Law Offices

of Dimitrie Bogdan Umbrarescu

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1.    Does bankruptcy prevent me from obtaining permanent residency or citizenship?
No. Bankruptcy does not have any negative consequences on an application for permanent residency or citizenship because it is a legal process. Bankruptcy does not break the American law. In fact, bankruptcy was created by the American law.

2.    Does bankruptcy prevent me from obtaining credit cards in the future?
No. Financial companies are willing to issue credit cards after bankruptcy.

3.    Does bankruptcy affect my spouse’s credit?
No. Bankruptcy affects only the credit of the person who files for bankruptcy.

4.    Is the personal income a significant issue for bankruptcy?
Yes. Both the personal income and the personal expenses are significant issues for bankruptcy. An individual must have a certain income to qualify for bankruptcy. For chapter 7, the income must not exceed a certain amount. If the income exceeds that amount, chapter 13 becomes the only option available for bankruptcy. For chapter 13, the income must be sufficient for paying a percentage of the unsecured debt. Usually, it is 10% of the unsecured debt.

5.    Does my spouse’s income matter?

Yes. The income and the expenses of both spouses are considered in determining the eligibility for bankruptcy even if only one spouse files for bankruptcy.
Last Updated on Monday, 22 March 2010 05:12  


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