QUESTION
How much is too much to file for bankruptcy?
Asked on Mar 14th, 2013 on Bankruptcy - Delaware
More details to this question:
I remodeled my kitchen and updated all my furniture and all electronics. After my spouse lost his job, I fell behind on payments. I'm not able to pay anymore. I'm in debt of about $35,000. Can I still file for bankruptcy?
15 ANSWERS
For Chapter 7, there is no debt limitation.
Answered on Apr 03rd, 2013 at 9:06 PM
Yes you can.
Answered on Mar 20th, 2013 at 11:18 PM
You can file bankruptcy with $35,000.00 in debt as long as you qualify for a chapter 7.
Answered on Mar 18th, 2013 at 1:48 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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The only limits on debt amounts are in chapter 13 cases.
Answered on Mar 17th, 2013 at 8:09 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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You might, possibly, be a chapter 7 candidate due to your changed circumstances (job loss). But some of the debt, such as the furniture purchases, might be secured. If so, it will go through bankruptcy unaffected unless you give the furniture back or negotiate a lower balance.
Answered on Mar 15th, 2013 at 4:26 PM
To much what? Are you concerned about the size of your debts? Because Chapter 7 does not have any debt limits. While Chapter 13 does have debt limits, $35K is well under the $360,475 debt cap. Or are you worried about too much value in your home? You didn't indicate what your property is worth or what you owe against it. Please be more clear when posting your questions.
Answered on Mar 15th, 2013 at 12:15 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I would suggest that you counsel with a bankruptcy attorney prior to the time you take any action. If you'll money on the furniture and electronics those assets may be securing the debts. In any case, it is impossible from the little information you provided to form a valid opinion.
Answered on Mar 15th, 2013 at 12:15 PM
2 Awards
Yes you can still file.
Answered on Mar 15th, 2013 at 11:23 AM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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You probably can file for bankruptcy, but depending on WHERE you bought the furniture and electronics and WHEN you bought the items, you may have some problems. Consult an experienced bankruptcy attorney.
Answered on Mar 15th, 2013 at 11:22 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Yes you can file. But you need to educate yourself before going in that direction. Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Mar 15th, 2013 at 10:43 AM
William A. Siebert
Most people with $35K in debts have too little rather than too much. You might find out if the furniture and electronics places will take back your purchases without a bankruptcy ( you can force them to with bankruptcy).
Answered on Mar 15th, 2013 at 10:42 AM
Deborah F. Bowinski
Yes, you can file for bankruptcy. It sounds as though you may have significant secured debts that may still need to be paid in full or in part in order for you to keep your recent purchases. You should consult with a bankruptcy attorney to evaluate your situation and to determine what your best options are.
Answered on Mar 15th, 2013 at 10:42 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
2 Awards
Yes, Chapter 7 has no limits on debts, Chapter 13 does, but the Secured debt limit is over one million, and the unsecured debt is 335,000 approximately
Answered on Mar 15th, 2013 at 10:40 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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The amount of debt does not usually matter.
Answered on Mar 15th, 2013 at 10:40 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If you qualify under the means test and the income/expense test. You should also be aware that there may be liens on the furniture and electronics.
Answered on Mar 15th, 2013 at 10:39 AM