QUESTION
What is the minimum debt you can have to file bankruptcy?
Asked on Apr 30th, 2013 on Bankruptcy - Florida
19 ANSWERS
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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There is no minimum.
Answered on May 02nd, 2013 at 1:39 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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The bankruptcy code does not require a minimum amount of debt to file bankruptcy. If it is going to cost you a certain amount to file a bankruptcy with filing and attorney fees, and you only owe $5,000, is it worth it, that is a question only you can answer. I would probably recommend you try to pay it off and work through it. It depends on your income. But if you don't have the income, cannot afford $5,000, or a number of other issues, bankruptcy might work for you. So much of this depends on your circumstances.
Answered on May 01st, 2013 at 10:17 PM
Domestic Relations Attorney serving Milford, MI
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Gabel, Gudmundsen & Gabel, P.C.
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There is no magical "minimum debt" that one should have before filing for bankruptcy; however, my rule of thumb is that the drawbacks of bankruptcy are worth it if the person filing has at least $20,000 in dischargeable debts. Whether bankruptcy is your best option requires a knowledgeable weighing of the pros and cons and an informed analysis if your debts, assets and income see what could be discharged in bankruptcy. You should consult a knowledgeable bankruptcy attorney to do that analysis.
Answered on May 01st, 2013 at 12:59 AM
There is no minimum debt to file bankruptcy.
Answered on May 01st, 2013 at 12:37 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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There is no minimum debt for a chapter 7.
Answered on Apr 30th, 2013 at 11:59 PM
No, there is not a minimum debt requirement to file bankruptcy.
Answered on Apr 30th, 2013 at 8:05 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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You do not have to owe money to file bankruptcy. However, a decision to file bankruptcy when the debts are low should consider other alternatives such as credit consolidation with a non-profit company.
Answered on Apr 30th, 2013 at 1:47 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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There is no minimum.
Answered on Apr 30th, 2013 at 1:47 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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There is no minimum debt for filing chapter 7 bankruptcy it's a personal decision, keeping in mind that it will be on your credit report 10 years.
Answered on Apr 30th, 2013 at 1:12 PM
Debt Settlement Attorney serving San Diego, CA
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Law Offices of Kathryn Tokarska
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There is no minimum debt requirement. However, depending on how much you owe, your income level, and expenses there may be other alternatives to handling the debt such as more budgeting, credit consolidation, or debt settlement.
Answered on Apr 30th, 2013 at 1:12 PM
Bankruptcy Chapter 7 Attorney serving Boston, MA
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Conner Law Offices
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Not really, the amount of debt that makes it worthwhile to file bankruptcy varies from person to person. It depends on your income and your financial needs.
Answered on Apr 30th, 2013 at 1:12 PM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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No min. How much do u owe to creditors?
Answered on Apr 30th, 2013 at 1:11 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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No but you have to be able to show you must file bankruptcy and you must pass the means test. Also you have to show expenses are higher than income, so if you can construe that to say there is a minumum?
Answered on Apr 30th, 2013 at 1:11 PM
Bankruptcy Attorney serving Los Angeles, CA
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Law Offices of Raymond H. Aver, A Professional Corporation
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There is no minimum debt requirement to file bankruptcy. However, a debtor is not entitled to a discharge if the debtor has been granted a discharge in a prior chapter 7 or chapter 11 case commenced within 8 years before the date of filing the new bankruptcy petition or, in situations involving a discharge in a prior chapter 13 case, within 6 years before the date of filing the new bankruptcy petition. We therefore counsel our clients to attempt to refrain from filing bankruptcy, especially in situations where the debt is small, unless there is no other option.
Answered on Apr 30th, 2013 at 1:10 PM
There is no minimum debt requirement to file bankruptcy. As a practical matter, most of my clients have at least $10,000.00 in debt. My average client owes at least as much in debt as he or she makes in a year.
Answered on Apr 30th, 2013 at 1:10 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
2 Awards
No, there is no minimum in terms of the dollar amount, but some states do not allow cases with only a single creditor.
Answered on Apr 30th, 2013 at 1:10 PM
Deborah F. Bowinski
There is no minimum debt required to file bankruptcy. You have to demonstrate to the court that you have no ability to pay your current living expenses and still be able to make a meaningful effort to repay your debts.
Answered on Apr 30th, 2013 at 1:10 PM
Bankruptcy Chapter 7 Attorney serving Louisville, KY
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Thornhill & Holt, PLLC
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You should consult with an attorney about your situation, but no, there is no minimum.
Answered on Apr 30th, 2013 at 1:09 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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No
Answered on Apr 30th, 2013 at 1:09 PM