How far in debt or chapter 7 bankruptcy? 1 Answers as of September 10, 2010

How far in debt do I have to be to file for bankruptcy? I owe on my mortgages and am about $40,000 in debt with credit card companies.

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Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
There is no minimum amount of debt to file bankruptcy. However, with that said, if you do not have a lot of debt, the negative aspects of bankruptcy may outweigh the small amount of debt eliminated. To discuss further, please contact us. $40,000 in credit card debt is rather substantial and bankruptcy would not be a waste of your time.
Answer Applies to: Arizona
Replied: 9/10/2010
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