QUESTION
Hi is it true that you have to be in the process of being sued by creditors before you can file bankruptcy? I would like to file to get a clean slate!
Asked on May 04th, 2012 on Bankruptcy - Pennsylvania
More details to this question:
I owe my credit card companies money about $8,000 or more! They have not filed alaw suit against me and have not put my accounts into collection yet.
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
That is a complete myth and really doesn't make any sense. Bankruptcy can be filed at any time, assuming you are otherwise eligible for relief under whichever chapter is filed. There is no minimum amount of debt, but Chapter 13 does have limits on the total amount of debt one can have (presently $360,475 for unsecured debt and $1,081,400 for secured debt).
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
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Answered on May 04th, 2012 at 1:54 AM