November 23rd, 2005 by Questions
How much do you have to owe on credit cards before you can be considered a candidate for bankrupcy.
November 24, 2005 at 10:48 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:
Legally you only have to owe $1000.00 and be unable to pay your debts as they generally become due. Typically what needs to be considered when looking at a bankruptcy is not the level of debt, but your ability to service the debt. If you are sitting in a position where you can’t afford to make the minimum payments each month, you may be in a position where a bankruptcy is necessary, or perhaps you may be able to file a proposal and make the monthly payments much more manageable. Either way I suggest contacting a trustee (Click on “Find A Trustee” to the left of the page) and he will be able to explain a number of options and help you decided what will be the best fit for your situation.
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