Do I Have To Owe A Certain Amount Before I Can File Bankrutpcy?
Posted by seo One of the things people often wonder about bankruptcy is whether they have to owe a certain amount before they can file . There is no profound minimum debt you must owe to file for bankruptcy, either Chapter 7 or Chapter 13. Instead , the success of filing depends on the unique circumstances. For example, if you are a CEO who makes 300,000 dollars a year and have a debt on your credit cards of 30,000 dollars, you probably don’t want to take out bankruptcy. If, on the other hand, you’re an elderly individual on a fixed income, with a credit card debt of 10,000 dollars, the desire to file a bankruptcy case is much more likely to be on your mind. In both cases the success of filing depends not on the amount you owe but on your ability to pay off the debts .
A local bankruptcy attorney is the best advisor to ask for considering whether you really need to venture on the strenuous journey of filing for bankruptcy. They can help you calculate how likely it is that you’ll win in forgoing your debts, which debts to let in in your filing paperwork , as well as take you bit-by-bit through the mathematical process, from the court fees to the court hearings. More importantly, though, they can discuss with you the initial consideration of whether to take bankruptcy. It’s not a decision to be made on the spur of the moment.
Whether you file Chaper 7 or file a Chapter 13, your bankruptcy attorney should be able to discharge the debts. This gives you a fresh start and lets you hit the “reset button”. Many wealthy business leaders only achieved thatdegree of success because they first filed a bankruptcy case to erase the debts they had amassed. Once those debts were erased , they were in a position to move on towards success.
If you have been wondering what the minimum amount for filing bankruptcy is, you may not be so far in debt that you can’t work your way out of it without going the bankruptcy route. There are a number of ways to do this. Review your expenses and look for ways to decrease them. Or, you might get a second job. An additional part time job could bring in over a thousand dollars each month, even if you’re just delivering pizzas in the eve. That could go a long way towards getting rid of the debt, especially if you negotiate with the big credit card companies. Informing them that you’re on the verge of filing bankruptcy might mean that they would be willing to accept a littler portion of the debt than the overall total you owe, if it means they can avoid not getting any of it.
In sum: there are no minimum debt requirements for bankruptcy, but that doesn’t mean you should jump in. Think over it carefully, consult a local bankruptcy lawyer and consider the options.
