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         This blog will be updated as the mood strikes me with trends, relevant news developments, misnomers, and useful tidbits as it pertains to debt relief and bankruptcy...

Is there a minimum amount of debt required to file a bankruptcy?

 

Under the law, there is no minimum.  That being said, it would be foolish to petition the court for bankruptcy relief if only faced with a few thousand dollars of debt.


When assessing your total debt load and how to proceed, the critical questions become:


Do I have any assets that could be sold in order to pay off my debts?


Are there frivolous expenses I could cut that would free up money to help me pay this debt off?


Do I earn enough income to reasonably pay this debt, or am I trapped paying only interest and fees, never putting a dent in the balance?


If you have answered no to the above, it is probable that I can help you.

 

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