How much debt is required to file for bankruptcy? 30 Answers as of June 20, 2011

My boyfriend is in debt on his car and a few other things, but won’t tell me how much his debt is. I wanted to know if there is a minimum amount of debt required before filing a chapter 13.

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Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
No minimum. He could look into a 7, too, which is much easier and faster. He should see a bankruptcy lawyer to make sure he gets it done right and helps with the stress.
Answer Applies to: Virginia
Replied: 6/20/2011
The Northwest Debt Relief Law Firm
The Northwest Debt Relief Law Firm | Thomas A McAvity
The only real question is whether he would be better off in Chapter 13 than outside of Chapter 13.
Answer Applies to: Oregon
Replied: 6/20/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
No. There is no minimum amount of debt for any bankruptcy chapter.
Answer Applies to: California
Replied: 6/17/2011
Jackson White, PC
Jackson White, PC | Spencer Hale
There is no minimum amount of debt you must have to file bankruptcy.
Answer Applies to: Arizona
Replied: 6/17/2011
Lakelaw - Loop Bankruptcy
Lakelaw - Loop Bankruptcy | David Leibowitz
There is no lower limit on debt for bankruptcy. But it's a serious remedy. So don't file bankruptcy lightly and don't file bankruptcy if you only have small amounts outstanding against you.
Answer Applies to: Illinois
Replied: 6/17/2011
    Law Offices of Michael J. Berger
    Law Offices of Michael J. Berger | Michael J. Berger
    There is no minimum amount of debt required to file bankruptcy. My typical client that files bankruptcy owes about as much in unsecured debt as he or she makes in a year.
    Answer Applies to: California
    Replied: 6/17/2011
    Daniel Hoarfrost, Attorney at Law
    Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
    There's no set minimum amount of debt.In practical terms, though, if the total amount is small and manageable, there may be other options besides bankruptcy.
    Answer Applies to: Oregon
    Replied: 6/17/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    There is no minimum amount of debt required to file bankruptcy. However bankruptcy is a fairly drastic way of dealing with debt. You don't want to do it unless you have so much debt you can't find a way to pay it back. This analysis involves your income vs the amount of debt that can be discharged. However as indicated there is no minimum amount.
    Answer Applies to: California
    Replied: 6/17/2011
    Law Office of Asaph Abrams
    Law Office of Asaph Abrams | Asaph Abrams
    There are common-sense, cost-benefit considerations in regard to a debt-minimum. However, in chapter 13, there is a maximum debt limit: currently (it changes triennially), secured debt must be under $1,081,400, and unsecured debt must be under $360,475.
    Answer Applies to: California
    Replied: 6/17/2011
    Mercado & Hartung, PLLC
    Mercado & Hartung, PLLC | Christopher J. Mercado
    You will need to pass the means test, you should contact a local attorney to see if you qualify.
    Answer Applies to: Washington
    Replied: 6/17/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    There is no minimum. Why a chapter 13? He should see a lawyer, maybe he qualifies for a Chapter 7?
    Answer Applies to: California
    Replied: 6/17/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    There is not truly a minimum on filing Bankruptcy, but your Boyfriend should discuss his situation with a Bankruptcy Attorney to determine what he should do for his situation.
    Answer Applies to: New Hampshire
    Replied: 6/17/2011
    Law Offices of Steven A. Wolvek
    Law Offices of Steven A. Wolvek | Steven A. Wolvek
    While there is no minimum there is a practical minimum. If he does not owe a lot of money on his debt - negotiating with the creditors may have a lesser negative impact on his credit than filing a bankruptcy.
    Answer Applies to: California
    Replied: 6/17/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    There is no minimum amount in Chapter 13 but there is a maximum on secured and unsecured debts.
    Answer Applies to: Indiana
    Replied: 6/17/2011
    Law Office of J. Thomas Black, P.C.
