QUESTION
do I need 10,000 dollars or more to file chapter 7 bankruptcy
Asked on Nov 04th, 2020 on Bankruptcy - California
More details to this question:
I had over 10,000 debt and was going to file bankruptcy but recently I called one of my debt collectors and had a bill for 8700 dollars removed from my debt and credit report, now I am below 10,000 in debt left so im wondering do I consolidate that debt and/or just and make payments on the rest to avoid the bankruptcy on my credit for ten years and the signifigant drop in my credit rating.
1 ANSWER
No. There is no minimum or maximum amount to file for bankruptcy. That's a very personal decision, meaning "it depends." Some people's credit is smashed already in the 500's and filing bankruptcy would not hurt them any further, but they want to get rid of the debt. Some people and cultures refuse to file bankruptcy and will struggle for years to pay off their debts. I just had a gentleman who filed bankruptcy for the third time. After two years, he gets credit, builds up debt and then files bankruptcy. Donald Trump has filed four to six bankruptcies.
Answered on Nov 18th, 2020 at 9:03 PM