Let Our 30 Years Of Experience Work For You

Photo of attorneys Shelley Slafkes and Bruce Levitt
Photo of attorneys Shelley Slafkes and Bruce Levitt
  1. Home
  2.  | 
  3. Bankruptcy Basics
  4.  | How Much Debt Do I Need to File Bankruptcy?

How Much Debt Do I Need to File Bankruptcy?

On Behalf of | Dec 26, 2014 | Bankruptcy Basics

When you are struggling financially, you may be wondering if you have sufficient debt to qualify for bankruptcy protection. The good news is that there is no minimum amount of debt required to file a Chapter 7 or Chapter 13 case. Your eligibility to file a personal bankruptcy case depends upon the type of case you intend to file, your income, and the amount of your debt. Every filing is unique, so it is essential to confer with us to determine the best debt relief strategy available to you.

In determining if you should file a bankruptcy case, one of the most important considerations is whether it is cost-effective for you to do so. It will cost you money to file, but we can review your individual circumstances and determine whether the amount you will discharge warrants the cost of filing your case. In the vast majority of cases, the amount of debt that can be eliminated in your filing far outweighs the cost associated with seeking bankruptcy protection. Most debtors are able to eliminate thousands of dollars.

Since there is no set amount of debt that qualifies you for bankruptcy, how do you know when you should file a case? Below are a few signs:

· You are delinquent on your mortgage loan payments and your lender is threatening to foreclose on your home

· Secured lenders are threatening to repossess assets pledged as collateral

· Your credit card debt is out of control

· Creditors are garnishing your wages and/or your bank account

· Collection lawsuits are being filed (or threatened) against you

· You are losing sleep worrying about your finances

· You and your spouse are fighting over money

The above list is not exhaustive, but it gives you an idea of the financial struggles that may warrant a Chapter 7 or Chapter 13 filing. Let us review your finances and help you understand your debt relief options.

If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, P.C., at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.