Can you make to much money to declare bankruptcy?

[menw]

I want to declare bankruptcy, but I think the law says I make to much money (that's what I tried to understand what I read). Is that true? I made awesome money before, now I make 50% less. I cannot afford my bills now!

[iker]

"Good money" is a relative term. Donald Trump filed bankrputcy and he was worth millions.

You have to a pass means test, which means they analyze YOUR income to debt ratio to see if you qualify. You can make $100,000 a year but if you have $400,000 in debt, you may qualify.

So whether or not you can file depends on your income amount AND your debt amount. Your best bet is to go for a consultation with a bankruptcy lawyer who can look at your specific situation and advise you. Most BK lawyers will do an initial consultation for free, some even by telephone.

Good luck.

[werner72]

Bankruptcy is for people absolutely NOT pay it off cause they dont have the funds to pay their pastdue stuff. If you have the money, dont try and make tax payers bail u out if ur lazy. But if you cant pay them, Chapter 7 is a good way to if its for credit card payments, unsecured loans, and unpaid doctor/hospital bills. only is u could still be required to pay on things like certain taxes/fines, child support/alimony, school loans, and debts acrewed from willfull malicious acts. NOW chapter 13 means they take ur house and cars, things like that, resell them back to the bank, to pay off your debts. dependin how deep of a hole you dug yourself ch 7 is usually the best route.

[chason58]

I would visit http://diylegalinfo.com/bankruptcy_Links.html They have a lot of good legal advice on bankruptcy related questions.