QUESTION
How much debt do you have to currently be in to file for bankruptcy?
Asked on Jul 23rd, 2012 on Bankruptcy - New Jersey
More details to this question:
how much debt you have to currently be in to file for bankrupty
15 ANSWERS
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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There is no minimum amount of debt required to file bankruptcy.
Answered on Jul 08th, 2013 at 12:47 AM
Bankruptcy Law Attorney serving Huntington Woods, MI
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Austin Hirschhorn, P.C.
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There is no debt limit in Chapter 7 or 11. There is a debt limit in Chapter 13. When you meet with the lawyer that is going to file your case, one of the things that must be done by the lawyer is to review the various chapters of the bankruptcy code with you. I am sure you will be filled in on the filing limits if the lawyer you select has familiarity with the Bankruptcy Code and Rules. Under the rules of professional conduct a lawyer should not undertake representation of a client in an area of law that the lawyer is not familiar with.
Answered on Jul 30th, 2012 at 3:27 PM
There is no "minimum" amount of debt to be eligible for bankruptcy. The real question is your ability to pay the debt. One person making $100,000 a year could easily pay back $10,000 in debt but many other people would struggle greatly to pay back $10,000. It all depends on your situation.
Answered on Jul 27th, 2012 at 5:29 PM
Meredith P. Ezzell
There is no minimum debt requirement.
Answered on Jul 27th, 2012 at 5:23 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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There is no debt limit for filing a chapter 7 bankruptcy. Only for a chapter 13 which is $360,475 unsecured; $1,081,400 secured.
Answered on Jul 27th, 2012 at 5:20 PM
Glen Edward Ashman
There is no minimum.
Answered on Jul 27th, 2012 at 5:19 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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That is a personal decision. It really depends on your income and debts. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Jul 27th, 2012 at 5:18 PM
Family Attorney serving Hurst, TX
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Law Office of Eric A. Maskell
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There is no minimum debt limited in order to be in bankruptcy. However, different chapters of the bankruptcy code have different limits on the amount of debt you can have and still remain within that Chapter.
Answered on Jul 27th, 2012 at 4:31 PM
Bankruptcy Attorney serving Grand Rapids, MI
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David Andersen & Associates, PC
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There is no limit but you want to consider the implication of filing bankruptcy (bad credit score, future ability to get credit, etc). The lower the amount the less likely bankruptcy makes sense; however, everyone's situation is different.
Answered on Jul 27th, 2012 at 4:22 PM
Bankruptcy Attorney serving Atlanta, GA
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Saedi Law Group, LLC
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It depends on the type of bankruptcy you want to file. There are no debt limits in Chapter 7 however there are in Chapter 13 for unsecured and secured debts.
Answered on Jul 27th, 2012 at 4:14 PM
This question has been answered before on this website. The bankruptcy code doesn't talk about a minimum amount of debt. Chapter 7 has an income limit. Chapter 13 as a maximum debt limit. Chapter 11 has no limits.
Answered on Jul 27th, 2012 at 4:04 PM
Criminal Defense Attorney serving Calabasas, CA
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Law Office of Bernal P. Ojeda
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There is no amount. Generally the issue is can you pay at minimum the interest and some principal. You need to calculate income and expenses, then can the interest or minimum payment be covered.
Answered on Jul 27th, 2012 at 3:55 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You have to be bankrupt, which means you owe more than you have assets, or that you cannot meet you obligations as they come due. there is not a set amount. That said, unless you situation is totally impossible, it is a major and expensive undertaking and should not be undertaken without great need.
Answered on Jul 27th, 2012 at 3:51 PM
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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There is no minimum debt level. There is a threshold at which you cannot file chapter 13 (you'd have to file a 7 or an 11) but those levels are very high.
Answered on Jul 27th, 2012 at 3:50 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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There is no minimum of debt to file, but there are limits as to how much debt one can have to be a chapter 13 debtor and there are requirements based upon income as to which chapter can be filed under.
Answered on Jul 27th, 2012 at 3:08 PM