“How Much Debt Do I Need To Have To File Bankruptcy” – Bankruptcy Myths Series – Call (703) 494-3323 or visit https://fishersandlerlaw.com and ask us about our 👉$0 Down Bankruptcy Program today👈
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If you’re feeling overwhelmed by your debts and are considering filing for bankruptcy, one of the first questions you may ask is: “how much debt do I need to have to file bankruptcy?”
The answer to this question depends on several factors, including the type of bankruptcy you are filing for and your overall financial situation. There are two main types of bankruptcy available for individuals: Chapter 7 and Chapter 13.
Chapter 7 bankruptcy is also known as “liquidation bankruptcy” because it involves selling off most of your assets to pay off your creditors. In order to qualify for Chapter 7, you must pass the “means test,” which takes into account your income, expenses, and family size. If your income is below the state median for your family size, you may be eligible for Chapter 7 regardless of the amount of debt you have. However, if your income is above the state median, you must demonstrate that your disposable income (income after deducting certain expenses) is not sufficient to pay off your debts.
Chapter 13 bankruptcy is known as “reorganization bankruptcy” because it involves creating a repayment plan to pay off your debts over a period of three to five years. In order to qualify for Chapter 13, you must have a regular income.
It’s important to note that there is no minimum amount of debt required to file for bankruptcy. Even if you owe just a few thousand dollars, you may still be eligible for bankruptcy if you are unable to pay off your debts and meet the other requirements for filing.
Filing for bankruptcy can have serious consequences, including damage to your credit score and the loss of assets. It’s important to consider all of your options and speak with a qualified bankruptcy attorney before making any decisions. A bankruptcy attorney can help you determine whether bankruptcy is the right choice for your situation and guide you through the filing process.
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Fisher–Sandler, LLC
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Hashtags:
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Lets Get Social:
https://www.facebook.com/FisherSandlerLLC
https://www.youtube.com/@FairfaxBankruptcy
https://twitter.com/FisherSandler
https://www.instagram.com/fishersandler
https://www.pinterest.com/fishersandler
https://www.tiktok.com/@fishersandler
https://soundcloud.com/fishersandler
Professional Profiles:
https://cli.re/KJZ7qB
https://cli.re/Y8nVdX
https://cli.re/WMWoPW
Hashtags:
#fishersandler
#bankruptcy
#chapter7
#chapter13
#zerodownchapter7
#virginia
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DISCLAIMER
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.
We are a Debt Relief Agency. We help people file for bankruptcy relief under the bankruptcy code.
Fisher-Sandler 