QUESTION
Do I need to have a certain amount of debt to file bankruptcy?
Asked on Sep 09th, 2011 on Bankruptcy - Michigan
More details to this question:
Is there a limit to the amount of debt you have to have to file bankruptcy? I want to get rid of this debt.
7 ANSWERS
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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Chapter 7 Bankruptcy law doesn't limit availabilty based upon the amount of debt, but I generally do not file bankruptcy for individuals with less than $10,000 dischargeable unsecured debt. Why? because bankruptcy remains on your credit report for 10 years. It is better to try debt consolidation or debt settlement before filing for bankruptcy. If your wages and bank accounts are being garnished and you can't pay your rent, then it really doesn't matter if you only owe only $5000, bankruptcy may be the best option.
Answered on Sep 12th, 2011 at 12:09 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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There is no minimum amount of debt you must owe to file bankruptcy. However, you should carefully consider whether bankruptcy is a good choice if your debt is not overwhelming.
Answered on Sep 12th, 2011 at 9:16 AM
Glen Edward Ashman
Some types of bankruptcy have maximum amounts of debt. None have a minimum.
Answered on Sep 12th, 2011 at 8:32 AM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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No. Just enough that you can't pay it and that you can show you can't afford it and have nothing to sell to pay it. If it's more than your attorney's fees, then it's worth it. But don't do it alone!
Answered on Sep 12th, 2011 at 8:30 AM
There is no minimum amount of debt required to file bankruptcy.
Answered on Sep 12th, 2011 at 8:22 AM
There is no minimum amount of debt to file bankruptcy. If you can't pay your bills, bankruptcy may be good to get a fresh start.
Answered on Sep 12th, 2011 at 6:53 AM
Bankruptcy Attorney serving North Muskegon, MI
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Holmes Law Office
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Generally there is no minimum amount of debt that you must have to file a bankruptcy. There is a maximum amount of debt that a consumer may have to file a chapter 13. However, if you have a small amount of unsecured dischargeable debt or if you have no unprotected income or assets it may not make economic sense to file a bankruptcy. Certain debts are not dischargeable so a bankruptcy won't get rid of them. You should consult a bankruptcy attorney to review your individual situation and explore the alternatives.
Answered on Sep 12th, 2011 at 6:42 AM