruptcy-help-with-payday-loans/ can answer your payday loan question. Hang in there! You got this! Ask us any questions through the process and we'll do our best to help!