    Law Office of J. Thomas Black, P.C. | J. Thomas Black
    No, there is no minimum amount of debt that you must have to qualify to file Chapter 13. Your boyfriend will have to make a full disclosure of his debts to his bankruptcy lawyer and the bankruptcy court. If he is delinquent on his car, he should consult an attorney quickly, before the finance company repossesses his car. So long as he files Chapter 13 before the finance company sells the car, it should be possible to get the car back, but it may take a few days during which he would not have use of the car.
    Answer Applies to: Texas
    Replied: 6/17/2011
    Breckenridge and Walton
    Breckenridge and Walton | Alan D. Walton
    There are no lower limits on the amount of debt. But as a practical matter, it should exceed the costs of filing a bankruptcy.
    Answer Applies to: Michigan
    Replied: 6/17/2011
    Law Offices of John J. Ferry, Jr.
    Law Offices of John J. Ferry, Jr. | John J. Ferry, Jr.
    There are no minimums, but there's probably no point in filing if there is only a minimal amount of debt. My rule of thumb, more or less, is don't file if you can pay off the debt in a reasonable period of time.
    Answer Applies to: Pennsylvania
    Replied: 6/17/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    There's no minimum. I'd be careful of a long-term boyfriend who doesn't want to tell you straight what's happening in his life.
    Answer Applies to: Virginia
    Replied: 6/16/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    No, but the better question is why does he want to be filing Chapter 13 as opposed to Chapter 7?
    Answer Applies to: California
    Replied: 6/16/2011
    Sussman & Associates
    Sussman & Associates | Mitchell Sussman
    There is no minimum debt requirement.
    Answer Applies to: California
    Replied: 6/16/2011
    The Law Office of Brian Nomi
    The Law Office of Brian Nomi | Brian H. Nomi
    There is no minimum.
    Answer Applies to: California
    Replied: 6/16/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    No legal minimum amount required. Most persons who file Chapter 13 is because they need to pay arrears on a mortgage or back taxes that are not dischargeable. Some people make too much to qualify for Chapter 7. If the amount of debt it small then it makes no sense to file considering the cost of the bankruptcy and its effect on credit. Each person has a different tolerance for debt just like each person has a different tolerance for pain.
    Answer Applies to: California
    Replied: 6/16/2011
    The Doan Law Firm
    The Doan Law Firm | Shawn Doan
    There are no limits on the amount of debt needed to file for Chapter 7 bankruptcy relief.
    Answer Applies to: California
    Replied: 6/16/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    There is no minimum amount of debt requirement to file bankruptcy. However, bankruptcy should be a last choice, not a first choice.
    Answer Applies to: California
    Replied: 6/16/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    There is no minimum dollar amount to file. The question is whether the amount of debt justifies the hit your credit will take for several years.
    Answer Applies to: California
    Replied: 6/16/2011
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    There is no minimum debt for filing a Chapter 13 case; but there are maximums in Ch13.
    Answer Applies to: Oregon
    Replied: 6/16/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    When filing bankruptcy, there is no minimum amount required to file bankruptcy, however if you think you can repay your debts, then bankruptcy is probably not a good idea. Generally I will not file a bankruptcy case unless somebody has at least $10K in debt. If you BF can file a chapter 13 bankruptcy, meaning he has disposable income available, then he probably can repay a small amount of debt without filing for chapter 13 bankruptcy. If he has more than a small amount of debt, then a chapter 13 bankruptcy may be a good option.
    Answer Applies to: Washington
    Replied: 6/16/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    The minimum amount is one cent. That doesn't mean it's a good idea over a small amount, but that is the minimum.
    Answer Applies to: Georgia
    Replied: 6/16/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    No debt minimum for bankruptcy.
    Answer Applies to: California
    Replied: 6/16/2011
    Financial Relief Law Center
    Financial Relief Law Center | Mark Alonso
    There is no specific minimum amount of debt needed to file bankruptcy but you should consult with an attorney to determine if bankruptcy is appropriate given the situation.
    Answer Applies to: California
    Replied: 6/16/2011
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