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Section 109 of the Bankruptcy Code
defines who may be a debtor. The
first criterion requires that a Debtor reside or have a domicile, place of
business or property in the United States. In a Chapter 7 Bankruptcy, virtually
all persons are eligible except railroads, insurance companies and certain
banking institutions.
To qualify as an individual debtor, one
must show that one is insolvent – basically that one’s current income does
not allow one to support their current indebtedness. I normally do not recommend
the filing of a Chapter 7 Bankruptcy case unless a person is at least $10,000.00
in debt.
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