Whether you're borrowing money or providing a loan to someone else, a Promissory Note is usually the best way to establish a record of the transaction and make sure that repayment terms, for example, are clear and fair.
However, an “IOU†is generally regarded as only an acknowledgment of a debt, not a promise to pay the debt. However, this form is a written promise to pay a debt.
There is no minimum amount of debt required to file for bankruptcy. Because of legal fees and long-term financial consequences, it may not be worth filing with less than $10,000 in dischargeable debt. Filing for bankruptcy is best reserved as a last resort because it is expensive and will damage your credit.
California debt relief is usually a debt settlement program that helps people living in the state of California to negotiate and settle their unsecured debts for less than the full amount owed.
Yes it does actually work. Collectors rarely actually validate the debt because most of the debts in fact are not valid. Some just back off because receiving a well worded debt validation letter means you have consulted the FDCPA (or at least a good debt/credit forum) and know what you're doing.
Chapter 13 Eligibility Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's combined total secured and unsecured debts are less than $2,750,000 as of the date of filing for bankruptcy relief.
Making too much income is one of the most common reasons individuals are disqualified from filing for Chapter 7 bankruptcy. If your monthly income exceeds the state's median income, you may not pass the means test, which is used to determine if you are eligible for Chapter 7.
To qualify for Chapter 13, you must have regular income, have filed all required tax returns for tax periods ending within four years of your bankruptcy filing and meet other requirements set forth in the bankruptcy code.
Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes.
