How much debt do you have to have to file bankruptcy?

Is there a set amount of debt you owe in order to file bankruptcy?

How much debt do you have to have to file bankruptcy?
The primary purpose of bankruptcy is: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.





Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets, if any, to the jurisidiction of the bankruptcy court for eventual distribution among their creditors. During the pendency of a bankruptcy proceeding the debtor is protected from most non-bankruptcy legal action by creditors through a legally imposed stay. Creditors cannot pursue lawsuits, garnish wages, or attempt to compel payment.





The rules for filing change from state to state.....but not real good for your credit rating. especially if you try to buy a house.
Reply:any amount
Reply:Do you really think filing bankruptcy is a solution?





You have to pay back your debts.
Reply:I don't think there is a set amount - if you have so much debt that you are past the point where you can ever hope to pay it back then bankruptcy is your only answer.


That could be $5000 or $50000 dollars depending on your circumstances.
Reply:Zero Dur
Reply:No set amount is required to file bankruptcy:





Information on Chapter 7 Bankrupt


http://get-out-of-the-debt-trap.com/cate...








Information on Chapter 13 Bankrupt


http://get-out-of-the-debt-trap.com/cate...
Reply:There is no set amount you just have to show that you can not pay the money. I.E. your debt is $100 but you earn 1 cent while your cost of living is 2 cents, you can file.
Reply:It is not as easy as you used to be. First of all you can file bankruptcy for $100 in debt if you are unable to repay it and you have no assets that can be used to repay. When you file bankruptcy your financial life is put into the hands of a trustee and you're only allowed so much equity in a house or car. Most trustees are now looking into debt repayment plans rather than totally discharged bankruptcies. The answer for whether or not you qualify will be up to a qualified attorney. Don't go with a storefront legal clinic for something like this. You need professional help and it's not cheap. Make sure you cannot repay the amount of debts that you have or you'll have to repay them PLUS the cost of the bankruptcy. Perhaps your first call should be to a legitimate credit counseling agency like Consumer Credit Counseling...
Reply:It totally depends on your income level. I know that some changes have occurred recently, but as of a year ago in Texas if you made less than the 'average income' for your county you were eligible to declare bankruptcy regardless of the total debt amount. If you made 'average income' or more, there was a complicated equation that took into account all of your income for the prior 6 months (after taxes), all of your bills, and reasonable 'daily living' expenses that anyone could expect to have. If it was determined by this equation that your debt far exceeded your income, you were eligible for bankruptcy.





There were some 'classes' we had to take prior to and after filing, and the paperwork was extremely complicated. I HIGHLY recommend paying an attorney to help you with the process. True, they are expensive but their service is invaluable -- and the cost of the attorney in most cases does not even come close to the cost of struggling to pay overwhelming debts off.





It is true that bankruptcy stays on your credit report for like 7 years, and now you can only file once every 8 years. However, these problems are not devastating as some information would have you believe. Every year you are out of bankruptcy while maintaining good credit since the discharge, the significance of the bankruptcy decreases. Besides, the relief and peace of mind you can gain from experiencing a 'fresh start' and a 'second chance' is definitely worth it!
Reply:No. A set amount doesn't exist. This would mean a poor person couldn't file, but a rich person could. Nope. Rather, the court looks at your ability to pay based on the income you can generate. Normally, something substatial happens to cause bankruptcy such as a medical condition, unemployment, divorce, or becoming a widow. Normally secured loans, like an auto or home do not cause backruptcy because you can get rid of the asset. Zero down loans have changed that to some degree recently.