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How much debt before I can file for bankruptcy?

When it comes to filing bankruptcy, people often wonder, "How much debt do I need to have to file a case? When is it worth taking this major financial step?"

You are going to hate this answer:  It depends. Depends on what?  It depends on each individual’s situation.

I have clients say, apologetically, that they don’t know if they have enough debt to file for bankruptcy.  So I ask them how much debt they have.  And they answer:  $7,000, $15,000, $50,000.

If you are earning $85,000 per year and you have $7,000 in debt that you wish to discharge, then it is possible that we would decline the case if we could find a way that you might reasonably come up with that money over a period of time without help from the Court.  But if the only income into your household is a $953 Social Security Disability check, that $7,000 in debt may be an impossible hill to climb

Likewise, we get asked if there is a limit to the amount of debt that people can claim on the bankruptcy.  And the answer here is, generally, “no”.

But all cases are different.  You may think your case is just like your neighbor’s, but I guarantee there are differences that we can see.

So be safe:  give us a call and allow us to review your circumstances.  We want to find the best solution for you, even if it means that the best solution doesn't involve our office.

And the consultation is free.

 

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