How Much Debt Do you Need to Have to File Bankruptcy?

This is a question we often hear from potential clients who are struggling with debt and aren’t sure whether bankruptcy is right for them.  While the bankruptcy code does contain some maximum limits, there is no minimum debt requirement.  Whether you have enough debt to consider bankruptcy is a very personal decision, and depends upon a number of factors.  Some considerations are:

  • Do you foresee a time when you’ll be able to pay off your debt, if your financial circumstances do not change?
  • Do you anticipate a change in your earning potential or assets that would allow you to pay off your debt in the future?
  • Is your debt the type of debt that could be discharged in a bankruptcy? (Ask your attorney if you aren’t sure.)
  • Is your debt preventing you from paying your basic living expenses for you and your family?

The answers to these questions may be able to help you make a decision about whether bankruptcy is an option you’d like to consider.  If you aren’t sure, or if you have questions, call or email us to make an appointment with an attorney so you can find out how bankruptcy would work in your situation.  With some information about your finances, we’ll be able to talk about your options and answer your questions.  The consultation is completely free and confidential, and there’s no obligation.  We’re glad to help you get the information you need to make an informed decision about your financial future.

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